Veterans play a vital role in our economy, with veteran-owned businesses making up 9.1% of companies today. Their efforts employ almost six million Americans and a trillion dollars in annual sales receipts. While they tend to choose self-employment more often than their civilian peers, they still find challenges when it comes to securing funding to … Read more
Yes, it’s true. Debt collectors can now contact consumers on social media. Here’s the background and all you need to know about what debt collectors can and can’t do on social media. The History In November 2021, The CFPB made some long-awaited updates to the Fair Debt Collection Practices Act. The FDCPA was enacted by … Read more
It’s always exciting to land a new client, but when that client does not pay you and the debt adds up, excitement turns into anxiety and disappointment. It may be time to consider hiring a commercial collection agency. We all know managing a business and the cash flow process is a financial pain point. We’ve … Read more
Thanks to the silver screen, many people believe they have a solid understanding of our court system and the judicial process. But what is often depicted in the most captivating courtroom scenes is far from reality. A debt collection lawsuit can be serious, complex and time-consuming. If the case isn’t settled and you move to … Read more
We are pleased to announce that Favour Ozordi, a junior at Minot State University, is the winner of our 7th annual $1,000 scholarship. There were over 100 applicants this year, and it was extremely difficult picking a winner. What gave Favuour’s essay the nod is that she used her own initiative to create a cash … Read more
Clients often want to know about demand letters. They may consider having an attorney send a demand letter before turning it over to collections. Paying an attorney for an hour or two to write a letter is less expensive than a collection agency contingency fee. But, a letter itself may not actually get you paid. … Read more
All too often, commercial debt collection becomes a negotiation. At that point, the stronger the position our client has, the better the deal we typically can negotiate. This could be more money, faster payments, avoiding court, or if necessary, the final outcome in court and the subsequent judgment collection process. Surprisingly, the vast majority of … Read more
We’ve talked about the FDCPA before. This is the federal law that protects consumers from being harassed by debt collectors. As we’ve mentioned before, the law applies only to consumer debt, not businesses. The law also only applies to outside debt collectors, not companies who are owed the money for product or services they provided. … Read more
How did Covid-19 and the resulting economic downturn affect the collections industry? We may not know all the ramifications for a few years, but it’s clear that things have changed and will continue to do so. While delinquency levels did not spike, it is unclear how consumers will manage their obligations as the recession continues. … Read more
Most people think that the acronyms and terms they know are common knowledge. But the truth is that every field has its jargon and acronyms. Collections is no different. Whether you’re talking to your accounts receivable department, or hiring a collection agency, you are likely to hear a lot of terms you don’t know. You … Read more
