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What mistakes should you avoid when collecting business debts?

Author: Collections Law
by Collections Law
Posted: Jul 20, 2017

In these times of considerable uncertainties, effective collection of your debt is important in ensuring the good health of your business. Partnering with a debt collection attorney to assist you with the collection of unpaid invoices and debts will definitely prove fruitful. Not only will they help you with debt collection, they will also educate you about the key collection strategies to get paid for the goods you have supplied or services you have offered.

Here are the two main collection strategies

You should know whom you are doing business with

According to law experts with vast knowledge of debt collection and judgment enforcement, it is important to know whom you are doing business with. Your chance of getting paid by a company that is already insolvent or has prior debts is far less than a company that is running on a high end. So, better check the financial health of the company before doing business with them. Do some investigation and find out credit scores of entities that you are considering doing business with. Use power of the Internet to do some online investigation and take care of the following points. Does the company have a good website? What about their online reputation? What about the values and principles of the company? This can help you determine if the company is fit enough to do business with you or not.

Don’t delay when the payments are ignored or missed

According to market experts, older the age of the receivable, less likely that payment will result. If you have a client or a customer who owes on an account that remains unpaid for more than 90 days, you can assume they have some financial problems. So you need to take immediate actions and discuss with your debt collection attorney on how to get the debt collected.

Working with a legal expert will make sure you are adhering best legal practices to collect your debt. As a layman, you may not have adequate knowledge and experience to carry legal actions. On the other hand, a legal expert has the right knowledge and experience of debt collection law. Always hire a professional that has dealt with dozens of cases similar to yours and have been successful in their efforts. The best way to shortlist debt collection attorneys is to do an online search. You will come across many who will provide you exceptional services.

About the Author

At the Law Offices of Alan M. Cohen LLC, we aggressively approach commercial debt collection in Massachusetts. With more than 30 years of experience, we take whatever legal steps are necessary to collect for you as much of your delinquent account as

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Author: Collections Law

Collections Law

Member since: Jul 05, 2017
Published articles: 25

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