When should an account be placed?

What information is required to place an account?

How do I place an account for collection?

What is a Free Final Demand?

When should an account be placed?
In a word, the sooner the better. The Commercial Collection Agency Association has done studies among its members that prove conclusively the earlier an account is placed, the better the chance for recovery. Our own records conclude that our Free Final Demands are far more effective when the account has aged 60-120 days. According to the CCAA, you have an 85% chance of recovery if an account is placed for collection when it has aged 2 months versus a 56% chance of recovery if it has aged 6 months. What good is a sale if you do not collect the money? UMC is prepared to build a partnership with your firm by developing a plan to collect your receivables from the day they become delinquent to the day they are paid in full.

What information is required to place an account?
At the very least we need contact information for the client and the debtor and the amount to be collected. Specifically, we need the name of the person to contact at your firm, your firm's name, address, phone and fax numbers, and email address. We need the same information for the debtor and the amount due. It is helpful but not necessary to have a statement of account. If we need copies of invoices, proofs of delivery, credit applications, etc. we will ask for them later. If you know the account is disputed, please tell us the nature of the dispute and provide us with as much documentation to support your position as possible.

How do I place an account for collection?
Simply click here to complete our quick and easy online form. Or you can call (800 541-3833), send us a fax, (724 443-5083), or email the information to us at umc@umccollects.com. Be sure to tell us if you want a Free Final Demand sent to your customer and if so, for how many days.

What is a Free Final Demand?
A Free Final Demand is a three-part form that warns your customer they have one last chance to pay your bill before it is placed with UMC for collection. You send the top copy to your customer with a statement attached. At the same time, mail the second copy to UMC with another copy of the statement attached. The third copy is for your records. There is no fee on any amount paid within the free demand time and we only charge 15% on amounts paid within one week of the expiration of the Free Final Demand.

Our Free Final Demand is unique in two ways. First, you choose the length of the FFD. Most credit managers still give their customers 10 days, but if the debtor is located nearby or across the country, you can adjust the number of days accordingly. Secondly, we will send you a supply of Free Final Demands so you can send them out yourself. This eliminates any delay in your customer receiving notice of placement. However, we would be more than happy to send out the Free Final Demands for you if you prefer.

Back to Top