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| Collections: What’s Your Legal IQ? |
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 Test Your IQ about collections. The answers are posted at the bottom.
True or False #1
An account must be at least 90 days past due before sending to it collections.
True or False #2
I have to have big balances and a lot of accounts to use on outside collection service.
True or False #3
I must inform debtors before turning their account over to a collection agency.
True or False #4
I cannot speak to a debtor’s spouse regarding the debt.
True or False #5
As long as a debtor pays $1 per month, I cannot turn their account over to collections.
True or False #6
If a check is marked “Payment In Full” I can simply scratch it out.
True or False #7
Even if I never use a collection agency, I can threaten turning the debtor over anyway.
True or False #8
I cannot put an insurance company into collections.
True or False #9
I cannot place a business customer into collections.
True or False #10
An outside collection agency will cause me to lose customers or patients.
True of False #11
I'm going to lose a large percentage of what's collected if I use a outside collections company.
True or False #12
It will cost me more to use an outside collection agency to collect than it will cost me to work the account myself.
True or False #13
I can pay someone a salary to work my delinquent account internally for less money than it would cost to use an outside agency.
1. False 2. False 3. False 4. False 5. False 6. False
7. False 8. False 9. False 10. False 11. False 12. False
13. False
If you were surprised at the answers to these questions, talk to me. I can help with any issues you may have with your receivables.
You will be amazed how our company has changed the way businesses can recover debt and handle accounts very diplomatically and very inexpensively.
VIEW MY PROFILE
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