Velasco Law Office
Attorneys at Law

Collections


COLLECTIONS CHECKLIST

1 Credit procedures
A. Credit applications
B. Credit reports
C. Credit approval

2 Credit Terms
A. Interest
B. Attorney fees
C. Remedies for default

3 Contract forms
A. Sales confirmation
B. Sales agreements
C. Service agreements
D. Master agreements

4 Installment sales
A. Payment schedule
B. Retention of title
C. Chattel mortgage
D. Insurance

5 Collection procedures
A. Billing
B. Monthly statements
C. Follow-up letters
D. Follow-up phone calls
E. Referral to collection lawyer

6 Accounting and recordkeeping
A. Review of receivables
B. Adjustment of reserves for bad debts
C. Review of disputed accounts
D. Review of litigated accounts

7 Special problems
A. Full payment checks
B. Reclaiming goods from insolvent customers
C. Filing proof of claim for bankrupt customers


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