What makes a professional debt collector? From the timeliness and accuracy of reporting to collection strategy, there are many elements that determine the professionalism and success of your debt collector. Do you know who is collecting your bills? Elements of a Professional Debt Collector Reporting – Over the decades, I’ve had some clients tell me […]
What to Do When Your Debtor Goes Out of Business
When a company winds down and closes its doors, it can frequently leave creditors holding a bill. Your debtor goes out of business. Generally, California law grants wide deference to the protection provided by corporations to shareholders and directors, and grants similar immunity to new companies. It erects a wall against the former company’s creditors, […]
What is a Foti Message Within FDCPA Compliance
The Fair Debt Collection Practices Act (“FDCPA”) is a federal law intended to protect consumers from unscrupulous or harassing debt collection practices. The FDCPA was enacted in 1978, before the Internet, or even cell phones. Therefore, especially with regards to technology, the FDCPA can be less than clear. This article will discuss the rather surprising […]
Contract Damages in Collection Lawsuits
A delinquent account forces a number of costs onto the creditor. Employees spend time calling and writing the debtor attempting to collect. The creditor may be forced into delinquency on some of its bills, or fail to meet client demands. Then the creditor places the delinquent account with a debt collection law firm and may […]
When a Client Becomes a Debtor
Tools and Pitfalls When Collecting Delinquent Bills When a client becomes delinquent on its bill, but there’s still some hope the situation will be rectified short of writing off the account and placing it for collection, there are several tools available to a creditor to pressure the client to pay. Attaching Interest on a Debt […]
Should Salespeople be Involved in Collections?
This was posed to me as a topic recently and it raised my eyebrows after I had my initial knee-jerk reaction of wondering why anyone would want a non-professional involved in the collection process. However, deeper thought about it made me realize the sales force indeed has a role in ensuring delinquent accounts are paid […]
How to Choose a Debt Collection Law Firm
This is a very relevant question, which prompts a good bullet list of ideas and questions for you to use in the selection process of a debt collection law firm. Is Your Lawyer Qualified? Check your state’s Bar Association to ensure the lawyer is properly admitted to practice law in your state and to verify […]
The Best Debt Collectors Don’t Harass the Debtor
There I am at a party or in some other social setting and inevitably we get to the question, “Dave, what do you do for a living.” When I reveal I’ve spent a lifetime collecting debts – even on an international level, on come the snickers, raised eyebrows (like they just got confronted with the […]