The biggest problem with debt recovery and how you can fix it
The biggest problem with debt recovery is the time that it takes. Chasing debt is not something that any company should have to do. Unfortunately, because many businesses seem to have a policy of taking as much time as they can before paying you, this type of credit control is something that simply has to be done.
Credit control is a necessary evil. It’s not something that you ever get any thanks for; in fact, in many instances, it’s just the opposite. The more you chase people, the more upset they become, even although it is you or your credit controller who is in the right. However, if you don’t chase wayward companies, you may never get paid, and, in the meantime, the extended credit that you are forced to take comes at a price.
Difficult and expensive
Getting someone who is good at good at debt recovery is not only difficult, it can be quite expensive too; especially if you have to employ a dedicated member of staff. There is a way, however, of fixing this problem and that is through an outsourced credit management specialist or collections agency.
It takes the right sort of person to succeed with debt recovery. On one hand, it is no good getting angry and excited, and on the other, being polite and patient will get you nowhere. With people who are consciously taking liberties with your cash, this type of approach is simply water off a duck’s back. They will carry on delaying payment until you have no alternative other than to take them to court.
What’s needed with persistent offenders is a polite but forceful approach; one that makes the guilty party realise that they are dealing with an experienced debt collection professional, who will brook no interference and won’t listen to any further excuses.
Professional help is at hand
If you need professional help with debt collection; whether that help is with doorstep collections or invoice settlement expedition, we here at First Capitol offer our services on a no-win, no-fee basis. Visit our website at https://www.firstcapitol.co.uk/ or call us today on 03333 444991 for more information.