Commercial Debt Collection
Nearly every lawyer in the land is into Commercial Debt Collection, which says something about how easy or profitable debt collection is. You might be able to deal with yourself. It is not as difficult as it might seem. From a simple debt collection letter to a full blast campaign of debt recovery.
Data Protection And Commercial Debt Collection
Resolute collections asks the question. Is it right for one company to hide behind laws that are meant to give private individuals protection from large organisations? We are not suggesting that you immediately go out and make a banner. You can be more inventive than that.
What we are moving towards is an enlightened view of the restrictions imposed on you by bureaucrats. Who are paid with tax money and do not need to worry about their invoices being paid.
No Win No Fee
When you see this, you should be thinking – no effort. You should be thinking cherry picking and large success fees. The success case pays for the unsuccessful Commercial Debt Collection failures. Like everything in life, you get what you pay for.
You are unable to put pressure on a debt collector to collect debt when you have not paid them. They will return it to you and now it is 2nd hand, which is not good.
What we would like to see is a guarantee. No win and we will give you a percentage of your debt as a thank you! That would stop some of these debt collection agents trawling for business.
Can you imagine any other business that said to you, if we fail, we will not charge you? We will build you a bridge, but if it falls down, we will not charge you – ludicrous or what.
We are not free. You value your time and we value ours.
Commercial Debt Collection Laws
We strongly recommend that you should not break any laws when collecting commercial debt. What we do suggest to you, is that you look at how the law helps and does not hinder you.
Compliance officers in most companies involved in commercial debt collection are there to say NO. Maybe we are being harsh on them, but they are more interested in their company’s reputation than your money.
Resolute collections works without borders and uses the law to your advantage. The return of your money is really our priority. Although we have charged you upfront, we need to earn the commission on collecting what is owed to you.
And not to forget, most commercial loans and trade debt is unregulated in some form or other.
International and Interstate
If you need commercial debt collection and your debtor is not in your jurisdiction. Your debt collector is going to have to increase their fees or commission. The debtor is not going to owe you anything extra.
The decision here for you is to invest more cash and energy or write off the debt. Alternatively, you could sell the debt or use one of Resolute Collections services. We do not buy debt, but you might find someone willing to take it off your hands and off your balance sheet.
Make sure you sell it to someone reputable. Becuase it is still your reputation at stake. You can sell the income stream but not the obligations. That is free legal advice often omitted by buyers of debt.
You And Your Team
Most people do not actually enjoy debt collection. It does not take much to NOT pay, but getting it back takes skill, determination, and attitude. Do not put anyone in charge of your commercial debt collection who does not want to do it. They will lose you money whilst they should be doing something, they are good at.
After 30 days overdue have a professional deal with it. That cold be someone in your company or an outside debt collection agent. So once your customer has got used to stop paying, they get used to it becuase it becomes a habit. A good debt collector will allow you to keep the customer in the long term.
Never use your sales team to collect seriously overdue accounts – they do not have the skills. They sell, they do not collect.
Debt On The Balance Sheet
You can argue this with your accountant. A debt on the balance sheet is not an asset. It is a cash hungry expense. Sitting looking at it month in and month out will not turn it into an asset. You need a commercial debt collection plan.
If the debt is more than 60 days overdue you need to be doing something proactive. At 120 days overdue you can say goodbye to your money and write it off.
Alternatively, you can opt for one of our debt recovery services. At the very least you can take satisfaction on seeing something being done. It is visible to all.
Business to Business Debt Collection
This information is for business to business debt collection in the UK. If a business owes you money or has not paid it’s invoice. A debt lawyer will be able to collect the debt without any cost to you. That is what all the legal eagles will say to you. And it is true; assuming you have been all legal and proper documentation.
There are 2 drawbacks. Most companies are not can pay but won’t pay. They normally default becise they have no cash. And you cannot get blood out of a stone. No matter what you threaten it with.
The other situation is when there is no enforecable agreement or invoice. Your only option assuming persuansion has not worked is to take unsual steps and think out of the box.
And the old saying still stands good – never throw good money after bad. Unless you want some other form of satisfaction.
Commercial Debt Recovery
If your commercial debt recovery has not had the result that you desire. Resolute Collections offers a different approach. We understand that this is not for everyone, however, you get the opportunity to vent your frustration.
Your Comments On Commercial Debt Collection
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