Debt Collecting Procedures

Making Sure Your Debt Collection Techniques are Legal

Debt collection is an unfortunate albeit necessary business undertaking. If you have clients with outstanding debts owed to you, then you are legally entitled to pursue them for payment. When it comes to undisputed debt, it’s encouraged that you and your debtor negotiate realistic payment arrangements yourselves, such as paying by instalments. Of course, if a debtor still won’t pay – or refuses to pay – you may be tempted you to take more drastic action. Before you do, however, know that it is possible to go too far when recovering a debt, as some tactics could actually be illegal. Read on to ensure that your debt recovery tactics are within the arms of the law.

Communicate Properly With Your Debtor

While you have the right to contact the debtor to negotiate payment of the debt, it is not okay to communicate with them in a manner that may come across as harassment or coercion. To avoid an allegation of undue harassment or coercion during the communication process, make sure you always have a reasonable purpose for contacting them, and ensure no contact is made hoursoutside the hours stipulated in the ACCC/ASIC Debt Collection Guidelines …

Click Here To Read More

6 Facts About How Debt Collection Works

For many businesses that extend credit arrangements to their customers, debt collection agencies are an essential ally. Too often, businesses are forced to confront the negative impacts of customers failing to pay and thereby experience significant disadvantage.

While most of us are aware of debt collection agencies, many people are unsure of how debt collection works and the circumstances in which a debt recovery service can effectively assist a business. Here we cover six facts about debt collection to help clarify some of the uncertainty around the purpose and services of specialist agencies.

Click Here To Read More

Debt Collecting Procedures – 5 Top Tips

While debt collecting procedures can vary depending on the business and the type of accounts offered to the customer, there are some fundamentals to debt recovery that can be applied to all businesses. Regular monitoring of the aged receivables will highlight any problem areas. Investigate all debts that have exceeded your trading terms and those that have been outstanding for more than 30 days.

The following tips will help you maintain your customer accounts and improve procedures for debt collection.
Click Here To Read More