How to recover bad debts in New York?

Is your business operating from New York City facing bad debt issues? Well, you are not the only one. With the current economy, most businesses are worried about their clients not paying them on time. Here are simple steps that you can take to ensure that you are able to cover all or maximum money from your debtors.

1. Demand phase

The first thing you should do is start the demand phase. It is all about emailing, writing, or calling the customer so that you can remind them to pay. It is quite lucky if you can convince the debtor to pay during this phase. It is the least expensive. So, providing some incentives like negotiation or payment plans are worth it.

Also, you can hire a debt recovery agency in New York during the demand phase only. It will show the delinquent that you are serious about debt recovery, and if they don’t have, there will be consequences. Make sure you hire the best collection firm so that when the debtor searches on Google, they know everything about them.

The next steps in the debt collection process depend on what you agreed upon in the contract with your client. But they usually go like this.

2. Litigation

It is the next step irrespective of what your contract says. The location of both the parties and the amount of debt will determine whether a lawsuit in New York can be filed or not. It is also crucial for you to find a perfect court or you, having more than one court choice for your lawsuit filing is a good idea. Now, it depends on the court, and the amount of debt, what type of mediation you get. It can be ordered by a court one or a court-sponsored mediation program.

Also, the next step can be arbitration if that is what the contracts state. You don’t necessarily need a customer for this process. Whatever judgment the arbitrator takes, you need to show it in the state court.

3. Mediation

The contract between two parties may determine the need for mediation. It can also be a prerequisite for filing a lawsuit or arbitration. If the mediation is in the contract, it will take place outside the court in one of the places made, especially for this. The mediation process is a simple one. It requires every party involved in the dispute to agree for mediation.

The business who is looking to recover their bad debt will send an offer to the debtor for mediation. If they both agree, the process starts. Also, no party needs to agree to the terms of mediation.

4. Judgment

The last step means that the judgment came in your favor through one of the above methods. Now, you need to convey the same to the debtor and make sure that they pay the debt on time. If they don’t, the interest rate will be high, 9% to be exact in NY.

It is a tough battle so work on it immediately.

Read on to find out what happens if you default on a loan

Running a business in America and especially Philadelphia is hard. When it comes to business finance, every big enterprise or startup requires capital for the smooth functioning of their business. They take a loan or give out one as this is what it means to run a business. A small business, however, requires more loans.

The dependence on loans can be a nightmare for small businesses. It leads to financial hardships which can lead to falling behind on their loan. That is something that can lead your business into a lot of troubles. If you default on your payments, the creditor or bank can hire a debt recovery agency in Philadelphia to recover the amount from you. Dealing with debt is hard for a company that is already struggling with finances. With a collector on their cause, they need to worry much. It is because a collector won’t stop unless you pay, they won’t harass you or anything. They will be polite and understanding, but at the end of the day, you will need to pay.

Other than a collector being on your case, you can face these other consequences of falling behind on your loans:

1.      The decrease in credit score

A business that is unable to pay its unsecured loan’s installment, sees a drop in their credit score. When your credit reports show a low score, it works against you in the future. It interferes with your ability to take any kind of loan in the future.

2.      Legal action

When you take an unsecured loan, you do sign a personal guarantee or lien for the assets of your business. It means that when you default on your payment, you first have to pay a late fee. But even after that if you are unable to pay the debt, the lender or bank can file a lawsuit against you.

If the business has taken a secured loan, it will foreclose all your assets and sell it in an auction that can be private or public.

3.      You will consider high risk

Once you default on a loan, other lenders start seeing you as a high-risk candidate. They know about your defaulting and aren’t that keen on working with you in the future. So, your hopes of getting a future loan can hang in balance. Even if they do grant you the loan, the interest rate will be higher for you.

Also, it is not only the lender who considers you high risk. Owing to your financial hardship, your clients and customers might also be uncertain about doing business with you.

4.      Bankruptcy

When you default on a secured loan, the creditor sells off the asset and recovers their money. But in case of an unsecured loan, they can do only if the court orders it. When it does, they will sell off your assets. Also, if that still doesn’t ensure that they get every penny that you owe them, you will have to file for bankruptcy.

The consequences of not paying a loan are long and hard. Thus, take the necessary steps to ensure that this doesn’t happen.

