Collections tip: Insist on good documentation from your customers
Sep 22, 2011
You can help keep the odds in your favor by insisting on good documentation throughout the credit and collection process. Good documentation begins with a credit application, which is required before y...
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NSF (Insufficient funds), Closed Accounts, and Other BAD CHECK ISSUES!
Jun 08, 2011
Why did the check bounce? Most often it's because of a mistake by your customer. On rare occasions, it's the result of the bank's mistake. With a few simple steps you can minimize the incidence and imp...
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Electronic Signatures on contracts...they work!
May 20, 2011
Electronic signatures, such as confirming emails or click-ons ("I agree") or similar buttons are valid means of entering into contracts which are binding, and which will be upheld in court. There are t...
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Knowing when to place an account with a collection firm
May 12, 2011
If you have good collection policies, they include timeframes in which to take certain actions, such as the following:
* Following up with demand letters requiring payment when an account balance be...
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Michigan Mortgage Foreclosures: a roadblock for MERS
May 03, 2011
This is hot and important news for debtors and creditors who have mortgages expedited (how ironic) through MERS (Mortgage Electronic Registration Systems, Inc.) in Michigan. The Michigan Court of Appe...
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Garnishment of Social Security and SSi after May 1, 2011
May 03, 2011
It has always been improper to take anyones SS or SSI or similar benefit from a bank or credit union pursuant to a garnishment...the change you may be hearing about, which supposedly took place on May ...
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FINANCIAL STATEMENTS: HOW AND WHY THEY ARE IMPORTANT
Apr 28, 2011
A. The value of a financial statement
A financial statement is the financial picture of a company at a particular point in time. It is exactly the same as taking a picture of your children. Within a...
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Collecting on a Personal Guaranty: what about the signature?
Apr 20, 2011
Is there a personal guarantee in a situation where a corporate officer has signed it as agent of the corporation?
Consider a case where a document signed by the guarantor titled "GUARANTEE OF LEAS...
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Entering into Contracts: Make sure your agreement is clear and complete!
Apr 18, 2011
Business contracts are always the subject of much litigation. It seems that there is no such thing as a bullet proof contract or a contract which just cant be interpreted more than one way.
So, when...
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What is a "Negotiable Instrument" that I hear so much about?
Apr 13, 2011
The UCC defines a negotiable instrument as an unconditional writing that promises or orders the payment of a fixed amount of money, including all checks, drafts, promissory notes and certificates of de...
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