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Bad Debt Recovery

Bad Debt Identification

Identifying bad debt is not as easy as it sounds. But the earlier it is done, the better are chances of recovering it. Here are some signs of customer behavior that can identify bad debt early:

Customer fails to pay as per the agreed payment terms.

Customer makes repeated unrealistic complaints about the product or service quality whenever asked about the payment.

Customer continuously asks for more time to pay debts.

Customer's contact person is not traceable whenever you call for debt collection.

Your phone calls and/or letters are not answered.

Apart from these, you also have to keep an eye on customers who constantly pay late. Ongoing communication between the sales and finance departments can go long way in preventing bad debts.

Keeping track of market sources such as magazines, other customers, and suppliers will also help you identify customers who are not in healthy financial condition and help you recover your dues from them at the early stage.

Bad Debt Recovery

Once you identify the bad debt, the first step is to make attempts yourself to recover it in-house. This way you can maintain a relationship with the defaulting clients. It also helps you create documentation and evidence to show that you have made enough attempts to recover the dues. If the collection staff has knowledge of the Fair Debt Collection Practices Act and experience in debt collection, some of the debt can be recovered easily.

But an in-house staff is not always sufficient. If the defaulting customer doesn't pay any attention to your repeated efforts, it is advisable to refer the case to a professional collection agency. These collection agencies are often well equipped to trace and deal with delinquent customers and bad debt recovery. But you need to make sure that the collection agency you are working with meticulously follows the Fair Debt Collection Practices Act and doesn't step beyond legal boundaries. Remember that the collection agency is representing you, and you don't want it to get you in trouble with the law.

Also make sure that you give all necessary data to your collection agency on all cases referred to them. It is also important to let them know how important each case is to you so they can apply different techniques to different cases.

Collection Agency Services offers you a wealth of information on how to select the best collection agency for your business.

In The News:

Russia 'open' to Putin White House visit
Fri, 20 Jul 2018 11:59:00 +0100
Moscow is open to a possible visit by Vladimir Putin to Washington after a surprise invitation from Donald Trump, Russia's US envoy has said.

Macron fires aide who stamped on protester
Fri, 20 Jul 2018 09:30:00 +0100
France's President Emmanuel Macron is to fire a security adviser who hit and stamped on a May Day protester, the Elysee Palace has said.

Trump 'ready' to impose tariffs on all Chinese goods
Fri, 20 Jul 2018 13:31:00 +0100
Donald Trump said he is "ready to go" with tariffs on an additional $500bn of imports from China. 

Thirteen dead after 'duck boat' sinks in lake
Fri, 20 Jul 2018 04:43:00 +0100
At least 13 people have drowned after an amphibious "duck boat" capsized and sank in stormy weather on a Missouri lake.

Last survivor of Amazonian group filmed after 22 years alone
Fri, 20 Jul 2018 09:01:00 +0100
Extraordinary footage has been released of an indigenous man who has lived alone in the Amazon rainforest for more than two decades.



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