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TxSpurs2014

Receivables collecting

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Hi all, 

I own a consulting business and have a couple of accounts that are past due grossly. How can I collect my money quickly without having to go to court? One guy is SC and another is in Kentucky. I don't have time to fly to these places. Any experience dealing with this?

 

Best, 

TxSpurs

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Unless you know some heavies (just kidding) there are only a couple of routes, hire a collection agency to do the work for you or do it yourself. You could send some registered letters that look or are drawn up by a lawyer to give them a scare. Even if you do go to court and win the court won't collect your money for you. You still have to do this. How much is it that you've lost? Most times it's not worth the time nor energy if it's a small amount. I went to court for $5700 and won my case but could never collect it as the client was on the other side of United States from me. I sent to collection agency (usually they take over 50% to collect) and they couldn't even get the money out of him. Wishing you luck ;)

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Hi Tawnya, it's around 8K from earlier this year. I've already sent letters with the invoices to be paid, texts, etc. I'm just tired of dealing with it and I'd rather get some of my money than to have him spending it on whatever. What broke the camel's back were the social media vacation posts I saw week before last. I hear you though on the court thing, my friend owns a property management company and rental court cases go unpaid all the time. 

I ended up finding a collection agency on Friday referred by a colleague. They're claiming they can get it done in less than 10-15 calendar days, so we'll see. Not sure with 4th coming up but will keep you posted.

Thank you, 

 

Spurs/Jake

JM3 Corp

  

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On 6/22/2018 at 11:53 AM, Tawnya Sutherland said:

Unless you know some heavies (just kidding) there are only a couple of routes, hire a collection agency to do the work for you or do it yourself. You could send some registered letters that look or are drawn up by a lawyer to give them a scare. Even if you do go to court and win the court won't collect your money for you. You still have to do this. How much is it that you've lost? Most times it's not worth the time nor energy if it's a small amount. I went to court for $5700 and won my case but could never collect it as the client was on the other side of United States from me. I sent to collection agency (usually they take over 50% to collect) and they couldn't even get the money out of him. Wishing you luck ;)

I was facing the same situation with my customers.  I ship my products around the US and needed someone to help me track down my money.  I was amazed at the results with Accounts Receivable.  They are even able to go to court on my behalf and it didn't cost me anything upfront to use their services.  

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Let us know how it goes with the collection agency as $8000 is a lot of coin to lose. I always get paid upfront now for any work I do. It doesn't stop credit card chargebacks but at least saves me time running around collecting at month's end.

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