FAQ
A: Print or Save the
Account Placement Form. Send the completed form via facsimile or electronically to our office. We will conduct a conflicts and claim review and will issue an acknowledgement of acceptance of your accounts within 24 hours of receipt (usually same day). Please feel free to call or use the
electronic information request.
A: No. If the debt is incurred as a sale of goods and services between business entities, and is not a sale of household goods or services to an individual consumer, it is a commercial debt notwithstanding if the account debtor is a corporation, partnership or sole proprietorship. These types of debt/claims are commonly referred to as business to business or "commercial" accounts (i.e., not "consumer" debt).
A: Yes. We accept accounts in many formats (facsimile, mail, electronic, spreadsheet, etc.) depending on the size and sophistication of our clients back-office and accounting and collection software. Let us know your preference for sending information about your accounts and we will work with you to fashion a solution that works for your business practice.
A: DSO refers to "Days Sales Outstanding" and is a means of measuring the efficiency of a business in collecting on sales made on credit. DSO is usually calculated for a designated period (e.g., 90 days) using the ratio of total credit sales for the period to total A/R of 90 days and less. DSO rates vary dramatically between industries and individual businesses, accordingly, benchmarking to industry or competitors is not as meaningful as monitoring your own DSO rate to see when variations from normal occur. A low DSO generally indicates an efficient collection process, collections within terms and a business that is maximizing its available cash flow to reduce borrowing and related operating costs.
A: An attorney experienced in commercial collections has the ability to quickly assess the situation, resolve disputes, make recommendations supported by the facts and applicable law and preserve customer relations. A demand for payment from an attorney generates a quick response and shortens time to payment. An attorney's professional business approach to bone-fide disputes and financial hardships can preserve your valuable customer relationships and hard earned reputation for customer service.
A: While many of our legal services are billed at an hourly rate our commercial debt collection services are billed on a "contingent" fee so you only pay when we succeed.
A: A contingent fee is only due if the debt is collected. Our account placement contract states the agreed upon contingent fee charged on the dollar amount actually collected. If we are unable to collect the debt or deem the account "uncollectible" we will close the file and you owe nothing.
A: The following terms and conditions apply to all collection accounts placed and accepted by WLO for collection services, unless otherwise expressly agreed to in writing.
Account balances greater than $2,000 and less than 1 year aging are charged a contingent fee of 25% of the amount actually collected all other are on a 35% contingent fee.
Creditors placing accounts authorize WLO to endorse checks and other forms of payment received from debtors and deposit said funds into its account and to pay all fees due to WLO from said funds.
WLO will not commence suit on any account placed for collection without first obtaining a seperate written agreement with the creditor authorizing suit and stating the fees and costs to be charged.
A Creditor may withdraw its account(s) from collection at any time with proper notice to WLO. however WLO retains its claim to a contingent fee unless WLO expressly waives said claim.
All accounts submitted to WLO for collection service are conditionally accepted subject to a satisfactory conflicts review by WLO and WLO's issuance of a written acnowledgement letter (usually issued the same day).