Commercial Collection Laws in Cleveland
Keeping on top of accounts receivable management is a time consuming for Owners
. When an account is behind on payment and in collections, you will regretfully learn that the concerned person has moved without leaving any forwarding address or contact details. So the unfortunate scenario of collecting the debt has arisen and you will need to engage the services of a third party collection agency.
There are also situations when you keep on reminding people who owe you money to pay up but it keeps falling on deaf ears. To stay in business, you need to collect from your debtor, so the only remedy is to get serious and look for a commercial collection agency.
When doing business is that some customers do not have any ethical values left today and do not see the need to pay for what they have bought, even when they have the means to do so.
A business owner needs to focus on the core task of running his business, so either he can keep chasing the debtors, write off the bad debts or hire a third party collection agency to do the job for him. The collection agency will be able to help add more revenue to the company from accounts that may otherwise have been written off.
There are plenty of collection commercial agencies that can be found through the internet but before you decide on hiring one of them, be sure to do a thorough check. After all, the commercial debt collection agency will be representing you and their behavior will ultimately reflect on you. Also keep in mind that there is a difference between commercial debt collection and bad check collection and as tempers run high during this exercise, one bad conversation can have lasting repercussions.
A Sound Commercial Collection Agency should be able to provide references. They should also be aware of the summary of statutes and limitations on each state where the collection has to be done and you have to ensure that the methods they will employ are approved by you.
The good features of any collection agency are not only to collect bad debts for their clients, but to also offer advice and assistance on how to minimize bad customers in the future by sharing their wealth of experience with you.
Any business has to focus on their core work and that is to increment profit, let the accountants look after the taxes, the building manager the maintenance of the office and a
third party agency the collection of debts.
This article is written by an expert working for Burt & Associates, a leading
collection agency in Cleveland engaged in offering debt recovery services
Cleveland Collection Laws
We hope that this information on Cleveland Collection Agencies assists you. The following is a summary of the Ohio Collection Laws. The information here may not be 100% accurate and should not to be construed as legal advise.
Cleveland Collection Laws Interest Rate
Legal: 10%
Judgment: 10%
Cleveland Collection Laws Statute Of Limitations (Years)
Open account: 4
Sales Contract (UCC2-725)
Written Contract: 15
Domestic Judgment: 21 renew every 5
Foreign Judgment: 21 renew every 5
Cleveland Collection Laws Bad Check Laws (NSF) (Civil Penalty)
The greater of $200 or three times the amount of check and attorney fees (no maximum)
Cleveland Collection Laws General Garnishment Exemptions
See federal law - garnishment limited to once a month per employee
Commercial Collection Laws in Cleveland
By: Jerry Curtis
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