***PICB*** PRINTING INDUSTRY CREDIT BUREAU ***PICB***
WHERE'S THE MONEY?
PICB'S PERIODICAL DEDICATED TO MAINTAINING PROFITABILITY IN THE GRAPHIC ART INDUSTRY THROUGH GOOD CREDIT POLICIES
PRINTING INDUSTRY CREDIT BUREAU 
(847) 265-0400
ISSUE # 6
APRIL 2012
CREDIT TIP LOGO

Did you know that Albert Einstein defined insanity as 'doing the same thing over and over again while expecting different results,' and this same definition partially explains how poorly defined credit policies can cause financial loss?  

 

As children we all laughed at Elmer J Fudd's obsession to hunt down that wascally wabbit, Bugs Bunny. With his twusty wiffle in hand he focused all his efforts to shoot that wabbit but he always failed. Did Fudd's Bugs compulsion dwive him cwazy and prevent him from seizing other opportunities, and do your credit policies create the same situation for you?

 

"I cannot believe they won't pay' or 'I trusted him when he said my check was mailed' is the repeated lament heard from Printers when seeking our help with a collection claim.  'I did this last job because he told me it would generate enough money to pay everyone, I can't believe he lied' is the most common trap we business people fall for and the one that we can easily prevent. With Einstein's definition represented by Fudd's example the question we need to collectively answer is: 'if we fail to change our patterns of habit are we insane?'

 

Dr. PICB's prescription for good fiscal mental health

  • Don't let the customer dictate your terms. While you may choose to extend a greater credit line or extend additional days to a valued customer this should be your choice. It is a privilege not a right.
  • Don't accept repeated excuses. Once someone makes a commitment it should become the expected outcome and not a surprise.
  • Don't believe someone just because they say 'trust me': as like the old joke that cannot be repeated, these are the 'famous' last words!
  • Don't extend credit when the potential customer won't provide you verifiable answers on your required credit application.
  • Don't extend credit if you know the customer is in financial distress or potentially over-leveraged with liens.
  • Don't extend credit if your customer claims he needs additional time while he attempts to get a loan. Lenders today are extremely picky and do not lend to small, under-funded, minimal asset companies. Neither should you.
  •  Don't provide terms or extend existing terms if your customer is delinquent and is now telling you he is looking for a new banking relationship, looking for new investors, or seeking a partner. All of these may be clear indications that your customer is financially troubled and unsecured creditors are in danger of losing their money.
  • Don't give credit terms just because of appearances. Just because something looks good does not necessarily mean they are good payers.
  • Don't provide credit terms on 'gut instinct'. With all the available information out there why not verify a customer's stability and viability?
  • Don't let the potential sale lure you from good business practices.

MAINTAIN YOUR SANITY

LET PICB DEAL WITH YOUR NUTS!

 

www.picb-us.com 

 

DEWEY CHI'TING
LARSON  NY
  dewey april
 
ORIGINAL ARTWORK BY MARC.ART, INC.
mob5948@aol.com 
 
ASK AN ATTORNEY
 
Q

The "Denver Boot" is used by many cities to force collection of unpaid parking tickets.  Is "booting" a debtors personal or company vehicle a means to expedite collections?  In our case, their vehicle is a means for their revenue source.

  

 

A: The "Denver Boot" is used by many cities to force collection of unpaid parking tickets.  Is "booting" a debtors personal or company vehicle a means to expedite collections?  In our case, their vehicle is means for their revenue source.
The person who is asking this question has it backwards.  Good thought wrong century.  Further the suggestion is that they want to take us back to Debtors Prison.  Maybe sponging houses are next...

Taking the car is the worst thing that you can do as the Debtor will no longer have an income stream.  Further most states have an exemption statute that says you can have one car as exempt or up to $X,XXXX.XX equity in a car before the Sheriff can take it.  Also putting a boot on someones car with out cover of a Court Order could get you in possible trouble of interference in the contractual relations of the Judgment Debtor and their customers.  Then you would have to pay them.  Also possible punitive fines on top of that.  Real Bad Karma!

Get a list of his or her 10 largest customers and garnish them one at a time.  You will get money if you are quick and his customers will be pissed with him for having to do the Garnishment papers and Court.  Which means you only have to do a few and get the effect of them all.  Note I said do the garnishments one at a time.  That is because if you do two or more you could tie up more money than what is owed and the Judgment Debtor would have a claim against you for possible abuse of authority or abuse of Garnishment.  In New Mexico if a judge issued two or more Garnishments at the same time and did not put provisions in the Writs of Garnishment to prevent over recovery he or she could be removed from office and charged with a misdemeanor.  You want to protect you Creditor friendly Judges not get them thrown off the bench.

