If you loaned someone money and you are having trouble getting it back, you will need to call a creditor attorney. However, there are some good faith efforts you can make to ensure that you definitely need a professional. In this blog, we will outline some strategies to try before calling our Jonesboro office.
Decide when you will start to take action
As soon as you start pursuing your money, the relationship you have with the debtor will change. Ask yourself what is reasonable. You do not want to attack a good customer who is a little late with a payment. However, you have the right to collect, so decide what you want to do. Wait 30 days? 60 days? Know that every situation is unique and can be handled as such.
Give the debtor a gentle reminder
This gentle reminder can come in the mail or over the phone. Say you are simply calling to make sure s/he knows the debt is outstanding. This will give him/her a chance to save face by blaming forgetfulness or ignorance. A majority of debtors will pay up at this point.
Demand payment if the reminder does not work
If the gentle reminder does not work, you no longer have to pretend you think the debtor is confused. Do not be hostile, but make it clear that you are owed immediate payment or a commitment to when payment will occur. This strategy is effective for almost all debtors except those that truly do not have the money or really do not want to pay.
Take legal action
This is when a creditor attorney like the attorneys at the OMG Law Firm will be your skilled allies. If the debtor simply does not want to pay, we will guide you through the legal processes to reach a judgement. If the debtor is overextended and owes money to many people, we can ensure that a strategy is in place to get you your money back.
Contact the OMG Law Firm today. Our Arkansas creditor attorneys are ready to defend your rights.