Our Debt Collection Process
Debt Collection Process
Our debt collection effort starts with verifying the contact information provided by our clients and gathering additional information on the business to be used by the debt collector. We email, fax and mail a short demand letter to the debtor typically within one business day of receiving a claim. However, the primary communication method in our debt collection process is the telephone augmented by e-mail as appropriate. When we can get the debtor on the phone, we can find out through a series of questions what the real reason is for unpaid bills. Determining the real reason can have a dramatic impact on the approach the debt collector will use. Just simply demanding the money typically does not work. Instead, we often need to get a solid understanding of the debtor’s business, current business prospects, working capital position, secured debts, personal guarantees, etc… Once we have this information and we understand why they aren’t paying, we can come up with a strategy to get as much money as possible as quickly as possible.
Verifying contact
Sending demanding letter
Call the customer & investigate
Coming up with the plan
Credit control projects (Accounts receivable)
We assign a dedicated Credit Controller to you, developing rapport with your customers over time. Our staff are highly experienced, having worked in areas of business ranging from construction, manufacturing and many more. You are kept well informed of progress on a regular basis. We agree a chasing programme with you, scheduling statements, reminders and telephone contact. We can also advise you on setting suitable credit limits for customers and of any changes in their financial health. Legal action to recover late payments will not be taken without your consent.
A simple monthly fixed fee is agreed in advance based on the number of customers from which you need our help collecting payments. Alternatively, a ‘no-win no-fee’ structure is also available with the cost dependent on the amount collected.