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One of the best things that agents and attorneys can do for their new and existing clients is to make sure that, on business to business transactions, their credit applications, invoices, contracts and other documents contain a clause providing that interest will be charged at a certain rate on all past due accounts. Failure to do so can result in a missed opportunity.

In the process of placing past due accounts for collection, clients will often ask if they are able to include interest on the claim amount. In almost all cases, the interest to be charged above and beyond the past due amount applies only when the parties have agreed in advance. In addition, it must generally be by written agreement, and many states require that it be signed by the customer.

This is just one small but very important aspect of sound credit risk management in which agents and attorneys can support their clients. Not only will they wear a much broader hat in front of their clients, but should claims be placed in which interest can be included, the potential to collect more will be a win-win-win situation for the agent, attorney and the client respectively.

Please see our Summary of Maximum Permissible Rates under State Usury Laws for a general range of allowable interest under certain categories.

Thomas W. Hamilton

 Industry News

CFPB Ombudsman's Office
Thomas W. Hamilton
I had occasion to attend a luncheon sponsored by the Northern Ohio Credit Association (NOCA) recently. Invited guest speakers were Wendy Kamenshine and Sharon Asar of the Consumer Finance Protection Bureau Ombudsman’s Office. This office is relatively unknown but provides a valuable service, not only to the consumer but also to those businesses servicing the consumer finance industry. The CFPB Ombudsman’s Office is an independent, impartial and confidential resource which helps to process issues arising from CFPB activities.
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A layman's guide to the creditors committee in Chapter 11 cases
For those of us who are not attorneys, lets take a moment to share a layman’s overview of the role an unsecured creditors' committee and its purpose as it relates to the reorganization of cases under a Chapter 11 of the U.S. Bankruptcy Code.
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How to write a solid plan for building a sustainable book of business
Attorney At Law Magazine
One of the easiest ways to fail in business development is to fail to plan. Currently, 95 percent of attorneys don’t have a written plan for how they are going to grow their book of business this year.
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6 strategies for enhancing your company's valuation multiple
Coface/By Bruce A. Fox, Attorney Neal, Gerber & Eisenberg LLP
Ask a typical owner of a closely-held business what he or she is doing to enhance the value of the business in anticipation of an eventual sale, and you’re likely to hear some well-reasoned thoughts on ways to boost the company’s revenues and control its expenses.
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10 tips for a successful mediation
Corporate Counsel
If your company is headed to a mediation, you're in good company. But successful mediations do not simply happen. In this article are 10 tips you can use to increase the likelihood that your mediation is a success.
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Where to get more bang for your bribery buck
Inside Counsel
We all want to get our money’s worth, don’t we? Even the corrupt want to know that their cash is well spent. If you are going to bother to bribe someone, then chances are you want something in return, right? Well, for those who are inclined to bribery, there is now some direction on where to spend your money.
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 Thought of the Day

Why do people say "no offense" right before they’re about to offend you?

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