When shall you start to partner with a debt collection agency in recovering overdue debts? The answer is “NOW”, since you have such concern to collect outstanding debts, start debt collections as soon as possible to ensure the highest recovery rate.
There are many debt collection agencies and lots of which has its own specialty, for instance, with Xservices we specialise in commercial debt recovery, we also have debt collector with intensive knowledge in solar industry therefore our success rate for solar debt collection is very high. Despite the specialty of debt collectors, find an active debt recovery agency could fast track the collections time frame, as cash flow are always a concern for business owners.
An active debt collector would act immediately on possible recovery in order to get a shorter turnaround. Beside the debt collection agency, businesses should also act as soon as the recovery is identified and outsource it to a professional. Ideally, you could have a quick chat with your debt collector when outsource this debt to the agency, as the more knowledge your debt collector has about the debt, the higher success rate for the matter, and many details can be too time consuming to write in email, therefore a quick chat to explain the stories behind the debt can be very helpful.
If you are still trying to recover the debt internally, consider the following:
· How many times have you tried?
· What resources do you have to take a step further?
· How likely to collect this debt internally?
If you are not 100% confident to recover this debt by yourself, don’t leave it until last minute and then discuss with a debt collection agency. We found many cases that the debtor has already been wound up by other creditors when our client finally decided to proceed – that is too late, even the best debt collector couldn’t help much on it.
Xservices are professional debt collection agency, our collectors work proactively with each debt, no matter small business or medium to large organizations, we have the expertise to help. For more information, contact us via the options here, feel free to leave a message via submitting a form, remember you won’t be charged for the consultation session!