Being injured in an accident is scary, especially when the bills start to pile up. However, going after the negligent party responsible for your injuries can result in a settlement to cover those bills. As a personal injury lawyer can share, a settlement grants financial relief to the injured party. Unfortunately, if you have outstanding … 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
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
“We’re lowering your credit card limit,” is the last thing a business owner wants to hear. Businesses often use credit cards in the same ways that people do in their personal lives. This is not necessarily a bad thing. Credit cards are unsecured loans, meaning you do not have to put down collateral to use … Read more
All too often during the collection process our clients need to consider which is best for them, a lump sum payment with at a significant discount of what they are owed or a long-term payment plan for the full amount. We always want to collect 100%, but that isn’t always the right business decision for … Read more
The Kaplan Group is pleased to announce that Billy Barber has won our 6th annual $1,000 Scholarship! Billy is in his junior year at the University of Georgia. He is studying finance with a minor in health policy and management. Billy’s winning essay is reprinted below and was in response to the following prompt: In … Read more
No one wants to be in debt. However, there are times when owing money in order to reach a higher goal is a good thing. It can be argued that our economic system requires some level of borrowing and owing. So, knowing whether a debt is good or bad for you or your business is … Read more
Business debt is the hot trend no one wants to be a part of. Thanks to the global pandemic and resulting economic crisis, many businesses are having problems paying their bills. It would be great if you could take out some sort of insurance policy to help you pay bills in times of crisis. Unfortunately … Read more
If collection agents like me are calling you, you need to reduce your debt. The Covid-19 pandemic has been hard on a lot of businesses and business owners. People who have never been late with a payment in their life are suddenly facing a pile of bills. To avoid your account being sent to collections, … Read more
For a business owner, your business credit rating is an important asset. Just like people, businesses sometimes have trouble paying their bills. This is especially true in the current economic environment. Commercial collection agencies like ours specialize in collecting on B2B debt. If your business is getting calls from a collection agency, you may wonder … Read more