get it in writing

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get it in writing

Words fly, writing remains – be smart and get the arrangement in writing

If you don’t really believe that one of your slow paying debtors will keep to the payment arrangement you both agree to, get that arrangement in writing. Once you do, if he defaults on that arrangement and refuses to pay any more, you can sue that slow paying debtor and cannot fail to win your case.

 

AS LONG AS  you have that arrangement in writing.

That’s because you can sue him on the new contract. The payment arrangement. By signing that arrangement, the debtor is signing a new ‘contract’ with you, so, you sue him on the broken arrangement. He can’t argue about fees raised for your charges, because you’re not suing him about them, you’re suing him about the broken payment arrangement!

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Just three weeks ago, this happened …

The Debtor – Mr Jones
The Creditor – An Accountant, Matt
The Debt – $20,000 remaining

Creditor: “But you agreed to pay $5,000 a month Mr Jones.
Mr Jones: “Look, I’m just not happy with the work that Matt did. He charged far too much for what was done. I want a full breakdown of his charges before I’ll pay anymore.”

Long story short – we sued
(on the broken written arrangement)
We won.

 

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Q: What if the debtor refuses to sign a written agreement?
A: What does that tell you about his genuine intent (or lack thereof) to pay?

 

This is another post on this topic.

By | 2017-09-20T10:43:56+00:00 April 13th, 2011|techniques|0 Comments

About the Author:

Have you ever wondered why a client does business with you and then ignores your invoice like they had no intention of paying it in the first place or they treat you like their own personal line of credit, leaving YOU dangling, waiting months for their payment? Unfortunately this situation is all too common and can even be puzzling for the most experienced business owner. If you’ve ever had to handle outstanding accounts or you are just so over non-payers, then we can help. Real-world skills, solutions, tips & strategies to get more accounts paid on time, and, most importantly, how to maintain customer goodwill while keeping YOUR cash flow in the positive. You will find the blog posts helpful but to get real results, contact us by using any of the forms on this site, by email or by phone. I’ve been involved in the management of accounts for over 30 years, heard every excuse in the book, can spot a non-payer at 20 paces. Finance Companies in the 70s (systematic, tough), professional firms in the 80s (no systems, too gentle) and, since then, just about every other sort of business you can think of. I’ve written books on the topic, spoken all over the place about it and the blog in this website is my way of “giving back”. I hope you find it helpful.

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