Remember the concept of collection is the threshold of pain.  You want to make it more painful, legally, to not pay it than to pay it.  You don't want to kill the Debtors ability to make the money that you are trying to recover.

True story.  In New Mexico a Sheriff in New Mexico failed to give the little old lady a copy of her Notice of Right to Claim Exemptions.  He just went and took the car.  The net result was that when the New Mexico Supreme Court found out about it they shut down all Executions in New Mexico for a long time while they rewrote the Exemption Proceedures for the whole state.  We still have problems as a result of that incident as the Forms do not agree with the Rules etc.  You never want to take a collection case up unless you have the golden case because the Appeal Court and Supreme Court tend to make new law on these types of cases that hurt the entire industry.
 
Craig J La Bree
New Mexico

 

 

 

A: The question is whether post judgment remedies available to a municipality,similar to the Denver Boot, are available for private use. The cities enforcement of fines for parking tickets generates revenue for parking scofflaws which is in the publics best interest. It is important to understand that the tickets issued are implemented as a fine.   Although it may seem that the cities implementation of the boot are shot-gunned there are due process protections allowing the owner to contest via administrative hearing and or through the court via an appeal.  Once the fines are final they are enforceable via Post Judgment remedies including standard collection attempts and the"Denver  Boot".  

Although there is no statutory right for the private use of the "Denver Boot" civil claims for money damages allow aggressive post judgment enforcement remedies.  In a Civil matter Judgment for money damages must first be obtained, allowing the debtor proper due process.  Once judgment is obtained Creditors are allowed to proceed to the enforcement stage of proceedings commonly referred to as Post Judgment.  A civil claim and the subsequent  'enforcement' of the judgment are of private interest and not a statutory violation like a parking fine seeking payment for public interest  Presently there is no civil remedy allowing a creditor to issue the "boot".   That does not leave the creditor without remedies.  In Illinois a Judgment Creditor can request the court to turn over the debtors assets including vehicles to satisfy the judgment.   There are additional effective post-Judgment remedies which allow creditors to issue citations to banks to have money turned over to satisfy our judgments.  We may not have the ability to issue a Denver Boot but with patience we can be more effective in collecting judgments by issuing liens, citations and taking property to satisfy judgments.

 

 

 Michael S. Baim

The CKB Firm

Chicago, IL

 

A: If only it were true. Unfortunately, the state has powers that we civilians do not. They have the ability to enforce violations of state law through remedies such as the "Denver boot". There is no longer debtor's prison, and here in Pennsylvania we do not even have wage garnishment.

That said, we do have another remedy available to us in Pennsylvania worth considering in your credit application or business agreements.

Confession of judgment is available on business loans, agreements or commercial leases if the note, agreement or lease so provides. The procedure for entering a judgment by confession is set forth in Pa.R.C.P 2950 et seq. It may not be used in consumer credit transactions or those intended for personal or household use. They may be used against the party primarily liable under the contract as well as a personal guarantor as long as the guarantor signs an instrument containing the confession clause. These clauses allow a creditor to enter a judgment against a debtor often without giving prior notice to the debtor or giving the debtor the opportunity to defend him/her/itself in court prior to the entry of the judgment. A confession of judgment is typically initiated by filing a complaint. The main difference between it and a typical law suit is that judgment enters without granting the Defendant the opportunity to respond. They still may be contested through a petition to open/strike, but the defenses are limited. As a result, you have a proceeding where you can avoid time consuming and expensive litigation.

            A confession of judgment in conjunction with a note can be particularly useful when settling a matter before litigation has been initiated. It gives the creditor the flexibility to accept payments, but not be compelled to resort to litigation in the event the payment agreement defaults.

            Execution practice on a confessed judgment is also somewhat different.The rules have been amended to provide for notice prior to the execution of a confessed judgment, Pa.R.C.P 2958.1-4, to give the defendant the opportunity to contest the entry of the judgment. Nonetheless, this remedy often gives you the leverage necessary to settle your case.

