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Debt Collection Davenport IA

This page provides useful content and local businesses that can help with your search for information on Debt Collection. You will find helpful, informative articles about Debt Collection, including "Collect Your Money - On Time!". You will also find local businesses that provide the products or services that you are looking for. Please scroll down to find the local resources in Davenport, IA that will answer all of your questions about Debt Collection.

Kathleen Ellen Mesich
3725 Blackhawk Road,Suite 200, P.O. Box 3487
Rock Island, IL
Specialties
Commercial, Real Estate, Bankruptcy, Debt Collection, Landlord & Tenant
Education
Southern Illinois University School of Law,University of Illinois, Urbana-Champaign,Rock Island High
State Licensing
Illinois

Amy Lynn Keys
1600 4TH AVE STE 200
ROCK ISLAND, IL
Specialties
Business, Litigation, Debt Collection, Estate Planning, Probate
Education
University of Iowa College of Law,Bradley University
State Licensing
Illinois

Phil Watson
(515) 287-7000
535 East Army Post Road
Des Moines, IA
Specialties
Debt Collection, Family, Personal Injury, Business
Education
Drake University Law School,Simpson College
State Licensing
Iowa

James Hamilton McDonald
(319) 362-3000
PO Box 2165
Cedar Rapids, IA
Specialties
Debt Collection
Education
University of Iowa College of Law,University of Iowa
State Licensing
Iowa

Kenneth P Nelson
(319) 291-6161
3112 Brockway Road P.O. Box 1020
Waterloo, IA
Specialties
Adoption, Banking, Business, Debt Collection, Litigation
Education
University of Iowa College of Law,University of Iowa
State Licensing
Iowa

Dee Ann Runnels
1600 4TH AVE STE 200
ROCK ISLAND, IL
Specialties
Business, Litigation, Debt Collection, Estate Planning, Probate
Education
University of Iowa College of Law,Luther College
State Licensing
Illinois

Stephen G Andich
1800 3RD AVE SAFETY BLDG
ROCK ISLAND, IL
Specialties
Debt Collection, Probate, Real Estate, Wills, Commercial
Education
John Marshall Law School, Chicago,Northern Illinois University
State Licensing
Illinois

Christopher E. Pech
(319) 362-3000
PO Box 2165
Cedar Rapids, IA
Specialties
Debt Collection
Education
University of Iowa College of Law,St Ambrose University,University of Montana
State Licensing
Iowa

John F De Hoogh
(712) 324-4385
934 Third Avenue
Sheldon, IA
Specialties
Debt Collection, Estate Planning, Tax, Social Security, Personal Injury
Education
University of Mississippi School of Law,Western Washington University
State Licensing
Iowa

Piper Lori Hughes
(319) 362-3000
PO Box 2165
Cedar Rapids, IA
Specialties
Debt Collection
Education
University of Iowa College of Law,Wayne State College
State Licensing
Iowa

Collect Your Money - On Time!


by Mike Burstein

Most SOHO and small business owners don't have the financial resources to wait for their customers to pay them. The inability to collect money in a timely manner is a leading reason for small business failures.

It's easy to fall into the trap of believing that if you don't offer relaxed payment options your customer will go elsewhere with their business. You may lose some business because of a strong financial policy but good customers aren't frightened off by realistic repayment terms.

Creating and enforcing a sound financial policy for your company should not be ignored - the consequences are far too severe! The service or products that you provide will limit some of your options but no business is precluded from collecting their hard earned money in a reasonable time frame.

The following list will help you as you formulate your company's financial policy:

1. Do you clearly explain payment terms to your customers before a transaction is completed?

2. Does your business lend itself to offering a cash discount vs. 30 day billing?

3. Do you accept credit cards?

4. Do you get proper ID with checks, including home and office phone numbers?

5. Do your customers sign a contract for your services?

6. Does your contract clearly state payment terms, including default remedies?

7. Does your credit application clearly state payment terms, including interest rate, late penalties and collection fees?

8. Do you order a credit report on new customers who request a line of credit?

9. Do you give customers credit without having them fill out a credit application?

All of the above items can be used to help build a sound financial policy. The cost of an attorney reviewing your contracts and credit application will be money well spent the first time you are faced with forcing a customer to pay in court.

Most business's wait too long before attempting to collect their money. Unfortunately, this just makes it harder to collect. It is not unreasonable to call your customer immediately when they miss a promised payment. Don't waste time with a customer who continually lies to you and breaks promises to pay.

Once you have determined that you cannot collect your money, engage a professional debt collection agency to handle the debt. Even if you have to pay 25% of the money to the agency, you are better off than holding onto the debt in the forlorn hope that your customer will pay you someday - it just doesn't happen!

An easy way to calculate whether the cost of a professional debt collector will be worthwhile is to use the following formula:

Examples - your customer owes you $1000

1. You hold on to a delinquent account hoping your customer will pay:

You collect $0.00

100% of 0.00 = nothing

2. You turn the debt over to a collection agency after making several calls & sending letters - the agency charges a 25% contingent fee:

The agency collects $1000.00

75% of $1000 = $750.00

Obviously, yo...

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