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
Negotiating salary intimidates a lot of job hunters, especially in today’s economy. In addition to the health crisis, Covid-19 has caused an economic and employment crisis. The official unemployment rate hit a high of 14.7 percent in April, and continues to hover around 7 to 8 percent. But, that doesn’t mean that if you do … Read more
We’ve talked before about the bad rap debt collectors get in movies and television. A lot of the misconceptions about debt collectors actually come from the behavior of debt buyers. If you are looking for new ways to pursue unpaid invoices, it’s important that you understand the difference between the debt buyers and debt collectors. … Read more
Cancelled events. From personal events like weddings to trade shows, Covid-19 has hit the event industry hard. Cancellations affect event organizers, professional entertainers, marketers and attendees. For some businesses, an annual trade show is where they make most of their sales. Being out the new sales and potentially the deposits on the show can hit … Read more
