Debt Collection Services
There are a huge number of debt collection services that you can use. We would love you to choose resolute collections as your preferred supplier. Our solutions are maybe not what you need.
You have a few options to choose on depending on:
- What type of debt do you are owed?
- Consumer to consumer
- Business to business
- Business to consumer and vice versa
- Is the debt regulated
- What jurisdiction are all the parties
- What is the value of the debt?
- How much have you invested in the debt? You might have sold something with negligible value and have little invested. Or you may have lent money – which on the face of it is 100%
- You may have purchased the debt and are actively looking for debt collection services
Outsourcing Debt Collection Services
On the face of it, this is often the best method for most lenders.
- At what stage to you outsource?
- When you intially invoice you client – this is basically factoring
- When your credit control team cannot handle the client or volumes
- At write off stage
- Or at a given date and hand over the entire debt collection services to a third party
- Why outsource?
- Potentially less hassle. You need only meet the debt collections provider weekly or monthly. Or at certain levels of performance. Performance that is both good and bad.
- No fixed costs for staff, software of premises
- Your choice of debt collection services provider will be far more experienced than you are – generally speaking.
What Debt Collection Service Do You Need?
You should give a thought to the type of debt collection service you require. Its really not acceptable to say I want you to collect the whole shebang.
- Letter dunning cycles
- Telephone calls
- Face to face visits
- Skip tracing
- International or interstate collections
The debt collection provider will want to understand:
- Your credit and risk criteria. They will want to know what steps did you take to offer credit to the debtor and how it was monitored?
- What type of credit is it? Regulated, asset backed, mortgage etc.
- What are your reporting requirements?
- Your recovery expectations?
- What are your reputational standards?
- Performance timetables: i.e., if they have collected less than expected by a given timetable the debt will be taken back.
- The process to return uncollectable debts.
- Do you require daily, weekly, or monthly payments?
- Is it a single assignment or ongoing?
- Your current default rates?
Any creditor (you) might find themselves being rejected by a debt collection company if they fail to meet their criteria. The debt collection provider needs to make a profit.
How Much Will It Cost You?
This is a perennial question on outsourcing debt collection. We will repeat the question 2 ways
- How much will it cost you if you continue what you do now?
- How much will you net if you outsource to a debt collection services provider?
If you are unable to calculate these figures yourself, you can be assured of one thing. Your potential debt collector will calculate the financials for you. Most of the collection companies will have sophisticated software to analyze the numbers and behavioral demographics of your debtors.
Do It The Easy Way
How to easily find a debt collection agency or debt collection attorney. There is no easier way to find debt collection serives than what we will show you. and it will take less than 15 minutes to find your saviour.
Use Google Maps
Time to Find The Best Solution is 15 Minutes 15 minutes
Get the ball rolling by opening Google maps and move quickly to step 2
Location, Location, Location
There might be a debt collection service next door to you. However you need one that is very close to your debtor. Enter a town, city, country or street name.
What Do You Really Need
What do you need? Investigation or a debt collection agent or a debt recovery attorney? This is where do drill down and focus.
Make A Choice
You can narrow down your search to 2 or 3. And it has only taken minutes so far. Clicking on the red markers will give you details and a review of the firms. Call them and tell them your situation and requirements. Then make a choice.
You have to ensure that the debt collection company is making enough profit to continue operating. If it is at all possible have them mirror their software and download you copies each night. If your chosen provider goes bust or has a difficulty forced upon them, you at least have the data.
A provider of debt collection services has to prove to you that they have business continuity. Losing your data is not a good thing for you, it is unbelievably bad.
Single Debts or International Debts
If you have a few debts or $5,000 to $100,000 or they are interstate/national, you might want to consider Resolute Collections.
Debt or Credit Confusion
This is more critical in the USA, as a company trading as Credit Collection Services is actually a debt collection agent. We have no idea why they would want to create this confusion. However we all realise that one persons credit is the counterparts debt.
Two Final Considerations
Move quickly. The first and second rule of debt collection is to be first in the line. Providers of debt collection services (including us) is to act as timely as possible. Or earn/save more money to pay your debts – they will not go away.
Do you have any comments or recomendations for debt collection services
Please use the area below with any any hints or suggestions. Your input is appreciated.
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