AboutMichelle Dunn Expertise As one of the Top 5 Women in Collections, one of the Top 50 Collection Professionals of 2007, and winner of the 2007 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 21 years, started and ran my own collection agency for 8 years, and maintain my 11 year old American 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 2007 New York Book Festival Award.
I am a repeat contributor to the Wall Street Journal, and have been featured on NPR 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 12 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 21 years experience in debt collection, I started and ran my own collection agency for 8 years and I am the Executive Director of my American Credit & Collections Association that I founded in 1998. www.credit-and-collections.com
Organizations The American Credit & Collections Association LLC, I was also a member of the American Collectors Association and Plymouth Chamber of Commerce for 9 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 12 books in my collecting money series and one for Entrepreneur Press called the Ultimate Credit and Collections Handbook.
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 in 2007 as well as having been selected as one of Collection Advisor's Top 50 Collection Professionals for 2007.
Question QUESTION: I have a client who does not pay on time. He will go on extended vacations and not send payment. I operate a small elder care home and can not actually w/hold services. It takes our time to rearrange for employees to be paid via tranfers and to remind of bill due and when delinquent. can we penalize this person for late payment and how much legally.
ANSWER: To legally charge interest or any late fees you must let the customer know about those charges or fees before you can legally start charging them. I would suggest sending this customer a letter with a breakdown of the total owed and how much is past due. Let the customer know that effective on a specific date, there will be fees or interest or late charges on any past due amounts. Once you have notified the customer this will be taking effect, you can start charging them on that date if they are past due.
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QUESTION: How much interest can be charged and what amount for late fee? Thank you!
Answer Debbie,
It is different in each state, check with your local bank or state offices to see what the maximum amount is you can legally charge based on where you are located OR where your debtor is located.
You can also check out www.lawdog.com which might also have some information on the amounts you can charge.
