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Debt Collection Hampton VA

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 Hampton, VA that will answer all of your questions about Debt Collection.

Lawrence Alexander Patish
(757) 489-2900
Suite 11, 110 Maycox Avenue
Norfolk, VA
Landlord & Tenant, Debt Collection
State Licensing

John Wesley Bonney
(757) 640-1008
5442 Tidewater Drive
Norfolk, WA
Bankruptcy, Credit Repair, Debt Collection
Christopher Newport University
State Licensing

Mark Kevin Groves
(757) 533-5669
Suite 600, 580 East Main Street
Norfolk, VA
Debt Collection, Bankruptcy, Commercial
State Licensing

Seth Eli Twery
(434) 845-5285
PO Box 185
Lynchburg, VA
Personal Injury, Debt Collection, Litigation, Estate Planning, Real Estate
University of Virginia School of Law,Randolph-Macon Woman's College
State Licensing

James S. Kuykendall III
(540) 667-4644
210 S. Cameron St.
Winchester, VA
Debt Collection, Personal Injury, Workers Compensation
State Licensing

Wendy Lynn Laster
(757) 595-0123
12610 Patrick Henry Drive, Suite D
Newport News, VA
Real Estate, Debt Collection, Personal Injury, Social Security, Insurance
Regent University School of Law,Christopher Newport University
State Licensing

Richard A. Knee
(757) 625-6787
Crown Center, 580 East Main Street Suite 600
Norfolk, VA
Debt Collection
University of Houston
State Licensing

Stephen Andrew Leon
(757) 397-3481
200 High St., Suite 500
Portsmouth, VA
Debt Collection, Litigation
Samford University, Cumberland School of Law,University of Virginia
State Licensing

Robert C. T. Reed
(703) 684-2000
510 KING ST STE 301
Debt Collection, Landlord & Tenant, Litigation, Real Estate, Bankruptcy
Washington and Lee University School of Law
Boston College
State Licensing

Erik Robert Quick
(202) 353-9162
4605a 36th St S
Arlington, VA
Bankruptcy, Debt Collection, Business, Litigation
State Licensing

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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