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As a businessperson, your primary concern is running your business, not collecting old debts. This can make it rather easy to put off, or forget about, collecting old debts. However, there is a legal limit on the amount of time you can collect a debt. This is called a statute of limitations and can vary [...]
Outstanding debts can completely ruin business relationships. The frustrations of late payments, missed payments, or an account past due can cause creditors to resent debtors. Many times, this results in the creditor pushing the debtor away, which makes collecting the debt even more difficult. One of the most important things to remember when it [...]
For the average small business owner, collecting outstanding debts can be a tedious process cluttered with red tape. Many times, when attempting to collect those debts, compliance with debt collection laws is the last thing on your mind. This can be a huge mistake! The Regulations The regulations established by the Telephone Consumer Protection [...]
Whether you are planning to collect debts that are owed to you on your own or planning to hire a debt collection agency, it is always in your best interest to avoid any practices, which might be considered unethical or even illegal. Collecting debts can be a very stressful and frustrating process. It is [...]
One of the best ways to avoid finding yourself in a complicated debt collection situation is to thoroughly screen your customers before extending credit to them. Giving careful thought to the background of your customers can provide more insight that you might initially think. When it comes to assessing how creditworthy a customer may [...]
One of the biggest problems that come with extending credit to customers is that some of those customers will attempt to take advantage of you. Some customers have no intentions of ever repaying their debts. When you find yourself struggling to collect a debt from someone who is intentionally avoiding you, you may have [...]
Attempting to collect debts on your own can be a daunting task. Many creditors will initially attempt to handle delinquent accounts on their own; only to realize that they are not well equipped to do so successfully. After realizing this, many creditors become so fed-up with the debt collection process that they hire the first [...]
Most businesses have encountered at least one customer who is having trouble paying what they owe. It is just part of the business landscape. With the way the economy has been, there may be more customers that are having more trouble than normal paying back their debts. If you are in the type of [...]
For every small business, a healthy cash flow is important. You have to ensure that all receivables are paid and that your finances remain solvent. First and foremost, you have to ensure that bad debts do not arise. The best way to do that is to implement a system to prevent outstanding debts. Here [...]
Debts are a big part of every business. Many companies rely on borrowing or lending money to sustain or grow their businesses. Some even make a living out of granting debts. But the inability to control one's debts can be the cause of a company's downfall, which is why paying debts is a huge [...]