Just as personal bank accounts have taken a hit over the past few months, businesses have hardly been spared the pain. The ongoing health crisis that has gripped the globe has brought on never-before-seen economic hardships. Minnesota’s Mall of America, the landmark shopping mecca, serves as a prime example of what businesses are up against. Tucker Albin & Associates, a commercial debt collection agency, wants readers to understand both sides of the coin. Bills eventually come due and contracts mandate that they must be paid. In the event they are not paid and “good faith” efforts to make good on debts are not conducted, it’s time to call in the experts at Tucker Albin.
According to an August 2020 article from PYMNTS.com, the Mall of America (MOA) “has reportedly missed its last three mortgage payments as it deals with pandemic-driven shutdowns.” Driving the economic issues at MOA is the fact that they simply can’t operate at full capacity. The report notes that some 150 of the mall’s 500 stores initially re-opened, but that total has now climbed to about 85 percent. The local Star-Tribune newspaper notes “the number of visitors has continued to grow while the complex complies with guidelines on capacity, with less than 50 percent of its daily average of more than 100,000 guests.”
As it pertains to Tucker Albin and Associates, MOA is a prime example of commercial debt issues. The mall’s owner has entered into a debt restructuring plan that will wipe millions off the books. This deal came about through negotiation; firms who hire Tucker Albin have often tried to extend the olive branch and had it brushed aside. We know the signs of avoidance by firms that have past-due bills. They’ll dodge phone calls, dispute invoices, claim they’ll be filing for bankruptcy, say they will be receiving a loan soon or generally avoid the issue at hand: repayment. Tucker Albin & Associates initiates commercial debt collection efforts with an initial demand letter that notes it is time for “voluntary payment.” If this does not spur the debtor to action, skip tracing and legal options are now on the table. The hidden assets, which could be used to pay off debts, will be uncovered. A threat of court proceedings is often the final step that convinces a commercial debtor to pay up.
There isn’t always the need for combative communications between your company and the client that owes you money. However, Tucker Albin takes a firm stance and it helps those who need to get re-paid.
