Legal Question in Credit and Debt Law in New York

Business Debt collection

I have information about a company that has unpaid monies to vendors that have not invoiced for the correct amounts. The sum is rather large (1Million +) and I was wondering if it was legal to contact the vendors and charge them a fee or to act as/ or start a credit collections agency to help then collect these overdue amounts. Many of the companies have been consolidated or bought, etc. and may have let these invoices slip through the cracks in their transitions.

Is it legal for me to contact these vendors and tell them that I have information regarding an outstanding debt, but to obtain that information I want a finders fee? Or can I tell them that I have the info and act as a collections agency and recover the monies and retain a certain percentage? Also, is there a time frame in that these monies become non-collectable. It have been almost a year that these invoices should have been billed and paid.

Thanks for all your help.

These message boards have always been a wealth of information.

Asked on 7/05/01, 11:58 am

Garry Hanlon

0 users found helpful

0 attorneys agreed

Re: Business Debt collection

What you propose is not, on its face, illegal

How you came about the information may involve

a breach of confidence on the part of some

party, who then could be subject to

sanctions

Answered on 7/07/01, 10:20 am

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