Birmingham Latest News (Michigan, United States)

Are you having trouble dealing with your debtor's personality? Is your debtor making business exceptionally difficult to conduct? You should know the best way to respond to the most common unpleasant personalities in order to get the best outcome out of..

Have you set up a payment plan with a debtor? How can you make sure they don't fall behind? When your debtor is short of cash and can't pay off the entire debt at once, setting up a payment plan makes a lot of sense.

Why is it important to keep all your customer's records? What are the most important things to keep track of with your customers? Here's a detailed breakdown of all the customer documentation that you should keep on file: 1.

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Did you know that when you work with a collector, your business takes responsibility for their behavior? Is it hard to find an ethical debt collector? When you hire collection professionals and include them on your collection team, you assume...

What kinds of things do you need to agree on with a collections professional? You want to make sure you have written contracts with your collections professionals.

What things should you avoid saying to a debtor? What steps can you take to avoid a lawsuit? When you work with consumer debtors, you should assume that the debtors are fully aware of their rights and are secretly looking for a way to sue you for...

Do you know when to stop sending statements to customers? How do you know if sending a statement is violating bankruptcy law? Sometimes it makes sense to suspend sending statements to customers.

What counts as a legal entity when lending money? When it comes to credit lending, there are five common legal entities: • Sole Proprietorship: A business owned and operated by an individual, without limited liability or any of the other features of a...

What does your credit lending process look like? Why is it important to know your customer in detail? When you extend credit, the type of legal entity you're extending credit to is key to determining how much credit to grant.

Clock repair is a family tradition with ten clock repairmen in in the family, ensuring the craft's continuity for generations

How do you decide whether to give a customer credit or not? Have you heard of the five Cs of credit? Any decision to extend credit to a customer is loosely based on what are commonly referred to as the five Cs of credit: character, collateral, capacity,..

Have you been struggling to find a reliable debt collector? How can you tell a good debt collection service from a bad one? Here are some signs to look for: One-Stop Shopping: You don't want to search all over the country for professionals that provide...

How thoroughly do you document transactions with your clients? Did you know that proper documentation can save you a whole lot of legal trouble? An old expression, always applicable to billing practices, states, "It isn't done if it isn't in writing."...

Are you familiar with the basics of entering a contract? Do you know what makes a contract valid or invalid? The five essential elements to a contract are offer, acceptance, consideration, mutuality, and legality.

Are you struggling to get a debtor to pay? Do you know how to build a list of their assets? When your debtor isn't paying, you need to pursue his assets to collect your judgment.

Do you keep thorough notes on your credit customers? How often do you review credit information with your clients? You can help keep the odds in your favor by insisting on good documentation throughout the credit and collection process.

Is your debtor hard to contact? Are they avoiding your calls? What could possibly be worse than voicemail jail? A disconnected phone! In business, a disconnected phone is usually the kiss of death for your collections.