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Commercial Debt Collection
Commercial debt collection is a sensitive matter that requires your full attention. You must collect your delinquent accounts, and you need cash flow to ensure your business may operate normally. Use these tips to ensure that your commercial debt collection accounts are managed properly.
Work With an Attorney
The most important part of any commercial debt collection is the attorney that you choose. When you select a debt collection attorney Boston office, you are getting a firm commitment that the debt will be collected. This is very important because your clients need to know that they can either file for bankruptcy or pay the debt. This is a simple, stern, and aggressive way to collect debts.
Hand Over All Accounts
When you hand over your accounts to a debt collection attorney, you do not decide if the accounts will be collected or not. You should enter into a collaborative process with the attorney to determine what can be collected and what cannot be collected. Some accounts are not good candidates for collection, and an attorney believes that they should collect every account they accept.
In some cases, you may need to offer a settlement to certain clients. Other accounts will be collected in full, and you can come to an agreement with the attorney about how much money you can expect to collect.
Commercial Debts Can Be Quite Large
Because commercial debt collection involves massive accounts, you need help from an attorney can help your clients understand the gravity of the situation. A commercial company that owns you tens of thousands of dollars should be shown that you will collect the debt. You do not want to back down simply because they said they could not pay. You should not threaten to sue unless you have hired a debt collection attorney. The attorney will make good on any threats to collect the debt, and these large businesses will make payments on their accounts more often than not.
How Long Does It Take To Collect On An Account?
When you hire a Massachusetts debt collection attorney, you should allow the attorney time to collect on each debt. Some companies will pay their accounts off in a few short weeks. Other businesses may be much more difficult to reach because large companies use bureaucracy to avoid paying their debts.
When an attorney finally gets in touch with the manager or executive who is responsible for the debt, an arrangement can be reached. This is very important for clients to remember because some accounts cannot be collected quickly.
Will You Accept Settlements?
You can accept settlements if you believe the settlements are fair. You will never be forced to accept a settlement. If you like the terms of the settlement, you can take the settlement and move on. You can send a counteroffer, and you can come to an agreement that works for both parties. You may ask for help with a settlement if you do not know how much money you can get from these clients, and the debt collection attorney assigned to your case will give you advice specific to the situation.
How Does The Attorney Get Paid?
When you hire a debt collection attorney, you are not paying for a service until the debt is collected. You pay for the accounts that have been collected, and you will receive progress reports that explain how each account has been managed. You might find that some clients are impossible to reach, and you may need to give your attorney more information to help collect these debts. You may need to approve settlements, and you can send counteroffers for any settlement.
If you need to speak to your attorney, you can call the office or send an email regarding your progress report. You can see how much you are paying for collected accounts, and you can discuss tactics that should be used with certain delinquent accounts. You will create a new revenue stream that you might have thought you lost, and you can continue to work with your attorney until all the accounts are collected.
What If A Client Files For Bankruptcy?
You will receive assistance recovering the money from that account. You have already placed the account in collections, and you may make a claim for that money. You need the assistance of a lawyer who has experience dealing with unpaid accounts, and you will not need to launch a massive legal effort simply to be paid for services rendered.
When Can You Start?
You should set up a consultation with your attorney for all the accounts that you need to collect. You can go over every account when you meet with your attorney, and you will learn how to collect on these accounts, any problems that might arise, and sign a contract.
When you need assistance with commercial debt collection, you should work with an aggressive and experienced attorney who knows how to collect large accounts. You can turn your delinquent accounts over to someone who will work on these accounts full-time, and you can get most or all of your money back. You should not assume that certain clients do not pay, and you should never allow clients to walk away without the threat of a lawsuit. A debt collection attorney will do everything for you, give you progress reports when you need them, and offer advice when you need it.