What to Consider while Working with a Debt Collection Agency?

 Since you delayed your credit card payment a few months ago, you probably. Many annoying phone calls have been received from borrowers. However, you need to learn some facts about the debt collection agency. Although many companies are working under the authority, not all collection agencies operate legally or under license to provide their debt collection services.

What is a debt collection agency?

A debt collection agency is a company that receives debts from customers or business entities. Most collection agencies run their businesses as creditors’ agents. They help creditors collect the debt allocated for a percentage of the total loan amount collected as their fees.

Some agencies are also known as “loan buyers”. They take loans from creditors for pennies on dollar dollars and hunt for the full amount of debt owed.

Typically, after several months of pursuit without the success of the debtors, creditors will allocate or sell debt to collection agencies so that the amount of this bad debt can be written off due to a loss in their records.

Things about debt collection services that you need to know

Those who are chased by debt recovery agencies know that they are aggressive and have a bad reputation for intimidating and harassing debtors. Fortunately, in many states, collection agencies are monitored by law to prevent some unpleasant practices. As it is aggressive in nature, there are some activities that borrowers should be aware of when working with debt collection agencies.

· Avoid talking to debt recovery agencies: The less you talk to them the better. If they call you at your home, at work, or on a cell phone, simply ask them to communicate with you by mail, and send them a ceasefire with the mail registered with the receipt.

· Even after you send them a mail and they keep calling you, you should tap the phone conversation. Check your state’s law to see if your conversation is allowed to be recorded. Usually when you tell a debt collector that a conversation will be recorded, it is likely that the phone will hang up.

· Be familiar with the law of limitations in your state. The debt collector will keep calling you for a long time, the debt is also over and the loan no longer needs to be repaid legally.

· If you make any kind of payment to the debt collector, you simply confirm the loan and resume the law of limitations. Therefore, it is very important that you are aware of your rights.

· Aside from the law of limitations, you should also learn your rights by reading the Fair Debt Collection Practice Act (FDCPA).

· Under FDCPA, you have the right to approve a loan. Ask the collector to prove that you are the person responsible for the debt. If they fail to prove it, you have no right to take a loan from you.

· Just because you are in debt does not mean you should be threatened. Be aware of the debt collection agency and be educated about your right to deal with them.

Final thoughts

Debt collection agency is a necessity in our current business environment. While companies have always needed a collection agency with increasing amounts of commercial loans, debt collection agencies are even more needed. Collection agencies are called by companies that are not able to receive payment from the business for their invoices. Business loans can grow rapidly with interest charges and sometimes troubled companies will simply stop paying and suddenly find themselves unable to pay in full. When this happens, debt recovery agencies can move on.

Why would you use Commercial Debt Collection Services?

Businesses can often face financial difficulties when they give credit to customers who then refuse to pay or pay late. The effects of this are serious and more and more businesses are choosing to use commercial debt collection services to get their money’s worth.

Constantly chasing a non-paying customer can be very costly and tedious. He makes many phone calls, texts, letters, visits to their premises or home to talk to them about it. However, they may promise to pay but they do not. This is very frustrating for the business owner as they are left without the money they need to work as a business. The worst part is that they can pay other people and they won’t be able to pay until they receive their money, this can be a very difficult situation and sometimes even a business.

Focus on your core business operations

The longer the loan is not repaid, the harder it is to repay. People walk away, go bankrupt, close a business or refuse to pay. As a business owner, you feel that you have tried every option to get the money left over and to no avail. At this point, you may want to consider using a commercial debt collection service. Using this outside agency, you no longer have to chase debt for hours and hours.

Save precious time

You will not need to hear any excuses or lies and will have more time to spend on your business. It can be very frustrating to deal with people who can’t really pay but the debt recovery service will help the debtor find a way to pay. This may sound harsh but the truth is there are many people who can pay off the debt but don’t like it.

Get full credit

The consequences of not using a business debt collection service can be devastating for your business. If you can’t pay your bills, your credit rating will deteriorate. This means you won’t be able to get credit for your business, no credit means anything because most businesses are based on credit. You feel like you can’t even pay your employees or your utility bill, imagine how stressful it would be? Bad debtors not only affect your life but also the lives of others.

Final words

So, if you think you have a bad debtor or some bad debtor, then using a professional debt collection agency like Nirvana can really solve your problems. Sometimes you need the help of another agency to enable you to do your business, and in case of bad debt, this is the service that should be preferred.

