Top 5 No Hassle Debt Recovery Solutions

Any one waiting on a debt to be paid knows how frustrating it can be

, especially if they are relying on that payment before they can pay their own accounts. Debt recovery need not be a hassle if some simple guidelines are followed.

Keeping Track

Accurate records and constant monitoring are a must to stay on top of outstanding debts. There is no point wondering why the cash flow is in a poor state only to find out there are past due accounts for 60 or even 90 plus days.

Most accounting software programs these days have reports that can be generated by entering a date. Check the ageing debtors balances regularly so there are no surprises in three months time.

While most customers will honour their debts in good faith there will be times when they need to be followed up in some way and preferably before having to turn the account over to debt collection services.

Follow Up

Follow up on all correspondence. If you've sent an invoice and the bill hasn't been paid on its due date, it is important to send another notice. This can be by way of a friendly reminder where you can draw attention to your company's credit terms.

When that notice is ignored send another. Invoicing by e-mail serves as an instant prompt for busy people more likely to respond to an electronic message.

Telephone Calls

Sometimes a courtesy call reminder is all that's needed. Sometimes it may be as simple as the debtor forgetting to pay. This is about your business and your business can't operate as efficiently with debt.

The face to face approach need not be intimidating but rather serve as confirmation that there is a real person on the other end of that outstanding invoice.

Letter of Demand

Writing a letter of request or demand is also effective in the recovery of debt. Be clear in your request and quote the original invoice number and the dates of previous notices sent. The letter of demand can specify further action you would take in the event the debt is not satisfied within a certain time period.

Send the letter by registered or certified mail so there can be no argument further on regarding non-receipt The last thing you want to hear at this stage is, 'I didn't receive a letter'.

Use a Professional Agency

If all else fails then it may be time to call in the professionals. Debt collection services guarantee results and are experts in the business of debt collection. They know the most appropriate approach and collection techniques for the industry and are usually in a better position than you to handle negotiations. Debt recovery is their core business.

There will be times when you have to settle for instalments or part payments but the debt collection agency will usually manage these arrangements meaning the cash will still end up with its rightful owner. By outsourcing aged or bad debts to a professional agency, it allows you to focus on what you do best and leave the debt recovery to professionals.

by: John Zukerman

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