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Question
First of all, I am a Petroleum Landman, considered a 1099 Contractor, and have a contract with a Land Broker who was completing work for a small Oil Company. I have about 14k worth of my services which are now about 5 months past due. I do know that the oil company in question was having cash problems, but my broker did finally reach settlement with the Oil company and agreed on a 10 month payout plan with them (His payments began in January). All other contractors who worked for my broker have settled with the broker and agreed to 10 month payouts from him as well (and have since recieved 2 payments). I have agreed to the 10 month payout as well, but have not received a dime. My calls to the broker and his attorney are now going unanswered while the other contractors are receiving their checks.
What is the best way to collect on the debt? I know that I can easily win a judgment in small claims court, but fear that a judgment on my broker's LLC will mean nothing to him, and my debt will surely go unpaid. Since the broker is collecting on my debt from the Oil company and withholding the money from me, all the while he is paying other contractors who are in my EXACT situation - is he defrauding a creditor here? Can criminal charges like that be considered here?
Thank you for your time...
Kevin,
When you say you agreed to a 10 month payout, did they also agree? Was it in writing with any signatures? If yes and you are not getting any response you should immediately sue, I would not wait. Was the agreement or payment contract singed by you or the broker? Your attorney can certainly help you with this and file the appropriate paperwork with the court.
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Answers by Expert:
Michelle Dunn
Expertise
As one of the Top 5 Women in Collections, one of the Top 50 Collection Professionals, and winner of the Business Excellence award, I can answer any questions about debt, debt collection, improving business credit, creating a credit policy, enforcing a credit policy and collecting on past due accounts. I can also answer questions in regards to starting a debt collection agency since I have been a bill collector for over 24 years, started and ran my own collection agency for 8 years, and maintain my 12 year old Credit & Collections Association for members of the credit & debt collection industry. I am also the author of the popular and award winning book "Starting a Collection Agency, how to make money collecting money" now on it's 3rd edition. This book has won a the Writers Digest self published award as well as the New York Book Festival Award. I am a repeat contributor to the Wall Street Journal, and have been featured on NPR, CNN, as well as many other national radio and television programs. I have also been featured in national publications such as the Wall Street Journal, Forbes, Smart Money, MSNBC and much more. I have 17 published books to my name and am an accomplished speaker and consultant. I currently write 9 columns for newspapers, magazines and online portals worldwide.
Experience
I have over 24 years experience in debt collection, I started and ran my own collection agency for 8 years and I am the founder & owner of my Credit & Collections Association that I founded in 1998. www.credit-and-collections.com
Organizations
My Credit & Collections Association, I was also a member of the American Collectors Association and Plymouth Chamber of Commerce for 11 years. I am a member of many writing groups as well as my local Women Inspiring Women chapter. I am a member of Know More Media as an expert for their blog on business credit.
Publications
Business NH Magazine, Smart Money Magazine, MSNBC, CNN, Forbes.com, The Wall Street Journal, Home Business Magazine, Entrepreneur Magazine and website, many books, newspapers and television programs as well.
Education/Credentials
I have written 17 books in my collecting money series and one for Entrepreneur Press called the Ultimate Credit and Collections Handbook. My newest book is being published by John Wiley & Sons in May titled, The Guide to Getting Paid, how to weed out bad paying customers, collect on past due balances and avoid bad debt. This book is also being sold to many colleges as a text book.
Awards and Honors
My book Starting a Collection Agency, how to make money collecting money won an award from Writers Digest and the 2007 New York Book Festival in the "How to" category. I have won 2 awards from Dun & Bradstreet and Governor Jean Shaheen. I was nominated as one of the Top 5 Women in Collections twice as well as having been selected as one of Collection Advisor's Top 50 Collection Professionals by my peers.
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