Best tips for hiring a debt collection agency in Philadelphia

If your business in Philadelphia often sells goods on credit, having bad debts is inevitable. There will be multiple situations where you will come across clients who have outstanding invoices. A business can try to understand their situation. If they are paying by prioritizing bills or having a financial crisis, it can wait. But if a customer refuses to pay or avoids notices reminding about the payment, it is better to involve a professional.

By professional, we mean the best third-party debt recovery agency in Philadelphia. A collector has skills and techniques that can help them sort out this mess quickly.

They use skilled techniques to locate the debtor and then convince them to pay. All the while, ensuring that they respect the delinquent and don't cross any ethical lines.

Still, there can be few collectors who are aggressive or are in-experienced. Since, a business won’t want to work with them, knowing some tips for hiring the best collection firm in New York is necessary.

1.    Don’t wait till the last moment to hire an agency

As a rule of thumb, a business should research and find out a collection agency at the same time they start their firm. They can put the collection company on retainer. It will serve multiple purposes. For instance, they can do client research for a business. They can look after the debt accounts, and pin-point a client who has all the signs of delinquency. Lastly, when an account does the go-to collection, they can act quickly.

If a startup wastes too much time to hire an agency, the value of the debt goes down, making it harder to collect.

2.    Check their license

Work with a collection firm which license and certification are best for all. If a business hires a collector with no license; the recovered amount is not legal, and they may have to return it. Also, working with a certified collector ensures that a business can take up any grievances that they have to the right authority. To check the license, ask them for proof, do a Google search, and contact the registering body.

3.    The cost comparison is necessary

All collection companies have different models. So, it is best to compare their costs and work with the one with better costing and success rate. Most agents work for a contingency fee or commission.

They will make money only when they recover the amount, so they work twice as hard.
Also, check-in with their previous clients and get feedback. If it isn’t good, move on.

4.    Make sure that they a friendly online portal

It is nice when the firm business is working with has a friendly website. This way a business can check the status of their debt, and more. It makes communication and keeping a track of their steps easier.

Debt collection is a tricky business. It is best to leave it to the professional so that a business can focus on other essential tasks required to run a business.

Tips for relieving credit card debt during coronavirus

The whole world is feeling the effect of COVID-19. The pandemic has hit everyone financially and emotionally. A lot of people don’t have jobs or are earning less due to a salary cut, the use of a credit card is increasing.

Also, since going to the bank or getting cash out is kind of scary, people are turning to credit cards. But the problem with this is that when you use your credit card too much, you end up with tons of credit card debt.

That can be a problem in this situation, especially if you are unable to pay. A credit card company will wait for a while before handing your debt to a local debt recovery firm. Know more about how a debt collection firm works to know what you are dealing with.

So, what is the solution? Do you stop using a credit card? No, because it is a lifeline in this crisis. But you have to be smart about using this. Also, here are some things you can do to ensure your account doesn’t go to collection. Also, if it does, read about debt collection and let a collector help you come up with a payment plan.

To know what you can do, you need to ask the right questions from the credit card company as listed below.

Ask credit card companies their COVID-19 relief programs

• A lot of companies are offering their customers multiple COVID-19 relief programs for their cards. To know about that, call them or visit their websites. Here are some of these policies for such times
• A credit card provider may waive the late fee. When you are a bit late in paying your debt, they charge a fee. But most of them are not charging that anymore.
• Some credit card companies are reducing the interest rate. That is a huge relief. Once the economy is better, they will resume their original interest rate though.
• They are also providing payment plans so that you can pay off the debt.

In case, the debt has gone to the collection before the pandemic hit. You can talk to the debt collector for a payment plan. They can be the negotiator, and due to the situation, most creditors will agree.

How to ensure you don’t get a credit card debt?


1.     Minimum payment

It can be hard due to the situation, but interest will continue to accumulate if you don’t do anything. So, even a little payment against the debt is enough to ensure it doesn’t go to collection.

2.     Check your bills minutely

You should always check your bills to ensure that your credit card statement is correct. If some charges are wrong or if there are any discrepancies, send the company a letter/notice to dispute it. All companies have to do an investigation and send you a report within 90 days. But due to COVID-19, it might get delayed. During this waiting period, a company cannot:

• Ask you to pay the debt.
• Cannot report the debt to credit reporting firms
• Discontinue your card.

