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

Antonio Mauti
14881 FARMINGTON RD
LIVONIA, MI
Specialties
Litigation, Real Estate, Construction, Debt Collection, Commercial
Education
Detroit College of Law,University of Michigan
State Licensing
Michigan

Ronald T. Berry
(517) 648-7916
33900 SCHOOLCRAFT RD
LIVONIA, MI
Specialties
Debt Collection, Corporate, Commercial, Real Estate, Criminal Defense, Family, Estate Planning, Business
Education
Michigan State University College of Law,Methodist University,Methodist University
State Licensing
Michigan

Thomas A. Beck
(734) 421-7770
29444 6 Mile Rd
Livonia, MI
Specialties
Bankruptcy, Debt Settlement, Contracts, Corporate, Debt Collection, Estate Planning
Education
Wayne State University Law School
State Licensing
Michigan

Michael P. Bartnicki
(734) 455-1230
134 N MAIN ST
PLYMOUTH, MI
Specialties
Construction, Debt Collection, Contracts, Corporate, DUI, General Practice, Speeding Ticket, Criminal Defense
Education
University of Detroit Mercy School of Law,Albion College
State Licensing
Michigan

Barbara A. Patek
400 GALLERIA OFFICENTRE GALLERIA OFFICENTRE
SOUTHFIELD, MI
Specialties
Litigation, Debt Collection, Bankruptcy
Education
Wayne State University Law School,Michigan State University
State Licensing
Michigan

Charles E. Gallagher
14881 FARMINGTON RD
LIVONIA, MI
Specialties
Personal Injury, Debt Collection, Contracts, Landlord & Tenant, Foreclosure
Education
Michigan State University,Detroit College of Law
State Licensing
Michigan

Jonas Sniokaitis
33900 SCHOOLCRAFT RD
LIVONIA, MI
Specialties
Workers Compensation, Debt Collection, Personal Injury, Insurance, Employment
Education
Wayne State University,Wayne State University
State Licensing
Michigan

Craig E. Zucker
400 GALLERIA OFFICENTRE GALLERIA OFFICENTRE
SOUTHFIELD, MI
Specialties
Bankruptcy, Debt Collection, Litigation, Commercial, Construction
Education
Thomas M. Cooley Law School,Michigan State University
State Licensing
Michigan

Chiara F. Mattieson
217 ANN ARBOR RD W STE 302
PLYMOUTH, MI
Specialties
Debt Collection, Banking
Education
Wayne State University School of Law,Wayne State University
State Licensing
Michigan

Julie Beth Teicher
400 GALLERIA OFFICENTRE GALLERIA OFFICENTRE
SOUTHFIELD, MI
Specialties
Bankruptcy, Debt Collection, Chapter 13, Chapter 7
Education
University of Detroit Law School,Michigan 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...

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