Debt Settlement: Negotiation Strategies for Lenders & Debtors
Think of debt settlement as getting the cake and eating it too… just not all of it. It’s a negotiation process by which you secure debt collection at the cost of lower final payment. But, understanding debt settlement can help you recover a significant amount of what debtors owe you. Most debtors are looking for […]
Replevin Action: What Is It, How To File It & How To Win
When someone takes your property wrongly and refuses to give it back, you can file a replevin action. Creditors use replevin actions to recover collateral when debtors default on secured loans. For example, a bank might file a replevin action against a borrower to repossess the borrower’s car after he missed too many payments. This […]
Post Judgment Collections: How It Works & Proven Strategies
Post judgement collections can be difficult and expensive to oversee, with creditors exposing themselves to legal risks if they inadvertently violate debtors’ rights even after winning a case in court. Proven strategies help secure repayment while avoiding legal peril. How do post judgement collections work, and what’s the best method for securing a settlement once […]
Wage Garnishment: What Is It and How To Use It
Collecting the money you’re owed often requires implementing wage garnishment. This practice ensures that debtors repay the money they owe without exposing themselves to total bankruptcy. Wage garnishment may be the only reliable method of securing your unpaid debts. Here are the inside details on wage garnishment you need to know to ensure swift and […]
Litigation and Lawsuits: Practical Guide To Debt Collection
Litigation and lawsuits can result in expensive legal fees that deliver financial ruin to the landlords, business owners, and creditors trying to collect the money they’re owed. A practical guide is needed to collect debts quickly and affordably. Debt collection doesn’t always end in a lawsuit, but litigation is the most effective way to secure […]
Promissory Notes: Definition, Types, and How To Use It
If you have to borrow money, especially from a financial institution, chances are you will sign a promissory note. Promissory notes are debt instruments accepted in most countries, and they are common in business transactions. A promissory note becomes a legally binding document when both the lender and borrower sign it. In this post, we […]
Bounced Check Recovery: Here’s What You Should Always Do
If you’re often getting paid through a check, sometimes bounced checks happen. And while bounced checks might feel like you are being tricked or scammed, the customer might have made an honest mistake. It’s, therefore, crucial to contact the customer and try to resolve the situation as soon as possible. However, if the customer is […]
Commercial Collections vs. Consumer Collections
All collections can be divided into two types – commercial and consumer. The lines are often blurred because of the nature of what is being collected, but generally speaking, there are clear differences between commercial and consumer debts. Whatever your current position is, understanding the differences is important for tackling debt collection effectively. What are […]
Delinquent Debt: Exploring Legal Options for Lenders & Debtors
While you may not wish for it, it isn’t unheard of for debtors to miss a payment due to various reasons. Such cases may leave you at a disadvantage, especially if you are in dire need of payment. Whereas debtor’s prison is a relic of the past, there are a number of legal options that […]
Michigan Repossession Laws: Everything You Need To Know
Dealing with a party that has defaulted on their car payment can be tasking, and rightly so. You have to make attempts to repossess the car without breaking Michigan laws that govern said recovery. This article delves into all you need to know about Michigan repossession laws and how best to protect yourself in the […]