The question is: at what stage are you comfortable starting debt recovery action? The answer to this question depends very much on how diligently you have credit controlled your customers?
Everyone has an explicit right to expect to be paid on time right? After all you supplied the goods/service as agreed, so why shouldn’t you expect to be paid on time? When it comes to credit control you should “Hope for the best, but expect the worst” i.e. assume they are not going to pay you and devise a credit control process around this assumption.
If you have very good credit control process in place, then by the time the debt is 60 days old, your debtor should have received 2 x statements of account and 3 x standard letters/emails and several telephone calls. On this basis, if your debtor has not paid you by 60 days, I would say it is time to instruct a debt collection agency (such as ourselves) to pursue your debtor for you.
If on the other hand, you do not have a good credit control process in place and merely just expect to be paid, or perhaps send out a statement here and there, referring your debtor to a debt collection agency to pursue at 60 days is probably not the right thing to do. In effect, you are penalising your debtor for your own ineffective credit control practices.! The solution to this problem is; make sure that you have a good credit control process in place to avoid your customer blaming you for the breakdown of the relationship.
We offer a full range of debt collection services and what’s more the way we charge for our debt collection services is fairly unique within the debt collection industry - “More of the money we collect goes in your pocket and not ours”
We have lots of testimonials on our website from satisfied customers for you to peruse’ so that you can satisfy yourselves that we are a professional outfit and will always collect monies from your debtors with a view to keeping the door open in terms of your relationship with them
Jamieo "Making Your Cash Flow"
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