Getting the money you’re due can be challenging, especially when debtors ignore the invoices you send. Once you realize that ordinary approaches aren’t going to produce the results you want, you may decide to move forward with more pointed collection attempts. One of the first steps in this process involves crafting and sending a demand letter. This is a...
Forensic accountants often serve as crucial resources for debt collectors. They provide specialized expertise that extends beyond traditional accounting practices. Their role is to provide a detailed and systematic examination of financial records to uncover facts and insights beneficial for debt collection. The information gathered is particularly...
Debt collectors have a challenging job because they depend on collecting money from people who might be actively avoiding their debts. The complexity of this job requires them to employ various methods to be able to collect effectively. Understanding a few different types of debtors whom they might come across may help debt collectors to enjoy more...
The legal system is slightly different in every state. Statutes and court precedents are slightly different from one jurisdiction to another. Some people try to use that fact to their advantage when they face legal consequences for their actions or choices. They might intentionally relocate across state lines in response to legal troubles in one location....
Debt collection can be a very difficult process for a business. Most companies do not have a specialized debt collection department, and even those that do may only have a few employees working in that area. The more complex a situation becomes, the more likely the company is to require outside help. Oftentimes, businesses owed money by other organizations...
According to the Consumer Finance Protection Bureau (CFPB), medical debt is the most frequent kind of collection actions that appears on consumer credit reports. A whopping 57% of collections of this kind are related to medical debt. Yet, debt collection activity related to overdue medical bills declined by a truly significant 37% between 2018 and 2022. ...
In California, the statute of limitations on debts is a critical legal boundary that debt collectors must be acutely aware of. This period dictates when a creditor or collector can legally sue to collect a debt. The statute of limitations on debts in California varies depending on the type of debt in question. Understanding this limitation is essential for...
Creditors trying to collect on a debt may feel like they are at the mercy of debtors. It can be very difficult to contact someone who does not want to take responsibility for their financial obligations. It can be even more difficult to convince them to pay their debts if they do not see the value in doing so. As such, those who do not take responsibility...
Social media has proven to be a very valuable tool for businesses. It has never been easier to create a strong brand and to quickly connect with a specific demographic of customers. Targeted advertising on social media and the freedom of expression on social media platforms has made it easier than ever before for businesses to engage in highly effective...
When someone owes a business money, they generally have an obligation to pay in full or negotiate a specific payment arrangement that both parties believe is reasonable. Expecting someone to fulfill their financial obligations is reasonable, especially when a creditor will take monthly payments in lieu of immediate payment in full. Unfortunately, there are...