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Pre-Suit Collection Strategies

Understand how to perform the necessary initial steps when credit is extended in order to increase the likelihood of successful collections later. Many companies extend credit to their customers or other companies with whom they do business without an organized plan for collecting on the indebtedness if the debtor fails to pay as agreed. Other companies recognize the possibility of default, but find themselves ill equipped to collect the debt when the default occurs, because of a failure to take the correct steps when the credit was extended. This topic helps creditors to understand first how to perform the necessary initial steps when credit is extended in order to increase the likelihood of successful collections later. The topic then explains to creditors how to establish a collections plan, should problems arise with payment. This topic also gives practical tips of how to keep your collection costs low, so as not to further compound your overall loss. Failing to consider how your company will approach collections results in a loss of collections and increased out-of-pocket costs at the time of default. This information helps lenders ensure that they have devised the most efficient collections plan appropriate for their businesses.


Runtime: 55 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Deciding Whether to Pursue Collections

  • Out of Pocket and Other Costs of Collection
  • Validity of the Claim
  • Location of the Debtor
  • Collectability of Funds
  • Side Effects of Suit

Preventative Collection: Collecting Without Filing a Lawsuit

  • Detailed Credit Applications
  • Security Interest
  • Prepayment Before Granting Credit
  • Paying Past Due Amounts Before Extending Future Credit

Designing a Collections System

  • Follow a Consistent Pattern for Each Credit
  • Start Informal Then Escalate
  • Be Mindful of the Fair Debt Collections Practices Act for Consumer Debt

How to Discover Assets: Finding Property From Which to Collect

  • County Real Estate Records
  • Some States, Such as Nebraska, Allow the Public to Search Driver's Records
  • Court Records
  • Debtor Financial Statement
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Mollie Pawlosky

Mollie Pawlosky

Dickinson, Mackaman, Tyler & Hagen, P.C.

  • Shareholder in the office of Dickinson, Mackaman, Tyler & Hagen, P.C.
  • Practice emphasizes all aspects of commercial litigation, complex collections matters, financial institution litigation, and creditors’ rights in bankruptcy
  • Selected for inclusion in the 2009-17 editions of Chambers USA: America’s Leading Lawyers for Business as a “Leading Individual” in the area of General Commercial Litigation in the state of Iowa
  • Selected for inclusion in the 2016-18 editions of Best Lawyers in America in Bankruptcy & Creditor Debtor Rights/Insolvency & Reorganization Law
  • Appointed to 2014 Merit Selection Panel by Chief U.S. District Judge for the Southern District of Iowa to recommend replacement U.S. Magistrate Judge for the Southern District
  • J.D. degree, De Paul University College of Law; B.A. degree, Grinnell College
  • Can be contacted at [email protected] or (515) 246-4504
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Product ID: 397650
Published 2016
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