collecting note payments - Posted by J

Posted by Jon Richards on December 15, 2000 at 22:47:57:

We collect on 75 notes each month, using John Moren’s NoteSmith program, which is terrific. But if you are not around to deposit the check and your spouse, family or a friend are not trustworthy, here are a few ideas:

  1. Get a credit card number and deduct from their CC. The cost is about 3% per month.
  2. Give them a bonus to send you post dated checks for one year. Perhaps a dollar off each month.
  3. Can’t you have them deposit the checks directly by sending them deposit slips and prepaid postage?
  4. You can get permission to deduct the amount from their checking account each month. Just ask for a cancelled check and permission to deduct.
  5. Get hooked up with Wells-Fargo or a related bank that allows your payor to do a direct deposit.

The technology is so advanced now, I can imagine it to be a large problem. I would be interested in hearing other ideas.

Jon Richards, NoteWorthy Newsletter

collecting note payments - Posted by J

Posted by J on December 15, 2000 at 09:40:21:

I am collecting payments on a couple of mortgages. This becomes a problem when I travel because the check might be deposited two or three weeks after the payor sends it. Debt service agents are too expensive – $10 per month for collecting a $135 payment. Any ideas to solve this problem?