Miami, Fl Debt Collection | The Time To Act Is Now
Tuesday, July 17th, 2018 | The Cash Flow Group | Comments Off on Miami, Fl Debt Collection | The Time To Act Is Now
Island time in Miami, Florida?
Here in sunny Miami, Florida many individuals run on island time…or peninsula time technically. Issues can be put off to tomorrow for months on end. Treating your debt collection issues that way can be fatal for recovery. The age of an account can have a great affect on it’s collectability. In most circumstances, the older an account is the more difficult it is to collect.
As time goes on it can become more difficult to locate a debtor. Even a business may relocate from Ft. Lauderdale to Miami, Florida and change names. People move to new homes, new towns, new states. They change phone numbers and jobs. They may do this several times over the course of a few years. Each change can make locating a debtor more difficult. If you can’t find them, you can’t get payment from them.
Statute of Limitations on Debt in Miami, Florida Collections
The collectability of an account goes down as the account nears the statute of limitations. The statute of limitations on an account is the number of years you have to pursue an account from the last date of charge or payment (whichever is most recent). For example, the statute of limitations in the State of Florida is 5 years for a written contract. You would have 5 years from the last date of payment or the last charge to take that account to court. Each state decides the statutes of limitations for different types of accounts – open accounts, judgments, oral contracts,etc.
The faster you can move forward on an outstanding account, the more likely you are to receive the payment due to you. This is truly a situation where time is money and the more time you let pass the greater the chance you’re letting your money slip away. Be proactive about the money owed to you; Cash Flow Miami is the solution.