Lastly, times are difficult. You need to try and limit your credit card purchases to bare minimum. If your business or company is closed, find other sources of income. Don’t give up, good times will be here soon.

Minimize risk of debt collection with these tips

All leading debt collection agencies like Cedar Financial agree that when it comes to debt or credit management, small businesses have weak policies. It is because of the weak methods that they have to deal with tons of debtors and outstanding amounts. No matter how successful you are, or how great your business is running. If you have multiple customers who pay you late or don’t pay at all, you will run into problems. As eventually, you will face a cash crunch which can lead to bankruptcy, closing of the business, or debt.

How to make sure this doesn’t happen? Well, you can have a good credit management policy. A collection firm can help you with creating one. Also, the tops we are discussing below can help you.

1.      A credit check is a must

Before you sign on someone as a client or agree to give products on credit, run their financial history. A credit check will provide you with important details about them. If they have financial discrepancies or have not paid to previous clients too, there will be records or signs. You can also talk to previous clients of the customer or the bank for more information.

2.      Set clear expectations

If you are communicating the wrong message, you will have to face delinquents. Make payment terms clear to your clients or prospects in the starting only. If you don’t, and they pay late, it will partially be your fault. Also, ensure that the clients know that there will be consequences if they don’t pay on time, and make sure these are not empty threats.

3.      Keep regular reviews

You must do monthly reviews and checkups. Reminding the client about payment dates and making sure that they get the bill on time is important if you don’t wish to face collection issues. Make sure that if a client is late in payment even by a day, you should send them a notice. Also, mention that the collection process will start if they don’t pay or reply.

4.      Written policies are the best

It is best to have written policies for payment terms in your contact. This way, there will be no confusion and disagreement. Both parties should agree to the terms and sign the document. Also, both should have a copy. When you have an agreement, it is easier to collect and act in case of non-payment.

5.      Send a demand letter

As a small-scale business, your wish to safeguard relationships with your customer is something we understand. But you also have to think about your business and the people who work for you. Thus, when the clients are not paying even after 90 or 180 days, you must act. You can start by calling them and reminding them about the payment. If that doesn’t work, you need to start sending them a demand letter.

6.      Seek a professional

If your demand letters are falling on deaf ears, it's time to go seek help from a professional. It is best to hire a local debt collection agency so that you can meet them in person. They know the rules and regulations and will help you recover the debt on time.

Never delay action when it comes to debt. Otherwise, it will become too hard to collect even a nominal amount.

5 Debt consolidation tips

Debt consolidation is a strategy in which you can combine all the high-interest bills like the credit cards and debts into a single payment at the reasonable or can say lower interest rate. If you plan your debt consolidation property and strategically it will reduce your monthly payments to an affordable rate and eliminate the debt in 3-5 years.

Benefits of Infographic

                                                                          Image Source

Infographics look eye-catchy. Using infographics can help you with various things. People understand infographics easily. Sharing and understanding an infographic is a lot easier than understanding a long content. There are many more benefits of using infographics. There are many benefits of the infographic mentioned above.

4 Reasons Why You Should Improve Your Office Coffee Today

Nowadays, we see that almost every office has coffee machines. According to the studies, a cup of coffee is most important to start a day for the employees, without a cup of coffee they feel that their day has not started. It is important to have a coffee machine in the office but not only the coffee machine is sufficient, but that machine should serve good coffee as well. There are several reasons why your office coffee should be improved today:

Delicious Summer Coffee Drinks You Have to Try

There are a variety of cold coffee drinks you must try in the summers. These are very delicious and can make your day. In the summers, you always are in search of cold drinks. The cold coffee variety can help you to feel relaxed during the hot summer season.

Here is the list of some summer coffee drinks, you can find the one according to your want:

Bubbled ice coffee

This is the most fun coffee drink. For this, you would need boba pearls and iced coffee. Boba pearls can be easily found online and according to the directions make the boba and pour the iced coffee on top. You would only require 10 minutes to prepare this and is also very simple. If you want to make your coffee drink sweetened, add syrup by dissolving sugar in an equal part of the water.