What are the best practices of a Debt Collection Agency?

Debt collection agency is a necessity in our current business environment. Although there is always a need for a collection agency with increasing amounts of commercial debt by companies, it is even more necessary for debt collection agencies. The agency is called in by companies that are unable to receive payment for their invoices from the business. Interest loans can move quickly with interest charges and sometimes troubled companies will simply stop paying and suddenly be unable to repay themselves in full. When this happens, the debt recovery agency can move on.

Dealing with the responsibilities

Debt collection agencies usually buy business loans from the company but offer only a fraction of the invoice. The company is happy because it has managed to reorganize the percentage of arrears and then not have to deal with trying to collect it – which becomes the responsibility of the collection agency. The agency should try to collect on the full amount of the loan. If they are able to do that, they become rich and everyone is happy.

Suffering loss if failed to recover the debt

In some cases, collection agencies suffer losses because they are unable to recover the debt. Therefore, it is not surprising that many unethical and illegal practices have been sprinkled with agencies. However, remember that it is permissible to use certain methods to collect them – the person or company from which they are trying to collect is not allowed to simply intimidate and harass.

Legitimate practices

When you want to hire a collection agency, the most important thing is to follow legal practices. For example, they are allowed to contact a business or person from whom they are only trying to collect between 8 and 8 p.m. They are not allowed to contact anyone at their workplace, nor are they allowed to talk to the person’s boss, coworkers, friends or family unless they know how to reach the person in question. They are not allowed to share the reason for their visit or to know the name of the person knowing that everyone has defaulted on their payment.

Debt collection methods

If you are not sure where you will find creditors who follow the legal collection methods, you can always ask. They are the one, dealing with the credit reports of the debtors. Most businesses have to call the agency at some point and are generally more than happy to refer others to good debt recovery companies.

Find out the right debt collection agency

Although storage agencies have always been, given the current depressing state of the world’s economies, it is not surprising that the collection industry has seen growth and a boom in business. It also means that a large number of unethical agencies have come forward to meet the need in the market. Therefore, it is more important than ever to make reputed debt collection agency like Debt Nirvana on your shortlist more important than before so that you can be sure that you are only hiring a legitimate company

3 Effective Ways you Can Collect on Bad Checks

If you’ve been active for a long time, you may have faced poor control. These are checks that deposits cannot be paid by the owner’s bank, as there are insufficient funds in the account to cover the amount or the signature does not match. Therefore, they are called NSF – non-sufficient funds. Incorrect checks not only cause cash flow problems but also require additional costs. Fortunately, companies have several ways to focus on these returned checks and many of them can be fairly quick and painless.

As per the expert debt collection services providers, here are three ways to try to get into debt without resorting to court.

1. Call your client bank

The good news is that many people do not consciously write bad checks. Usually, they do not know that they have no money. Those who wrote a few months ago can be brutally charged. Or they simply calculated their account balance correctly.

As per debt recovery experts, in all cases, this omission will be corrected as soon as the author is informed of his error. So wait a few days and ask the bank to check if funds are now available. If yes, you can redeposit the transaction.

2. Contact your client

If you have an email address or phone number of your client, you can contact them to get more ideas about the situation. If you haven’t heard from your bank, your communication can help you avoid further bounced checks. Read more...

Choose Debt Nirvana for Debt Collection in 2020

When companies have exceptional requirements, they often turn to lawyers to sue the debtor, but Debt Nirvana – Debt Collection Agency offers certain services that must be completed before legal action can begin. With full service from start to finish and a responsive approach, it becomes clear why Debt Nirvana is the best choice.

We offer a full range of services.

We offer a one-stop solution, which means that we work and analyze accounts. In particular, we will contact each customer, issue invoices and leave accounts open for 60 to 90 days and hope to get help and results.

Before this, we sniff for assets. We analyze and see where they work, what properties they own, if they have a mortgage, etc. We want to balance the activities of debtors with obligations to determine if an account can be obtained. If we find good assets and our client approves the request, we will send this file to our in-house adviser and begin the process immediately.

We pay attention to your accounts.

Other organizations and law firms will only initiate legal proceedings pending payment by the debtor. They call and if the debtor cannot pay the full amount, the lawyer usually goes to court. The big question for you should be what assets have you found to go after and once you’ve located the asset, what are the possibilities of getting on that asset? Read more...

