It can be a daunting task to request payments from defaulters who are either not ready to settle that debt or in no capacity to pay it.Even if your clients are trustworthy, you should keep in mind that your enterprise could collapse if you feel sorry for them. Therefore, this editorial will expound on some of the debt recovery procedures that you can use to recover your money.
The first thing that you need to do is to call and send a mail to your customers to tell them about their late invoice payments. Sometimes the client may have deposited the money in the wrong bank account, or they forgot about the debt. If your client is in such situation, make sure you include your bank and contact details as well as your preferred mode of payment. Once you do this, your client will not have excuses for not paying the debt as they will have the necessary payment details they need to settle the debt.
On the other hand, if this debt recovery procedure fails and the debtor has not called you or paid the mortgage, consider contacting them again either by phone, email or mail. Nonetheless, if the above debt processes fail, you ought to give them a final extension period to resettle the debt.In this case, try to make direct contact with them by going to see them and reminding them how much they owe you. Sometimes, this debt recovery process can help to create a strong business bond with your customer in future.
If all the above attempts fail, consider sending them a debt recovery letter. Conversely, this formal letter of request should act as a last resort in demanding payments since it can … Read More ...