When you run a business, your unpaid accounts can be a serious problem. You rely on your clients, customers, distributors and others to pay their bills. When they don’t, you need to leverage every available method of collection at your disposal.
For the most part, trying to collect has meant a frustrating process of trying to reach your debtors by mail or phone. It doesn’t take very long to realize that your bills are going in to the trash and your phone calls are being ignored.
Debt collection finally moves in to the 21st century
The Consumer Financial Protection Bureau has finally brought debt collection in to the current era. Just recently, rules were published that permit the use of email, text messages and social media contact to try to collect a debt.
That does not mean, however, that there’s a free-for-all. Debt collection still has to follow all of the old rules – and collectors need to understand the limits of the new ones. For example, you cannot post public messages on a debtor’s Facebook page or Twitter about their debts or your attempt to collect. Plus, if a debtor tells you to stop contacting them via social media, you’re obligated to obey.
When your business is owed a debt, the last thing you want to do is compound your problems through “self-help” actions that can result in a lawsuit. You want to get paid — not end up paying fines or hefty litigation fees over unacceptable debt collection methods.
Put your trust in an experienced attorney who can provide guidance on how to collect your debts without violating the law. Please continue reviewing our page to learn more about our services.