Importance of Customer Service to Debt Collections

According to the debt collection agency in India, Debt collection and customer service go together with hand-in-hand

Why be a debt collector?

It is probably true that no one is happy when they get a call from a debt collector. Why did someone decide to do it? Information about the debt collector may vary depending on customer service, receipt, agent and customer service representative. The ideal candidate will feel comfortable on the phone, of course, and comfortable working with people. Most importantly, each of the above positions must be effective in listening and offering compassion. A debt collector must help people pay off their debts. If done correctly, the collector negotiates a win-win for his client and the debtor.

Even A debt collections agent will get some abuse phone calls. The customers will scream, squirt, cry, threaten and call names. The debt collection agency should also support and empathetic its employees. The employer must understand when the officer is to take a break, leave or find another way to reassess after the call. Indeed, it is very easy to know the feelings of the debtor by telephone, the culture of the company is therefore very important. Read more...

How To Boost Holiday Season Sales To Recover Your Debt

The sales season is a golden opportunity for companies. But December activity does not always translate into higher sales or positive cash flow. As per Debt collection services providers, here are three tips to increase your sales,

1. Improves customer service

Customer service, not discounts, is the key to boosting sales during the holiday season. This sales season encourages companies to join the offer of discounts and help in balancing the debt The smart company warned that sales are good, but discounted sales can generate negative cash flow.

Customer service should be your top priority, whether you have a physical or physical store or an online store. Excellent customer service must be constant throughout the year. Although as per the debt collection agency, customer service is more valuable, this holiday season will encourage customers to do many other things. Your excellent customer service will help you make good decisions as soon as possible. Improving customer service will lead to loyal customers.

2. Increase the value of sales

Excellent customer service translates into sales which reflect in debt collection. But in this holiday season, set your goal to increase your sales value by increasing sales. Have your customers buy a more expensive, improved or premium version of the item they chose. Or ask them to buy extensions to make a bigger sale. Read more...

5 Ways to Pay Off Debt in 2020

Here another year is ending, which means say goodbye to 2019 and welcome 2020. With the new year, it becomes important to start pondering your financial future. And if you’re looking to pay off all your debt collection here we are as 3rd party debt collection services provider. Learn 5 ways to become debt-free in 2020.

Set Financial Goals

Make a goal to save at least 50% of your earnings, no matter what. To achieve this goal you can cancel all those extra services which you can live without. With setting financial goals you’ll be eager to pay off your debt collection way much faster as you accomplish the things you truly want.

Make a Budget

The road to no debt won’t be complete without becoming cognizant of your monthly earnings and spendings. Many of us avoid budgeting as it requires to much time, planning and detailed work. But with better budgeting, you can divide your money on what matters the most. To save time you can use any free budgeting apps online. Read more...

5 Reasons Why Small Business Hire a Debt Collection Agency

Do you have clients who never pay you on time? There is more than 60 percent of small business owners face this kind of situation and have unpaid invoices at least 60 days. In cases like this you need to call upon the debt collector services of debs. As they know how to deal with the unpleasant aspect which is best for both the parties. With all this, there are few facts to consider when you dealing with a debt collection agency. For more here are some reasons why a small business outsources debt collection services.

1. Time & Money

Collecting a debt can be a long, and time-consuming process. Especially for small businesses it takes your employees time and morale which might affect your business. When you outsource debt collection services they take over debt recovery on your behalf and your staff enjoys more time on core activities, to grow your business.

2. Follow-Up

An agency specializes in debt collection knows how to recognize the debtor’s signs and followup on their due payments. Read more...

What is Debt Collection? – Debt Nirvana

What is a Debt Collection?

Being in debt is not good, a collection can result from a debt that is unpaid on given time. And when you become significantly delinquent on a debt, such as credit card bills, medical bills and such other, the parent company will often write off this debt as a loss and give it to the professionals such as a Debt Collection agencies. 

They will then attempt to recover the due money. All the creditors and lenders have different policies, based on that they sent the debt to the collection agencies. The credit card account is sent for collection after 180 days of non-payment. Overall it will result in the account being marked on the report with a collection status. Read more...

Tips to Collect Personal Debt from a Family Member, Friend, or a Business

Tips to Collect Personal Debt from a Family Member, Friend, or a Business

Lending money to friends and family is always a complicated situation and especially for those people who avoid paying that money back on time. Collecting the money comes down to the type of relationship you have with the person, and obviously, how serious you are about getting your money back. As per the Debt Collection Service provider, the best way to collect your money back is to refer to a written agreement for the terms of the loan. The contract which covers all the details such as payment schedules, loan interest, debt recovery settlement and so on. 

