
Quoting
RJSteele
My question involves collection proceedings in the State of: New York
I was just hired as an office manager for a Restoration Company who left many extremely past due A/R accounts unattended to for a very long period of time.
Longest so far is 60 months. With past experience in running an A/R Dept. I have had the shameless duties to pursue past due accounts 30+ months and in some cases I was in fact successful on receiving payments in full plus interest. However, is there a law against applying the 1.5% interest per month to a 60 month old account (customer was indeed aware of the interest that could be applied and acknowledged at time of contract). I will be issuing a final demand notice and would like to include interest as long as I am legally able to. What would be the best recommended approach for this type of situation?
The amount past due is $8,918.89
(if able to apply interest of 1.5% per month 62 months = interest accrued to date 13,530.55)
making total amount due $22,449.44
This appears to be far fetched to attempt but one last ditch effort to collect something prior to pursuing via litigation.