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Doctor Credit

A customer referred my call to a person who identified himself as a workout specialist. What do I need to know?

Answer: As it relates to past due A/R, a workout specialist will play Let’s Make A Deal with the company’s creditors. His or her goal will be to get your company to accept an extended payment plan. Incidentally, workout specialists usually do not announce what they are; they simply tell creditors they are now in complete charge of deciding who is paid and when. In this scenario, a home run would involve you agreeing to continue to ship merchandise especially on open account terms and accept an extended payment program.

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