Tag Archives: financial
Top Secrets for Commercial Debt Collection, Revealed
Are you a start-up and facing the problem of commercial debt? Have you given-up after repeated attempts to collect debt from a customer? If your answers to the above questions are yes, let me welcome you to the large family of small and big businesses that also suffer from the similar problem of commercial debt. But sometimes even the most hopeless of commercial debts can be collected. All you need is the right strategy and correct moves. Several collection agencies have been doing this successfully for many years. Given below are some top secrets of commercial debt collection revealed by Ranger Financial Services Richardson, TX:
You are more likely to catch the attention of the debtors, if you write to them in addition to giving them a call. If you call them for debt collection, there are high chances that your calls will not be answered and in rare cases when your call will be attended, they may have a bad attitude. Sending collection letters is comfortable for you and it will provoke debtors to think of debt payment instead of thinking of an excuse to give over phone
Ranger Financial Services Richardson, TX believes in the famous saying, tomorrow never comes. Therefore, ask your debtor to commit a specific date for payment. They may answer that the payment is in process and will be done any time now. Never trust them. Having a specific payment date will set deadline for clients and will make them answerable in case the payment is not done on that date.
Understand that your debtor is avoiding the payment because he may be in real financial trouble. Therefore, it is important to be cooperative with your debtor. Since you both share the common goal of payment of the commercial debt, communicate nicely with each other. Work together to make a repayment plan such as repayment in installments that will serve the purpose of loan repayment without too much of hassle.
Lastly, leave the hassle on the experts i.e. collection agencies. There are many small collection agencies that will help you collect a commercial debt for less than $30. This a very small price to pay if you have a big amount in stake. Ranger Financial Services Richardson, TX recommends hiring a good debt collection agency to collect your debt if you have failed to do so after repeated attempts. This way, you will not have to waste your time and still you can get repayment for your commercial debt.
Bank of America Loan Modification – More Flexible Than You May Think
Getting a Bank of America loan modification is a bit of a hassle and can take quite some time. But as the largest financial institution in the United States and one of the biggest lenders for prime and sub-prime mortgages, they do offer a wide variety of modification packages. However; it’s difficult to receive any sort of loan modification assistance from Bank of America.
The first thing anyone who is going to request a Bank of America loan modification should do is to speak to their loss mitigation department to:
– Let them know you are going to opt for loan modification.
– Get the modification requirements
When speaking to the Bank of America representative over the phone, they may present you with multiple options and programs for loan modification. There are a variety of options available for almost any financial situation and budget, though you may not qualify for every option.
As with getting loan modification with any lender, a borrower must be going through times of financial hardship in order to receive a modification on their mortgage. While being in financial hardship may seem like enough to the borrower, Bank of America needs to be sure that after the modification the borrower will be able to afford the monthly mortgage payments after they receive their lower interest rate. Because of this, the application sent in must portray that the borrower has a plan ready to budget their monthly income and accommodate the new payments.
Failure to prove they will have their finances under control almost always ends in disqualification.
When filling out the Bank of America loan modification application, homeowners should be absolutely sure not to make any mistakes, as they can also end in disqualification. Writing a professional hardship letter to send in along with the application is a must as well, and sending in any documents requested when speaking to the loss mitigations department will speed up the process and increase approval chances.
Bank of America offers programs that can drastically affect a mortgage. There are the normal lower interest rate modifications, but there are programs that reduce the principal and others that can change adjustable sub-prime rates to regular, more moderate rates. The options are not endless, but the ones that are available can assist any of their borrowers who need it.
A Bank of America loan modification is fantastic for those who can’t afford their mortgage due to interest rates, but the loan modifications don’t help with homes whose value has drastically fallen. Speaking to the loss mitigations department can also yield solutions for those homeowners as well.