In the world of business, collecting unpaid debts can feel like a never-ending battle. In addition, many companies unknowingly commit errors that hinder their efforts. Our commercial collections attorneys at the Law Offices of Alan M. Cohen & Associates LLC law have dedicated their legal careers to helping businesses collect their unpaid debts.
Our attorneys have more than five decades of combined experience helping companies collect their unpaid accounts receivable. In utilizing ethical practices allowed by Massachusetts and federal laws, they relentlessly and aggressively help their clients collect unpaid debts. We fight to get you paid.
Mistake 1: The lack of a clear debt-collection policy
Without a structured policy, businesses often face confusion and inconsistency in their collection efforts. To avoid this, establish a clear, written policy. Train your staff on debt collection procedures and expectations. Regularly review and update your debt collection policies.
Mistake 2: Delaying action on overdue accounts
Procrastination is directly related to an increase in difficult when recovering debts. Avoid this by acting promptly on overdue accounts. Set reminders for following up on unpaid debt. Also prioritize communication with debtors.
Mistake 3: Ineffective communication
Using unclear or inconsistent communication can confuse debtors and stall the process. Use clear and concise language. Maintain consistent communication channels. Document all interactions with your debtor for possible future litigation.
Mistake 4: Ignoring legal regulations
Overlooking legal requirements can result in costly consequences. It is important to stay informed about Massachusetts state commercial debt collection laws and other applicable federal debt collection laws. Ensure that your practices comply with debt collection regulations and laws. When in doubt, consult with a lawyer who has experience with commercial collections.
Mistake 5: Underestimating the power of professional help
Attempting to handle everything in-house can drain resources and reduce effectiveness. Avoid this by recognizing when professional intervention is needed. Partner with an experienced debt collection attorney who has a reputation for successfully pursuing unpaid debts. This allows your in-house resources to stay focused on core business activities.
Let us fight on your behalf to collect your unpaid debts
Successful commercial debt collection requires experience and persistence. The complexities of debt collection often demand more than a DIY approach. You can significantly improve your company’s chance for success by avoiding some of the common pitfalls, but also by retaining an experienced commercial collection attorney.
With over 50 years of combined experience, our firm offers aggressive, relentless, and ethical representation. Contact us today to schedule an initial consultation by calling 508-763-6604 or by sending a message through our online form. Let us fight to get you paid.