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.
Credit
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Why Lorman?
Over 32 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
Credit
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Why Lorman?
Over 32 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 course was last revised on October 11, 2018.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.1
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
- IL CLE 1.0
- This course was approved for a total of 1.0 hours of MCLE Credit by the Illinois MCLE Board.
- ME CLE 1.0
- This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.0 hours of CLE credit under M. Bar R. 12.
- MT CLE 1.0
- This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.0 CLE credits.
- ND CLE 1.0
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
- NH MCLE 1.1
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 65 Minutes.
- NV CLE 1.0
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
- OR CLE 1.0 including personal management 1
- Approved for 1.0 CLE credits in Oregon, including personal management for 1.00 hour.
- PA CLE 1.0
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hours of self-study CLE credit.
- WA CLE 1.0
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
- WV MCLE 1.2
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.2 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Audio & Reference Manual
- Arizona CLE 1.0
- CA MCLE 1.0
- GA CLE 1.0
- HI CLE 1.0
- IL CLE 1.0
- ME CLE 1.0
- MT CLE 1.0
- NJ CLE 1.2
- NV CLE 1.0
- VT CLE 1.0
- WA CLE 1.0
- WV MCLE 1.2
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Credit
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Why Lorman?
Over 32 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
Dickinson, Mackaman, Tyler & Hagen, P.C.
- Shareholder with Dickinson Mackaman Tyler & Hagen, P.C.
- Practice emphasizes all aspects of commercial litigation, collections and foreclosures
- Selected for inclusion in the 2009-18 editions of Chambers USA: America’s Leading Lawyers for Business as a Leading Individual in the area of General Commercial Litigation for the state of Iowa
- Selected for inclusion in the 2016-18 edition of Best Lawyers in America in Bankruptcy & Creditor Debtor Rights/Insolvency & Reorganization Law
- Selected as one of the Des Moines Business Record’s Forty Under 40 honorees for 2010
- Wrote several articles on civil procedure, commercial litigation and collections
- J.D. degree, with honors, DePaul University Collect of Law
- Can be contacted at 515-246-4504 or [email protected]
Credit
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Why Lorman?
Over 32 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.
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