This is an extract from (Adapted from: http://cdn2.hubspot.net/hub/313822/file-480474475-docx/Content_Library_Items/Collectio)

Could anyone fill in the blanks with what would be reasonable amounts and terms? Not for a large company, but maybe for a family owned electrical company. Or if anyone has done this task before, what amounts/terms did they use?

Legal action Policy:

1.If the outstanding debt is greater than $ _________________, always turn over to legal action when the debt becomes _____________ days past due. (Note that when secured by a lien, the date by which legal proceedings must be initiated before the lien expires is set by statute).

2.If the outstanding debt is between $ __________________, and $ ________________, send to legal action if the debt is secured by a personal guarantee, a joint-check agreement, or any other security.

3.If the outstanding debt is between $ __________________, and $ ________________, send to legal action if the debt is secured.

4.If the debt is $ __________________, or below, write-off debt and release the client.