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Debt Collection Germantown TN

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 Germantown, TN that will answer all of your questions about Debt Collection.

Lauri Hays Prather
(901) 522-9000
6410 POPLAR AVE STE 1000
MEMPHIS, TN
Specialties
Transportation, Litigation, Insurance, Personal Injury, Debt Collection
Education
University of Tennessee College of Law,University of Tennessee, Knoxville (main)
State Licensing
Tennessee

Craig Joseph Lazarov
(901) 759-3489
9032 Stone Walk Place
Germantown, TN
Specialties
Debt Collection, Litigation, Insurance, Personal Injury, Wrongful Death
Education
Tulane University Law School,University of Wisconsin, Madison
State Licensing
Arkansas, Tennessee

Elbert Everett Edwards III
44 N Second St Ste 300
Memphis, TN
Specialties
Car Accident, Debt Collection, Personal Injury, Family, Juvenile, Criminal Defense
Education
Memphis St Univ
State Licensing
Tennessee

Buffey Klein
(901) 842-7837
200 Jefferson Ave Ste 1501
Memphis, TN
Specialties
Debt Collection, Litigation
Education
South Texas College of Law
State Licensing
Texas

mrs.anton.daniel.
(423) 237-6488
newport.tn.about.dr.anton.daniel.
newport.tn, TN
 
Frank Michael Bursi
(901) 569-7646
840 Valleybrook Drive
Memphis, TN
Specialties
Bankruptcy, Debt Collection, Litigation
Education
University of Memphis - Cecil C. Humphreys School of Law ,University of Tennessee
State Licensing
Tennessee

Mitzi Conar Johnson
185 North Main Street, Suite 102
Collierville, TN
Specialties
Family, Criminal Defense, Corporate, Debt Collection, Probate
Education
University of Tennessee, Chattanooga,Memphis State University School of Law
State Licensing
Arkansas, Tennessee

Larry Allan Diamond
(901) 521-0084
100 N MAIN ST STE 1921
MEMPHIS, TN
Specialties
Criminal Defense, Bankruptcy, Personal Injury, Real Estate, Debt Collection
Education
Memphis State University,University of Memphis - Cecil C. Humphreys School of Law
State Licensing
Tennessee

MCC Jackson
(731) 300-4500
1926 Emporium Drive
Jackson, TN
 
Susan Rebecca Limor
(615) 742-1304
2814 DOGWOOD PL
NASHVILLE, TN
Specialties
Debt Collection, Bankruptcy, Chapter 7, Chapter 13, Chapter 11
Education
Vanderbilt University Law School,Vanderbilt University,Rutgers University
State Licensing
Tennessee

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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