The commercial collection services of Alexander, Miller & Associates for the trading supplier sector include clients from manufacturing, processing and service sectors. They supply electrical, electronic, residential, industrial and other consumables and products. The debtors are the retail traders with established shopping centers and malls. The wholesalers often face legal issues while collecting the outstanding balances from the retailers. There could be many reasons for the complex situations in which they find themselves during the course of transactions. Some of them could be listed here.
- Accounting procedures: – The accounting procedures and methods adopted by many of the wholesalers are outdated. They are unable to get real time information about outstanding receivables, invoice values, aging reports and other financial statements on time. So, they simply let go of the balances until the day when their own finances reach the rock bottom condition.
- Kneejerk Reaction: – Then the accounts department starts reconciling all the debtor books of accounts. To their surprise (or shock) they find thousands (sometime even millions) of dollars pending from their debtors. Then they start sending reminders to the debtors and hope to get the payments soon. But unfortunately most of the debtors will not be in a position or mood to repay the outstanding balances. Out of desperation the wholesalers start sending “warning” letters to the debtors which lands them all sorts of legal problems. Besides being unable to collect the balances they end up paying hefty fines and even face probability jail for violating the FDCPA.
Alexander, Miller & Associates – Perfect Debt Solutions
On the other hand, the creditors who approach Alexander, Miller & Associates are able to reach amicable settlements with their debtors. The experts from the collection agency have the expertise and the experience of striking balanced settlements in which both the parties are benefited.
- Creditor Benefits: – The creditors get their entire outstanding balance with interest and overheads. In some of the rare cases they may have to let go of part of the interest and overheads. But this is far better than having to sacrifice the entire outstanding balance. Moreover they are able to continue their business with the debtor company on better terms and conditions.
- Debtor Benefits: – Though the debtors are protected by the FDCPA, IVA and other laws, they might face legal action if their strict liability is proved in the court of law. Then they have to repay the debts according to the conditions imposed by the creditors. In some cases of asset payment they might lose their immoveable and moveable property in the litigation. Moreover it is not easy for the debtor company to declare bankruptcy just for the purpose of avoiding debt repayment. They stand to lose their credibility, future business and other social and financial status and benefits. Alexander, Miller & Associates gives them an option to amicably settle the outstanding balances and continue doing business. Moreover they are spared of the long and troublesome procedures involved in litigations. Alexander, Miller & Associates are there just in time.