When your debtor is short of cash and can’t pay off the entire debt at once, setting up a payment plan makes a lot of sense. But after you have the payment plan in hand, how do you keep the payments coming in?
After you set up a plan where the debtor is to pay off the account in installments, you should closely monitor the account, watching for any sign that the debtor is falling behind again. After the payment plan is implemented, remind the debtor that you expect all installments to be paid on time.
But what do you do if the debtor misses a payment? Once again, the account is delinquent, and you certainly don’t want to go back to square one. As long as you actually intend to file a lawsuit if the debt isn’t paid, this is the time to threaten litigation.
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