Friends

Here you need to work smarty, plan a dinner with your friend and strategically order enough food to cover your debt collection, and when it comes to paying the bill casually mention that your portion matches what he owes you for that thing. And still if the person hems and haws, just reveal that you’ve forgotten your wallet. Also, you can make mutual friends and ask them to help you in getting your money back, as per the expert Debt Collection Agency, this works well when the amount is small especially with the roommates. 

Visit more information:  Debt Collection Service

How to Collect Debt for Small Businesses in India

What is small business debt collection?

Maybe your business is bringing a lot of sales right now, but if you can’t get payment from the customer on time, you will have serious problems in the cash flow of business, A small business debt collection strategy can help you in creating a steady inflow of cash, improve the time of payments, and map out how to handle late collections. For many reasons, customers sometimes do not pay their bills on time. As per a debt collection agency in India, late paying customers fall under one of below categories,

• Customer who want to pay but can’t pay because of financial issues.
  
• Some customers intentionally delay payments to manage their money.
  
• Customers who avoid the payment altogether.

It usually is seen that the first two types of late-paying customers are more likely to collect money. Here are the 3 main tips to collect debt for small businesses in India.

Read More: "Business Information Report"

Why is Debt Collection so important to businesses?

Majority of people are not aware of how important debt collection services are to any businesses. They predict that the average business clients/customers pay their bills on time. In the majority of businesses, this is true but there are times when a business either cannot or will not pay their bills and someone has to help in the collection of that debt or it may end up going unpaid and the company to whom the money is owed must find different ways to cover the losses.

Both the small and large businesses and corporations do suffer from bad debts at some time of their existence. While the latter can easily handle the situation, on the other side smaller businesses depend on the reimbursements of debts in order to survive. Also, poor debt collection can lead to a collapse of any business due to lack of cash flow at crucial stages of operation.

Get More Information “Debt Nirvana“

What is a Debt Collection Agency and its Power for your Business?

Debt collection agency is hired by companies to store their bad debts. For this reason, many companies have debt collection branches in housing, but many other agencies would prefer to hire services. Debtors are usually scared or afraid of loan collection agencies because they are unaware of the powers conferred by such agencies. Of course, there are some dishonest agencies, debt believe they have more power, but in case of case they do not help.

The debt collection services can be paid in two ways, one has to pay a certain amount, while others have to pay the percentage of accumulated debt. There are agencies that actually buy some loans directly. This means, if a debtor company has to pay the money, and then the corporate debt to sell the loan agency, the debtor must pay the legitimate agency debt. By selling the agency, the company receives a certain percentage of total debt. The amount the agency collects from the debtor is kept by the collector. Since then the agency has to purchase the loan company to pay the payments made to pay more funds, so it is employed in all kinds of strategies, and often have some unhealthy practices.

Usefulness for your business

Debt collectors do not have the right to enter your premises or to take possession of their belongings. In fact, they can only ask for money from you. The point is that the debtor calls frequently over time, and unethical collectors threaten borrowers for the purpose of settlement of the outstanding amount. On the other side of the question, a professional debt collection agency will try to develop supportive relationships with its borrowers, and thus will start the negotiation process to recover the debt. In many such cases, the debtor can write a portion of the loan.

Debt collectors do not expect to call too late in the morning or late evening. Although they can call you at your workplace, but they should inform them that you do not have permission to accept personal calls on the workplace. Debt collectors are not allowed to harm or intimidate or use abusive language in any way. Neither they can make fake claims about your debt, or lie about your legal rights or official rack, take your property nor can you arrest them.

Conclusion

United States has made it into the Fair Debt Collection Practices Act to control the management of lending collection agencies. Many states have prepared special laws for the collection of loans and, generally, when state laws are considered more than FDCPA, then pre-apply. Similarly, in the UK, loan collection agencies come under the appropriate trade office, in which the debt collector can work. The reputed debt collection agency also gives examples of unfair practices, such as harassment or acting, they actually have more power.

You must Check your Customers Capacity to Pay Debt Collection Services

Your internal efforts are seriously failing to gather the last account, now is a professional phone time. But do you call your corporate / general lawyer, a collection or a museum agency? Look at all these three and decide what your best way is to use the following tips offered by the debt collection services.

