Getting Paid! Determining the Debtor's Financial Status
24 Jul 2010 | Category: uncategorized | Author: admin
What are the debtor's assets?
How can I determine what the debtor owns? First, you must determine what are the assets of the debtor. This basically means- If the debtor does not have cash, what do they own and could be sold to make up the amount that the debtor owes on their debt?
Below is a check list for conducting an asset search.
Historical Financial Standing
__ Up & Down __ Steady __ Tragedy
Current Financial Standing
__ Job Status __ IFM Job Status __ Windfalls __ Home Status
Future Financial Standing
Tax Refund Job Bonus Commission Check Settlement
Big Sale Family Health Moving Birth Death
What assets are available to the debtor?
Motor Vehicles
Boats / Watercraft Planes
Deeds of Trusts
Tax Liens
Judgments
401ks
Lawsuits
UCC Filings
Partnerships
Inventory
Owned Equipment
Royalties
Contracts
Accounts Receivable
Till Tap
Bank Accounts
Wages
Other Income
Stocks
Bonds
Wearing Apparel
Animals
Books
Household Goods
Musical Instruments
Crops
Appliances
Tools
Promissory Notes
Patents
Getting the Financial Answers
o Payment schedule
o Who makes the payments?
o Why?
Getting Good Money
Money sources
Cash
Money Order
Credit Card
Debit Card
Western Union
Money Gram
Allotment
Direct Deposit (ACH)
Deferment / Extension
Due Date Change
Check By Phone
Getting the Payment NOW
What is your contact schedule with the debtor?
o When do they have the time in their day to talk to you?
o Remove the distractions
o Schedule the next contact time
What is keeping the debtor from making the payment, RIGHT NOW?
o Make time in your schedule
o Remove excuses
o Ask!
Future Payments
See beyond the end of the month Setup 2 payments at time Leave messages with EXACT contact information.
Please keep in mind that different states have different laws. Please check with your legal concel for direction.
As Always. Happy Hunting.
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