Debt recovery is never pleasant. Here is some solid business advice from experts on steps you can take to make the recovery process more efficient and increase the likelihood of settlement without resorting to collection or litigation.
1. Keep an accurate record of every transaction and interaction. Know the history of the entire account and have all the facts before you when dealing with the person responsible for payment. A paper trail insures that you are organized, informed, and can refer to specifics of the account.
2. Know who you’re dealing with and be professional at all times. Deal with the correct person in charge of payments at the company or private residence. Keep things on a professional level.
Listen, but keep the subject of the debt at the center of the conversation. Never raise your voice, swear, or make threats. If settlement can’t be obtained, turn the account over to professional debt collectors.
3. Be fair and flexible, but firm. Be willing to reach fair settlement terms with the debtor, taking reasonable circumstances into account. However, don’t allow them them to give you the runaround.
4. Keep documentation of and follow up on all contact and touch base with the debtor in advance of payment deadlines.
If you’ve taken the above steps and still haven’t achieved a resolution, it’s time to let the professionals handle the situation from there. Debt recovery will most likely include the services of a qualified lawyer.