BCA Financial Services -- Collections Since 1968

November Advisory

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BCA CREDIT ADVISORY for November 2008

Don't wait till the Holidays are here:

Don’t let a debtor holiday shop with your money.

Look over receivables now, before the wild spending of the holiday season give those slow payers further excuse for delay.

Act now to turn them over to us in this peak period and realize the cash before the collectibility shrinks away, increasing your losses and charge-offs

 _________________________________________

Also... (Tip from October 2008): 

Should a debtor ask for a payout schedule, never ask how much he can send you. Better yet ask him how much time he needs to retire your bill. Say he owes you $1400.00. If you ask him how much he can afford he'll say $10.00 per month. This would take him 140 months to pay (or 12 years). If you ask him how much time he needs he would never have the nerve to say 12 years. In fact, he'll probably say 4-6 months. Now do the math--he's got to send you about $250.00 per month now.

Bill the right person:  Sending a bill to the wrong person can push payment off as much as 30 or 60 days as it gets routed around a company.  Talk directly with your client and ask who should receive your bill if the bill is going to someone other than your day-to-day contact, call and introduce yourself before you put the bill in the mail.  If you’re sending a bill to your client’s bookkeeper or accounting department, copy your client as well and follow with a phone call.

For some great year-'round collection tips and information, don't forget to click on BCA's "Collection Blog"

BCA's Fall Office Poster
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What You Should Know About Court Action

1.) In (New Jersey) matters we request costs which is
the average for processing district court cases from
"filing" through "judgment". Costs are listed on your
"Authorization Form"

In New York or Pennsylvania,as each jurisdiction
can vary, we request our attorney advise us before
we go forward.

2.) In the rare event of a contested case which goes to
trial, a witness may have to be provided.

3.) In the equally rare event of a counter-claim, additional
costs should also be anticipated to defend this separate
matter.

4.) In matters of judgments which must go on to execution,
supplementary proceedings, etc., additional cost must be
anticipated.

5.) In out of state matters, (other than NJ, NY, PA) court costs
are subject to the jurisdiction in which filed and the area
practice as to suit fees. You will be advised later as to
these costs and can accept or decline suit at that time.

6.) However, rest assured that most matters are resolved on
the terms shown on our "Authorization Form".

7.) The time table for the above cannot be predicted. The
many steps such as (a) service of summons (b) time to
answer summons (c) demand or levy by constable and
(d) supplementary proceedings, etc., are beyond our
control. As the attorney advises us we will forward
the status to you.