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Don’t wait to take action on a debt. The longer a debt remains unpaid the less likely you are to collect. Don’t wait until after your debtor has breached their promise to pay. Call your debtors a few days prior to the due date and confirm they have received your invoice or letter of demand and that they have your bank details.
Debtsettlement campaigns are initiatives where debt collection agencies offer a discount to consumers to boost collection on old or unresponsive accounts. Tax season is the best time to consider a debtsettlement campaign within your debt collection agency. IS THE CONSUMER ON A PAYMENT PLAN?
Getting sued for commercial debt via a civil litigation lawsuit can be detrimental to your business. A common and effective debt collection tactic, this type of lawsuit usually goes after commercial debtors to collect on commercial debt, the money you owe in addition to interest, as well as potential court and attorney fees.
These often involve initiating legal proceedings against debtors intending to repossess, auction, and sell collaterals or executing payment orders to seize the debtor’s assets or income. Regardless of the outcome and the ultimate objective of recovery, multiple implications could potentially jeopardise the entire strategy.
It can be intimidating for many people to deal with debtors or collectors. Therefore, we recommend you hire a third party, like a financial advisor or lawyer, to help with the debtsettlement. Make sure to get an estimate about the cost of hiring them to avoid overburdening yourself with more debts.
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