Sunday, October 14, 2018

How to Keep Your Debtor on a Payment Schedule

Are you having a hard time having your debtor stick to a payment schedule?

How can you ensure the payments keep coming in?

Do you need advice from professional debt collectors?
debt collection michigan

Before you threaten litigation, make sure you’ve laid a solid foundation. Although you can sue over any debt that’s owed to you, good collection practices improve your chances of winning and of collecting the entire amount you claim is due. 

  • Formally demand payment. When the account becomes delinquent, issue a demand letter within the first 30 days. Follow up with your debtor in writing and orally reminding the debtor to pay.
  • Work to resolve disputes. While following up on the unpaid debt, identify any disputes from your debtor. Although not all disputes can be resolved, when appropriate disputes should be resolved or settled.
  • When appropriate, enter into a written repayment plan, permitting the debtor to pay off the agreed balance in installments.
  • Keep good notes and records of your communication with the debtor, knowing that your collection may end up in court.

If you need further help keeping your payment plans on track for your debtors, Muller, Muller, Richmond, Harms & Myers can help you! 

Attorneys for Debt Collection in Michigan Fight for Your Creditors’ Rights!

If you’re a business owner, you should be spending your time conducting business rather than chasing down debts. Contact our experienced attorneys for debt collection in Michigan today at (248) 645-2440 for a resolution to your collection matters. Let the experts worry so you have more time to focus on growing your business.

No comments:

Post a Comment