According to findings of the Commercial Collection Agency Association, commercial business-to-business accounts that are going into collection have apparently declined during the 2nd quarter of 2013. However, the average size of the accounts seems to have risen significantly.
Contract Disputes Archives
There are many ways to go about collecting a debt, some more effective than others. Here in California, garnishing wages, repossessing property, and conducting audits are all proven solutions, but some scenarios require a unique approach. One out-of-state government agency is employing a new tactic that has uniformly upset its debtors -- but they certainly are taking notice.
At the beginning of this month, the California General Assembly passed what is called the Fair Debt Buying Practices Act. The new bill has a number of requirements that so-called debt buyers must meet before these businesses can begin contacting borrowers. If enacted into law, the bill would require specific disclosure language that would need to be used when collecting debts, and it would require proof that they are the sole owner of the debt by showing account balances from the time when the debt was purchased.
Chevron and the federal government have been involved in an ongoing disagreement over oil deposits in California. The oil deposits at the center of the contract dispute are said to be worth approximately $37 billion.