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Cohen & Associates LLC, our commercialcollections lawyers have more than 50 years of combined experience. They have dedicated their practice to collectingcommercialdebts in Massachusetts. It sets the standard for ethical collection methods. Massachusetts FairDebtCollection Practices Act (MGL c.93,
Business owners in Massachusetts are likely familiar with the frustrations of trying to collect unpaid debts. Cohen & Associates LLC, our aggressive and relentless commercialcollections attorneys have more than 60 years of combined experience helping Massachusetts business owners collect their unpaid debts.
What are Business DebtCollection Laws? Although commercialdebtors do not enjoy the same level of protection as consumer debtors do, this does not mean they are left at the mercy of creditors and debtcollection agencies (DCAs). The business debtcollection laws protect them.
With standardized language, tone, and protocols, collectors stay compliant with laws like the FairDebtCollection Practices Act (FDCPA) , and reduce risk for your business. Non-Responsive Debtor : Multiple calls, emails, and follow-ups are met with silence or avoidance. Focus on empathy without enabling delinquency.
They will also usually start with all of the same tactics that you have probably already tried: Making phone calls Sending late payment notices Attempt to persuade the debtor to pay their bills While collection agencies are persistent, their efforts often approach a level of harassment.
In most cases, some qualifications and credentials will be required to distinguish that you are working with a reputable collection agent. Reasons Businesses Hire Debt Collectors Most businesses that hire commercialdebt collectors do so to pursue non-payment of invoices and outstanding balances.
Routine phone calls: Demand letters are a formal process that gives debt collectors leverage if they have to sue for the balance owed, but phone calls are the most common way commercialdebtcollection agencies will use to try to communicate with debtors. How Long Can a Debt be Pursued?
Legal Requirements The legal requirements for collecting consumer debt and commercialdebt in New York State differ significantly. Consumer Debt: The FairDebtCollection Practices Act (FDCPA) regulates consumer debt. Generally, the requirements are as follows.
Gavin Newsom recently signed SB 1286 amending the Rosenthal FairDebtCollection Practices Act’s coverage to certain commercialdebt. Prior to this amendment, the RFDCPA’s restrictions applied only to certain debt collectors and creditors collecting consumer debt. California Gov.
Debtcollection companies may have Errors and Omissions (E&O) Insurance in addition to the surety bond they are required to maintain with the state. E&O Insurance protects an agency against suit in the event that a debtor believes they used aggressive tactics or acted in bad faith. the monthly phone and energy bills).
Because collections laws vary in different fields, you need to find a company that knows your industry. They’ll be more familiar with the rules and how to adhere to the FairDebtCollection Practices Act (FDCPA). Find out how they track debtors. Develop a debtcollection agency list of characteristics.
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