Monthly Archives: July 2009

Forgive us our Debts?

The editor of Forbes, William Baldwin wrote in the August 3, 2009 issue of Forbes Sidelines, about how our world promotes indebtedness as a matter of public policy.  Just about 3,797 years! Lets take a look at this, debtors get … Continue reading

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Posted in Credit Crisis, Debt Collection in the News, Economic Crisis, Recession | Leave a comment

Ed Fay: Cleanup Man

I recently read an article in Forbes (July 13, 2009) called “Cleanup Man” where Maurna Desmond writes about Ed Fay and how he is in the “grim business” of collecting on bad mortgages, and is succeeding with a softer approach. … Continue reading

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Posted in Being a Great Collector, Credit Crisis, Debt Collection in the News, Economic Crisis, Honesty & Integrity, Recession | Leave a comment

If Only GM Could Sell a Few Cars

GM has had its debt wiped out, but will the firm get smaller?  GM has gotten rid of it’s debt, extra dealers, cut labor costs, dumped medical benefits for retiree’s and the toxic assets have disappeared.  Oddly, they kept the … Continue reading

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Posted in Auto Collections, Business Credit, Credit Crisis, Debt Collection in the News, Economic Crisis, Heard on the Street..., Recession | Leave a comment

Getting Paid

Dear Michelle, I have started a home cleaning business about 3 months ago and have a client who has not paid me with money owing of $240.00. Over the last six weeks I have contacted him by phone and also … Continue reading

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Posted in Ask Michelle, Excuses, FAQ's, Getting Paid - Michelle Dunn - Business Finance Columni | Leave a comment

Where is the Debt Collection Industry Headed?

Right now the industry is headed for some big changes in the laws.  When I recently asked some of my association members, what debt collection laws and regulations are on your minds right now as you try to collect and … Continue reading

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Posted in Compliance, Economic Crisis, Education, Fair Debt Collection Practices Act, Legislation, Red Flag Rules, Starting a Collection Agency, The Life of a Bill Collector, Training | Leave a comment

What is a "Typical Debtor"?

A typical debtor is someone who has lived above their means and doesn’t make enough money to pay all the bills they currently have.  Most of the time a debtor delays payment to a creditor hoping they won’t bother them … Continue reading

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Posted in Ask Michelle, Credit Crisis, Economic Crisis, FAQ's, Recession | Leave a comment

What is your most creative skip-tracing method?

If someone is divorced if you call their ex-spouse they are most often very happy to provide you with the debtors (their ex) phone number, and work number.  Online databases used for skip tracing are okay, but need to be … Continue reading

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Posted in FAQ's, Skip Tracing | Leave a comment

A Day in the Life of a Bill Collector

I recently did an experiment with some agency owners and collectors called “A Day in the Life of a Bill Collector”  and this is just a taste of what some bill collectors may do in a typical day: a.  Review … Continue reading

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Posted in The Life of a Bill Collector, Working at a Collection Agency | Leave a comment

Bill Collector Traits

Everyone who is trying to collect money, even if the amount was agreed upon at the time of the sale, seems to be required to negotiate.  Most bill collectors, especially new ones, are not as effective at negotiating as they … Continue reading

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Posted in Being a Great Collector, Economic Crisis, The Life of a Bill Collector | Leave a comment

Collecting from a bankrupt co-debtor

To answer the question on whether you can continue collections against a co-debtor when the other co-debtor is in bankruptcy and/or against guarantors when businesses are in bankruptcy and/or against businesses when personal guarantors are in bankruptcy.  Here is an … Continue reading

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Posted in Bankruptcy, FAQ's | Leave a comment