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
What will be different about accounts receivable in 2021? Most of us will be pretty eager to leave 2020 behind. But, a lot of what we’re experiencing now, will most likely carry over into the new year. At least in terms of the economy. Here are 5 trends I’m expecting to see emerge or continue … Read more
Thanksgiving is almost here, which means it’s actually time to start thinking about your office and the winter holidays. Just like everything else, the holidays are going to be a little different this year. This year, with so many offices still working remote, trying to bring people together around the holidays is especially challenging and … Read more
Risk and Reward are the two sides of almost every business deal. What are you risking if the deal doesn’t go well? What will you gain if it does go well? Does the reward justify the risk? In collections, we often have to weigh risk and reward and make similar calculations. When trying to decide … Read more
Being in debt is nothing to be ashamed of. The current economy has hit a lot of businesses hard. If you have always prided yourself on being debt free, or good with money, you might be tempted to simply pull the covers of your head and ignore your current situation. Instead, I suggest you do … Read more
