http://creditmanagementassociation.org/forums/topic/90 Sponsored by Credit Management Association en-US Tue, 07 Feb 2012 11:09:06 +0000 http://bbpress.org/?v=1.0.2 q http://creditmanagementassociation.org/forums/search.php http://creditmanagementassociation.org/forums/topic/90#post-432 Wed, 17 Feb 2010 21:36:06 +0000 Ashley Wexler 432@http://creditmanagementassociation.org/forums/ <p>Thanks so much for your insight-truly appreciated! </p> http://creditmanagementassociation.org/forums/topic/90#post-428 Tue, 16 Feb 2010 16:43:22 +0000 F Scott Wilson 428@http://creditmanagementassociation.org/forums/ <p>Ashley--</p> <p>I'll address your points in the order you brought them up.</p> <p>Regarding asset sales, you have a right to written proof of their claims. Also, credit reporting agencies will often investigate in order to keep their records current.</p> <p>Business closures are most easily pursued when you have a personal guaranty signed by an officer or owner of the company, or have security interest you can go after.</p> <p>On bad checks, send a written demand, then turn the matter over to a collection agency. In some states, the county's District Attorney takes charge of collecting NSF checks. If someone writes a bad check on a closed account, you may be able to pursue them for fraud.</p> <p>When a customer refuses to pay, find out *why*. If they refuse to say, again send them a written demand, or have your attorney do so.</p> <p>Small claims is an excellent way to recover small dollar amounts from businesses and individuals. Fully half of all small claims cases I have been involved in were never attended by the defendant. When I proved my case with copies of invoices, signed receipts, and so forth, I won the cases. With a judgment, you can usually collect your judgment if you take the right actions, and do so promptly. Nolo Press has excellent reference materials on California Small Claims, and how to win a case.</p> <p>On writing off bad debt, that's a policy your company will have to come up with. In general, if an account will cost more to collect than it will to sue, then don't sue, but most collection agencies don't need an up-front fee, and collect only from what's collected from the debtor. Some customers count on their debt being too small for their vendors to pursue, but a collection agency can sometimes pool the balances owed by an entity to different vendors.</p> <p>As far as reporting to a credit reporting agency, I've found that collection agencies run about 50/50 on doing that. If that's important to you, ask them whether they can do so, and follow up to make sure it's been done. </p> http://creditmanagementassociation.org/forums/topic/90#post-427 Mon, 15 Feb 2010 22:39:51 +0000 Ashley Wexler 427@http://creditmanagementassociation.org/forums/ <p>I know we have reclamation and administrative claims that are to assist the creditor in bankruptcy, but usually we end up unsuccessful, and I feel the same in these certain cases below. I'd love a once and for all guide to all those odds and ends and how to collect on:</p> <p>*Asset Sale and 'new' owner claims they owe none of the old debt, only own assets.<br /> *Business closed without notice...<br /> *Individual bounces check or writes bad check from closed account<br /> *Service rendered and customer will not pay<br /> *Business bounces check as NSF and unresponsive, or writes bad check</p> <p>Is solution:<br /> ..Small Claims for individual/business up to certain dollar amount?<br /> ..Collections-our experience is that sooner or later the next step is attorney-do you assume you write off bad debt if less than possible cost of attorney fees? Is that what the past due customer hopes from a vendor as well?</p> <p>Placing for colletions-does the agency actaully report the activity to a credit beareu or is there even a real threat there?</p> <p>Thanks for any comments! </p>