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Debt Collection West Hartford CT

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 West Hartford, CT that will answer all of your questions about Debt Collection.

Richmond North Associates
(716) 832-5668
747 Farmington Ave
New Britain , CT
 
Neil M Paul
(860) 561-4961
81 S MAIN ST
WEST HARTFORD, CT
Specialties
Debt Collection, Real Estate, Foreclosure, Landlord & Tenant
Education
Quinnipiac College School of Law,Ohio Wesleyan University
State Licensing
Connecticut

Philip M. Block
(860) 826-8000
136 MAIN ST STE 301
NEW BRITAIN, CT
Specialties
Debt Collection, Land Use & Zoning, Administrative Law, Landlord & Tenant, Environmental, Litigation, State, Local And Municipal Law, Real Estate, Construction, Personal Injury
Education
University of Hartford,University of Bridgeport (Connecticut),Oklahoma State University
State Licensing
Connecticut

Philip M. Block
(860) 826-8000
136 MAIN ST STE 301
NEW BRITAIN, CT
Specialties
Debt Collection, Land Use & Zoning, Administrative Law, Landlord & Tenant, Environmental, Litigation, State, Local And Municipal Law, Real Estate, Construction, Personal Injury
Education
University of Hartford
University of Bridgeport (Connecticut)
Oklahoma State University
State Licensing
Connecticut

Lawrence J Kiel
(860) 674-8296
270 FARMINGTON AVE STE 360
FARMINGTON, CT
Specialties
Real Estate, Contracts, Bankruptcy, Debt Collection
Education
University of Connecticut School of Law,University of Connecticut,University of Connecticut
State Licensing
Connecticut

Pop's Pizza
(203) 439-0089
243 Argyle Road
Cheshure, CT
 
Melissa L Simonik
(860) 225-8403
35 PEARL ST STE 300
NEW BRITAIN, CT
Specialties
Debt Collection, Family, Juvenile, Real Estate
Education
Quinnipiac University School of Law,University of Hartford
State Licensing
Connecticut

Shannon K Mccarthy
(860) 527-4226
20-30 BEAVER RD STE 103
WETHERSFIELD, CT
Specialties
Debt Collection, Real Estate, Lawsuits & Disputes, Estate Planning
Education
Western New England School of Law,Providence College
State Licensing
Connecticut

Matthew W Graeber
(860) 571-0408
35 COLD SPRING RD STE 512
ROCKY HILL, CT
Specialties
Debt Collection, Fraud
Education
Vermont Law School,Vanderbilt University
State Licensing
Connecticut

Charles F Basil
(860) 677-2868
160 FARMINGTON AVE
FARMINGTON, CT
Specialties
Litigation, Foreclosure, Debt Collection, Estate Planning
Education
University of Connecticut,Catholic University of America, Columbus School of Law
State Licensing
Connecticut

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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