Controlling and Collecting Debts
Controlling and Collecting Debts Checklist
Having contacted the right person, give your name and personalise the discussion. Recognise the need for persuasive skills to gain commitment, to convert interest into action and to find out reasons for the delay - these may be relevant to the future generation of credit. Find out, if you can, whether a query, dispute, financial problem or oversight lies behind the delay in payment. If you are told "a cheque is in the post", press for details. When was the cheque sent, where from, and what were its date and number? If it was not for the full amount outstanding, why? If the debtor fails to honour a promise made over the telephone, you will need to consider what further actions to take. Likewise, if, after several attempts you fail to contact the person to whom you wish to speak, escalate the debt recovery chain.
6. Remember email as an alternative to a letter
While formal letters are often preferred for debt collection, note that an email message can be cheaper and quicker. Bear in mind that the content may be more public within the debtor's organisation and that this may have an impact. An email can be sent direct to the desk of the recipient and therefore gain immediate attention.
Future Practice Owner.
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