Yes, there exist myths in debt collection as well specifically, when you use a third-party for collection of debts you tend to hear a lot of such myths. They can even make you hesitate in your decision to hire a third-party. Collecting debts can tire...
Bad debts, as the name suggests, can be a very negative mark on your credit history. Bad debts or doubtful debts are that you can no longer clear or pay off. Yes, it sounds scary, but one can provision these debts, and there are ways...
Paying off old debt is very crucial. It can become tough if not given the required importance at the right time. Old debt has astonishing effects on people’s lives and also becomes a burden for the entire family. Old debt, otherwise known as bad debt,...
Letter of demands this is formally known as a debt collection letter. It is a letter that demands the debtor for the settlement of outstanding dues. A debt collection letter informs the debtor about the dues as well as the remaining total amount. Usually, it...
Running after unpaid invoices can be too tiring. Sometimes retrieving money from your customers may not seem such a challenging task. But trust me, in some cases, you might require professional help. Research says that opportunity costs because of delay in payments can destabilize a company's...
When your customers owe you a lot of money, your cash flow gets blocked. Running your business requires a steady flow of cash, and any stagnancy can lead to constraints. Late invoices are standard but may be problematic if the payment keeps on delaying. Debt...
All over the world, people keep receiving telephone calls from strangers who claim to be debt collectors, and these said debt collectors seek to receive loans. These calls are often for loans that customers have never obtained or for loans they have acquired, but for sums...
If you have been contacted for the first time by a debt collector, or you're concerned that a collector may contact you soon because you've fallen behind on your bills, you probably have a lot of questions and you're likely anxious about this method. Before...
At a certain stage, most of the companies will find a situation where a customer does not pay on time, refuses to pay completely, or cannot afford to pay the full amount for services provided. If you own a small company, you do understand how...
Debt collection laws are the main regulators of the actions and practices that are undertaken by Debt Collection Agencies, Creditors, and other debt recovery agents. In order to ensure a fair debt collection procedure, the legal actions and pre-trial proceedings must comply with state and...