Powerful Steps for Corporate Debt Recovery

There are many reasons for running a business, but the most simple bottom line is that you provide products or services in exchange for payments collected from clients. Here clients can be individual consumers or they can often be other businesses with which any company may contract. In order to protect the rights of creditors and other attorneys offer commercial collection services. Such services allow owners of the business to continue focusing on daily operations and keep them from having to constantly pursue payment for B2B debt recovery.

There are many steps in the corporate debt collection process, 

• Contact personally with your client either face to face or via calling

Collection of overdue accounts should be a day-to-day task not just looked at when cash flow is low. Contact with your client as soon as possible is more likely to address any issues that might be the reason in delaying or non-payment and provides the opportunity for discussion. Also, depending upon the amount of debt and relationship with your client you can choose to arrange a meeting to discuss the debt with the clients or arrange a meeting with the help of Debt Recovery Services India.

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Hire Debt Nirvana- The Best Debt Collection Agency in India

Collecting a debt especially in a developing country like India can seem impossible. Factors such as language, and cultural barriers, customs, and foreign laws all impose serious challenges. The task of debt collection becomes simpler when you hire a Debt Collection Agency in India. Debt Nirvana offers on-the-ground representative in India.

At Debt Nirvana, our team put people first, by doing everything to get your money back while maintaining a good relationship with the customer. We combine a people-oriented approach by using the latest tech-driven solutions to get better results and provide better contact management.

In addition, Debt Nirvana is a highly recognized firm in the market. Also, we have advanced technology, with the exceptionally trained staff of collection professionals. Debt Nirvana is one of the fastest developing professional collection agency in India. We as a team committed to presenting clients with the top position of legal representation in a very cost-efficient way.

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What to do? When the Customer won’t Pay the Due Bills?

A friendly reminder that customers bill is in pending is the first step in collecting your payment. Usually, a late payment was an honest mistake, and as a first follow-up, you can call your client so they pay the due payment as soon as possible. A bill gets buried in papers and before the dates came into your mind, you’ve missed a payment. If you’re a regular user of paying bills on time, it’s likely that you got a longer leash than customers who pay late, but now or later you need to pay bills and with late payment, it increases the interest rate on time. With the help of debt collection services providers, you can collect all the pending bills on time.

In some cases, your client delay in payment by saying that they lost their bills, or that they need to reconcile their records to find the correct amount of payment. The debt collection agency in India advised sending an updated invoice to take away this kind of excuses.

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What are Time-Barred Debts? - Debt Nirvana

Collecting time-barred debts is not an easy task. Tracking down debtors and convincing them to pay is quite difficult. When a debt is older than the limitations of the statute, it’s called time-barred debt. It means creditors lose the legal right to sue you over it, though Debt Collectors may still try to do so. Time-Barred debts are debts that are too old for debt collectors and creditors to sue you for.

Each state has a law that explains how long a debt collector can sue you for debt. This period is known as the statute of limitations. Make sure before you respond to an old debt, check the statute of limitations in your state.

What Yo Can Do

There are Few Ways to Handle a Time-Barred Debt,
1. Ask your debt collector to provide written verification of the debt, this process is also known as debt validation and can take approx 30 days of the collector’ s initial contact with you. Once you apply for a written request for verification, during this time of period collectors can’t attempt to collect from you, until and unless they’ve provided proof that you owe the debt. 

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