Michigan Collection Company Gives Tips for Enforcing Payment Plans

BIRMINGHAM, Mich. - EntSun -- Have you set up a payment plan with a debtor?

How can you make sure they don't fall behind?

When your debtor is short of cash and can't pay off the entire debt at once, setting up a payment plan makes a lot of sense. But after you have the payment plan in hand, how do you keep the payments coming in?

Here's an overview of how to make sure your debtor stays on track with a payment plan.

Reminding your debtor to honor the deal.

After you set up a plan where the debtor is to pay off the account in installments, you should closely monitor the account, watching for any sign that the debtor is falling behind again. After the payment plan is implemented, remind the debtor that you expect all installments to be paid on time.

Here's how you can remind your debtor effectively:

• Send statements to the debtor in advance of each payment due date. Restate the due date, amount due, and remaining balance.
• Place reminder phone calls/emails. Remind the debtor that you expect all installments to be paid on time.

But what do you do if the debtor misses a payment? Once again, the account is delinquent, and you certainly don't want to go back to square one. As long as you actually intend to file a lawsuit if the debt isn't paid, this is the time to threaten litigation.

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Learn more on the Mullers' website: https://www.mullerfirm.com/learnmore/michigan-c...

Need a collection company that operates in Michigan?

You're in the right place!

Your money is our #1 priority. If your or your debtor live in Michigan, our collection company can help! Take the pressure and frustration off your plate by contacting the Mullers at (248) 645-2440 or by submitting a contact form: https://www.mullerfirm.com/contact

About Muller Firm: Located in Birmingham, Michigan, Muller Firm P.C. is a family practice handling debt collection in Michigan for in-state, out of state, and international judgments against debtors. Their debt collection experts fight for creditor's rights no matter how big or small the amount of debt. Call today for help with your collections! www.mullerfirm.com