Chocolate coffee smoothie

A healthy way to start your day is by including this chocolate coffee smoothie drink in your morning schedule. You can make this in the following way:

• Take 2 tsp of homemade chocolate syrup
• Take 1 tsp of hemp seeds
• Take 8 ounces of almond milk
• Take 2 tsp of homemade cold brew concentrate
• Ice it round to 12 ounces

You can make chocolate syrup at your home in a very easy way and would never buy it from the market. For this, Take a small saucepan, stir ⅔ cup of water, ⅓ cup of cocoa powder, ½ cup sugar over medium heat. Stir 1 tsp of vanilla extract and keep it in the fridge.

Iced Dirty Chai

The iced dirty chai is cold and creamy and spicy and sweet. You would surely love this drink. To prepare the iced dirty chai, do the following:

• Take 2tsp of ground coffee
• Mix it with 9 ounces of hot water
• Stir it and then stir again after 30 seconds
• After 1 ½ minute pour the mixture into a pour-over cone over a vessel.
• In this way base of iced coffee is prepared.
• Add 10 grams of chai spice in it.
• Pour your coffee over 2-3 tsp of sugar and stir to dissolve before adding ice.
• Top with plant-based milk you are good to go.

Cold-brewed coffee

This coffee is brewed without hot water, i.e. with cold water. You can buy the cold brew in many different forms or you can also make the one at your home. By following the instructions below you can prepare it:

• Take the ratio of ⅓ coarse ground coffee: ⅔ cup cold filtered water in the mason jar.
• Shake it properly and let it sit for a few minutes.
• Again shake it well and store it in the fridge for 12-18 hours.
• Before straining it, first, pour it through a fine-mesh strainer, then run it through a coffee filter.
• Now your cold brew concentrate is ready.
• Use 2 tsp per 12 ounces. You can mix it with cold water, milk, or hot water.

These were the few options to try out in the hot summer if you want to try a different flavor of the coffee. You can even buy flavored coffee pods and give your traditional coffee a different flavor.

Try these and I am sure you would love these.

How To Avoid the Worst Road Trips

Everyone wants an enjoyable road trip for their vacations. To take a break from your daily routine and for relaxation, go for a vacation without stressing about the traveling aspect. Many people are afraid of road trip disasters and because of this, they do not go for a vacation. Here are some tips and tricks that can help in avoiding road trip disasters. Take a pen and paper and make notes for these tips:

Be prepared for every situation

Before you plan a road trip, be prepared. Over-preparation of things is always better than the under-preparation. Always do planning and preparation for every possible situation. Preparation is a key that can save you from every tough situation.

Check the weather forecast

Before going on a road trip, check the weather forecast. Also, check the road conditions before your departure for the vacation. You should be prepared for different weather conditions. There are certain weather conditions for which you need preparation:

Sunny weather: If the weather is sunny don’t forget to take your pair of shades. Keep some eatables with you in rainy weather.
Rainy weather: In the rainy season, make sure that the windshield wipers are working properly and keep an umbrella and raincoat with you as in case you need to move out of the vehicle while it’s raining.
Snowy weather: If the weather is snowy, be sure to get snow tires and chains.

Carry an emergency kit while traveling

Keeping an emergency kit is the best way to handle any kind of emergency circumstances. You can make your emergency kit or purchase it from amazon or any shop outside. The emergency things like first aid kit, flashlights, blankets, water bottles, toolkits, cell chargers, non-perishable snacks, etc. you will need if you prepare your kit.

Make a list of things you need while doing the packing

If you don’t want to forget anything at home and enjoy the trip, make a list of items that you would consider to keep while traveling. The list of things varies upon the place you visit, the people who are going on the trip with you, and the period for your trip. While making a list, these are the items that one should keep in mind:

• Toothbrush and toothpaste
• Hairbrush
• Clothes and shoes
• Snacks
• Charger and cell phones
• Medicines
• Wallet or other identification cards
• Etc.

Get your car serviced

Before you go on a road trip, make sure your car is up-to-date. If you are experiencing any problem with your car, book an appointment with the certified technicians at Autobrix: www.autobrix.com. When you book an appointment with Autobrix, you can become stress-free as one of the technicians will come at your doorstep and handle the problem on their own while you are busy with your travel packing and preparation.

Some of these few points can help you while preparing for a road trip. Your vacation and trip both can become enjoyable if you do the proper planning and research on time. Vacations are people’s favorite time so don’t waste these golden days and try to avoid every possible mishappening.