Four Steps Your Debt Collection Agency Recommends When You’re Pursuing Money Owed to Your Business
Are you tired of wasting time making collection calls?
Are you looking for a collection agency that will aggressively pursue the money you’re owed in an ethical manner?
Do you want results?
Of course you do! We’re here to tell you a few of the simple steps a good debt collection agency will follow to improve the chances of success. If you don’t want to constantly struggle to collect what’s due to your company, it’s important to understand how to position yourself for success.
Some clients tell us they have problems tracking down their debtors. Companies that use services but don’t pay will often show signs of deception early on. Some have no intention of paying to begin with. At Ross, Stuart and Dawson, our staff and investigators are experienced, tough negotiators who work hard to get results for you.
Step 1: Don’t Wait Too Long to Collect!
According to Michigan debt collection laws, “for most collection actions, there is a specific period of time during which a creditor may pursue the collection of a debt. In Michigan, the filing of a breach of contract and/or open account action, for default of a credit card agreement, for example, must be done within the 6-year Statute of Limitations. MCL §600.5807(8). The relevant date for determining when the six-year Statute of Limitations begins to run is the date of the last activity on the account, whether it be a purchase or a payment made.”
Uniform Commercial Code (UCC) - The statute of limitations on an action for breach of any contract for sale of goods must be commenced within four years after the cause of action has accrued. “Goods” means all things, including specially manufactured goods, which are tangible and moveable at the time of identification to the contract for sale.
You can’t expect payment of your debts after the statute of limitations runs out. To protect your rights, contact a debt collection agency who is an expert in the field. Sooner is almost always better!
Step 2: Demand Payment in Writing
If your customer payment is past due, you may want to send a registered letter demanding payment. You should include: the date in which you made the agreement, how much the loan was, how the payments were to be made and when they were to start. And if the other party agreed to pay interest, make sure you detail that information as well.
When closing your letter, make sure to be very clear about what you want and when you want it … if the borrower breached the contract, you should demand payment in full within 10 days of receipt of your demand letter.
Step 3: Find an Experienced Collection Agency to Represent You!
What’s most important in a debt collection agency?
- Ethical values
All four are important when it comes to selecting a collection company. Established in 1975 and certified through the CLLA, we insist on ethics and quality as the guiding principles of our business. We constantly review and update our procedures as we seek new ways of serving our clients.
Since 1975, our team has tracked down overdue accounts, collecting many accounts for our clients along the way. We give your case the professional attention it deserves and we’re prepared to use all reasonable options to collect your money owed to you.
Step 4: Find Appropriate Documentation for Your Debts
Debt collection cases that end up in front of a judge can be resolved quickly, especially when they’ve been handled by experts. Sometimes a debtor will dispute a claim, and it’s important to be prepared. Having appropriate documentation is essential to resolving debt collection cases in your favor, whether it’s placed with a collection agency, or before or after litigation. When you hire a collection agency, be sure to gather the specific documentation proving you own the debt, how much is owed, and how much interest has accrued.
Get Started Today: Our Debt Collections Process
When you hire a collection agency like Ross, Stuart and Dawson, we’ll implement a strategy that works best for your unique case. An analysis and investigation of the facts will help determine the options.
What’s most important to you is also important to us! Every one of our cases gets dedicated, personal attention, whether your claim is big or small.
Business owners should be spending time doing what they are good at, not chasing down debts. Contact our experienced debt collection agency today at (248) 370-8160 to get started. Let the experts worry about your collections, so you have more time to focus on growing your business!