 

Jay C. Scheinfield, Esquire

Upper Darby, PA 

 

In This Issue
CREDIT TIPS
DEWEY CHI'TING
ASK AN ATTORNEY
KREDIT KARMA
Quick Links  
PRINTING INDUSTRY CREDIT BUREAU CONTACT INFO: 

ANDREA SCHLACK
PRESIDENT
andreas@picb-us.com

 

DENNIS ADAMS
VICE-PRESIDENT
COLLECTIONS MANAGER
dennisa@picb-us.com

 

RICK CRUZ
CHIEF RESEARCH 
OFFICER
rickc@picb-us.com

JANET DIENES
GENERAL MANAGER
janetd@picb-us.com

 

ROBBIE BURCH

DIRECTOR OF SALES AND SERVICE

robbieb@picb-us.com

 

 

KREDITKARMA

DON'T GET BITTEN TWICE

 ******************

UNCOLLECTED

JUDGMENTS APRIL 2012

FOR A COMPLETE LIST

GO TO 

www.picb-us.com

       

RUMORS ON GRAND INC, A DISSOLVED CORP & KATHLEEN M VOGT AKA KATHLEEN TEWS

 

IL

VINCENT ALEXANDRIA, PARTNER OF WE MUST XL

MO

 

NEW YORK FURNITURE GALLERY, INC.

NY

 

NATALIE HAREWOOD, GUARANTOR FABULUSH D/B/A JOLIE MAGAZINE

NY

 

ASSOCIATED AIR PRODUCTS

 

FL

 

ANDREW EPERI, INDIVIDUALLY AND D/B/A AFRIQUE

IL

 

KENMAR STATIONARY

 

NY

 

TUMBLEWEED POTTERY

 

NC

 

PREMIER PRINTING

 

IL

 

PINATA GRAPHICS

 

IL

 

KARRY MATHESON INDIVIDUALLY AND D/B/A MATHESON CUSTOM PRINT

UT

 

LESTER BAFIA INDIVIDUALLY AND D MEGA FORCE PRODUCTIONS, INC

IL

 

RON CARTER INDIVIDUALLY AND D/B/A SOUTH STREET JOURNAL

IL

 

LISA DOTE INDIVIDUALLY AND D/B/A G GRAPHICS AND D/B/A PRINT THIS

IL

 

EL SOL NEWSPAPER

 

IL

 

NOVA CINETECH

 

IL

 

BERG PRINTING ENTERPRISES, LLC D/B/A MASTERPRINT

 

 

WI

RICK VETKOS DBA BELTONE OREGON

OR

 

JOSEPH D RINDER INDIVIDUALLY AND D/B/A BELTONE HEARING AID CENTER

NJ

 

BLUE INK

 

IL

 

HIP HOP WEEKLY

ENTERTAINMENT, INC

 

Fl

 

SLICK ROCK PUBLISHING

 

NM

 

THEWATERPEOPLE.NET

 

CT


  

FRANK FINOCCHIARO INDIVIDUALLY & T/A LBT SYSTEMS & LBT SYSTEMS INC.

NJ

 

SEARCH 1 AMERICA F/K/A LUX PREMIER, LUX PUBLICATIONS LLC D/B/A LUX PREMIER

IN

 

SHE SKIN LLC

 

IL

 

HOME VIDEO STUDIO INC

IN

 

PRINT PARTNERS LTD

IL

 

DALE JASLOVE IND  d/b/a HEALTHCARE CONSTRUCTION

MI

 

HI INDIA, INC.,

IL

 

SANDESH PUBLICATIONS, INC. & HEMANT BRAHMBHATT AS GUARANTOR

IL

 

DESI TALK, INC. & HEMANT BRAHMBHATT INDIVIUALLY

IL

 

SANDESH 

PUBLICATIONS, INC.

IL

 

SY LENG A/K/A LENG SY D/B/A ECO SYSTEMS AQUARIUM

CA

 

VILLAGE FARM STAND, INC, D/B/A VILLAGE MARKET OF CALUMENT CITY

IL

 

ZOOM GRAPHICS, INC.

IL

 

THREE ANGELS PRINTING SERVICES, INC

IL

 

MY MOTHERS INVENTION

TX

 

CMY&K ADVERTISING

NY

 

CMY&K PUBLISHING

NY



 

 

 

 

 

 

ASK AN ATTORNEY:

  

SUBMIT YOUR QUESTIONS FOR

OUR NETWORK OF  LAWYERS TO  PROVIDE EXPERT ADVISE TO

INFO@PICB-US.COM 

  
 
 
IF YOUR QUESTION IS CHOSEN YOUR
COMPANY WILL RECEIVE A FREE
DUE DILIGENCE REPORT AND YOUR COMPANY NAME AND LOGO WILL BE PLACED HERE
 
 
THIS MONTHS QUESTION CAME FROM PHIL SPERLING PRESIDENT OF PRINTCO
 
 
PRINTCO LOGO 
www.printco.com
920-685-5662
 
 
 
 
 -