Custom Search
EntrepreneurismBible.com home general business articles business marketing/promotion customer service, CRM branding joint venture financial management general and inspirational stress management health links inspirational articles Internet Business website design website promotion

Debt Collection Detroit MI

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 Detroit, MI that will answer all of your questions about Debt Collection.

Elizabeth Marie Smith
615 GRISWOLD ST FORD BLDG
DETROIT, MI
Specialties
Real Estate, Bankruptcy, Debt Collection
Education
University of Detroit Mercy School of Law,Western Michigan University,Western Michigan University
State Licensing
Michigan

Jeffrey A. Heldt
400 RENAISSANCE CTR LBBY
DETROIT, MI
Specialties
Financial Markets And Services, Debt Collection
Education
Wayne State University Law School,Johns Hopkins University,Walsh College
State Licensing
Michigan

Vicki Ruth Harding
(313) 393-7324
100 Renaissance Center, Ste 3600
Detroit, MI
Specialties
Debt Collection, Business, Real Estate
Education
Harvard University
State Licensing
Texas

Navjyot Francis
(313) 915-2647
Po Box 2731
Dearborn, MI
Specialties
Criminal Defense, Debt Collection, General Practice, Juvenile, Guardianship, Lawsuits & Disputes
Education
Thomas M. Cooley Law School,Thomas M. Cooley Law School,Georgia Southern University
State Licensing
Michigan

Timothy A. Dinan
(313) 821-5904
14950 E Jefferson Ave Ste 170
Grosse Pointe Park, MI
Specialties
Debt Collection, Criminal Defense, Real Estate, Administrative Law
Education
Michigan State Univeristy,Detroit College of Law,Uinversity of Detroit High School
State Licensing
Michigan

Kristin Ann Hermann
(313) 496-8457
150 W Jefferson; Ste 2500
Detroit, MI
Specialties
Debt Collection, Real Estate
Education
University of Michigan
State Licensing
Texas

Paul M. Hughes
(313) 964-6465
65 CADILLAC SQ STE 2915
DETROIT, MI
Specialties
Personal Injury, Criminal Defense, Debt Collection, Car Accident, Fraud
Education
Michigan State University,Wayne State University
State Licensing
Michigan

Vicki Ruth Harding
(313) 393-7324
100 Renaissance Center, Ste 3600
Detroit, MI
Specialties
Debt Collection, Business, Real Estate
Education
Harvard University
State Licensing
Texas

Navjyot Francis
(313) 915-2647
Po Box 2731
Dearborn, MI
Specialties
Criminal Defense, Debt Collection, General Practice, Juvenile, Guardianship, Lawsuits & Disputes
Education
Thomas M. Cooley Law School
Thomas M. Cooley Law School
Georgia Southern University
State Licensing
Michigan

Sanford J. Melder
2304 E 11 MILE RD
ROYAL OAK, MI
Specialties
Divorce, Adoption, Real Estate, Debt Collection, Car Accident, Contracts, DUI, Speeding Ticket, Business, Probate
Education
Wayne State University,Wayne State University
State Licensing
Michigan

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...

Click here to read the rest of this article from EntrepreneurismBible.com


Website Developed and Hosted By:
International Cyber Business Services, Inc.
Developers of holisticonline.com, 1stHolistic.com, GrandmasRemedies.com and SpecialGifts.com
Copyright © 1996-2008, ICBS, Inc. All Rights Reserved.