Collection

Businesses owed money by individuals sometimes need to take legal action. When a debtor refuses to pay what they owe, a lawsuit can force them to be accountable financially. Successful debt litigation can lead to wage garnishments. The creditor can potentially...

If you run a medium to large-sized business, you know that outstanding debt can create a ripple effect that may impact your bottom line and company success. While any industry can encounter collection challenges, some face particularly tough hurdles in this area due...

When a customer or associate owes your business past-due debts, these losses can eventually begin to impact your operations. Taking the matter to court can lead to a judgment in your favor, but it does not guarantee the debtor will actually pay.  A process called...

If you offer financing options, such as business, auto or student loans, among others, to businesses or individuals, chances are you have dealt with different types of debtors. Some may be easy to work with, and others not. Here are three common types of debtors you...

When you provide goods or services on credit to others, you expect payment. After all, you need those monies to keep your lights on, along with other utilities, and pay your employees. Most customers make prompt payments and make a full repayment. But you have likely...

When a customer fails to pay an invoice, it can put a strain on your business's cash flow. While pursuing friendly reminders and attempting to negotiate a repayment plan are important first steps, there may come a time when considering stronger collection actions...

Student debt is a major issue in the United States. Most students cannot afford to pay for college on their own, as it could cost them over $100,000 just to go to a local school. As a general rule, the United States does not have tax-funded college options like the...

As a lender or a business owner, you certainly expect people to pay back the money that they owe. An agreement was made and you upheld your end of the deal. You expect them to pay on time and pay the correct amount without issue. Of course, this doesn’t always happen....

For businesses, managing accounts receivables efficiently is important for maintaining a healthy cash flow. However, when payments are overdue and accounts go into collections, it becomes vital to have a system in place to track these accounts effectively. This effort...

The economy in the United States has been rough lately, and it appears that people are turning to debt more and more often to try to make things work. Specifically, reports in the last few months show that credit card debt reached $1 trillion. This is the highest that...