A corporate lawyer is a lawyer who works for a direct business and a general lawyer is a legal company that is on a maintenance basis for your company to work in a certain quantity each month. Are done and special attention is given in collections. His main work is to give legal representation to his officer and his employees. In particular, they advise on legal matters and will make a legal discovery for the corporation's benefit. In addition to their services, they are offering important support services like collective deal agreements contracts government regulations, employment patents property interests and many others. They can also represent the court in defense of their employees and lawsuits are fought in the fight against them.

Tips to check customers capacity to pay debts

• Now when storage conditions are kept in mind, then they can handle it, but do they work best for you? What if you have a large amount of it? The counsel generally decreases near if there is a collection experience and a very limited time of day-to-day concentrations in this area. Storage agencies and collections the lawyers have specialized training and experience in nearby collections, which usually do not have a general lawyer.
  
• Also, if you use your corporate lawyer to hear a case against another state-owned customer, then generally enter the suit where your company is located because it is very easy. However, once you make a decision, you will need to have your customer make and apply an animal to a lawyer in the local jurisdiction. Now you have two lawyers, delayed decision and increased costs.
  
• It is easy to use your lawyer to raise lending because they are part of your company and are on a local and retainer and you think your cost is low but maintenance is only charged against their per hour billing.
  
• There is no guarantee of success on the basis of one hour's composition in relation to a collection, so much money costs, especially if your customer makes a claim, then you can spend more for a long time, so using your corporate or general lawyer will get the best results.

Conclusion

Today's enthusiastic economic news, despite the fact that many people are still struggling with their own private economy, 35& of debtors have a loan failed to pay on time, which gives information to the debt collection agency, according to a study released by the urban organization. In addition, the share of customers in the collection has not changed, although the total credit card debt has declined in recent years.

Why Outsourcing a Debt Collection Agency is Effective?

Without a good loan recovery system, a business is like a bar in which there are big holes, no matter what you want to spend, skilled credit recovery processes 'plugs the hole' where earning income is declining and it ensures that The business is properly acquired.

Many businesses are focused on the highest time and effort ahead of their sales campaign ahead. Many people have a shortage of time, resources and specificity to quickly and efficiently recover a non-paid loan. Actually, if you lack relative expertise and proper equipment, borrowing will be time consuming, expensive and inoperative with borrowing. This is because smart business is looking for outsourcing benefits.

1. Increase capacity

Taking the services of a reputed debt collection agency is the safest and most effective way to get your business customers. Focus Once you have rented a reputable debt collection agency, your old collection of outstanding dues is lifted from his shoulder's weight, approved by your team's other activities or the increase in your company's productivity and sales.

2. Keep good relationships with your customers

All customers are critical to maintaining your debt with the Commercial Debt Collection Company, not only for their customers' outsourcing responsibilities, but also to give your customers the comfort they will give you a pleasant conversation money, giving you stressful work after giving stressful work. The Loan Collection Agency will inspect, collect and inspect the loan. It needs your internal staff to remind you of your debt through the desire of the collection agency.

3. Create good cash flow at the time.

Some organizations are already trying to get the money in the nature of the outstanding dues, trying to meet them at a time effectively, because they are caught in other things failing, or because they lack the inability to avoid operations such as their debt collection. Outsourcing the responsibilities of your collection through a professional collection agency will help to control your company's cash flow which decreases the basic rate.

4. Short Loans Collection Time and Expenses

The process of trying to collect debts in your company can be expensive and stressful. It can negatively affect your employees' productivity and performance. That's why companies outsource their internal debt collection divisions and professional debt collection agencies to put an end to the needs of its debt collection needs.

5. Better and more skilled finance schemes

Failure to create a collection plan for some businesses can damage its finances and provide seriousness. This is one of the main reasons for customers who do not pay or get paid over time because this is a formal collection process where your last payment is automatically sent to your collection agency, and you clearly state this fact with your proposals, contracts and Io's payment shows in the Terms and Conditions section.

6. Better Financial Results

To sell products or services to other businesses, the payment terms of payment are often purchased by the company, which are requested. This 50% payout can be advanced and the remaining delivery, or net 30 days, 60 days or 90 days. When you want to buy your products or services you can put your company in danger, especially if the sale of goods is too big.

Conclusion

When the acceptable receipts in the past are allowed to be unchecked, they may also be damaged by the scam. To help businesses, time waste on outsourcing with the debt collection services, and reductions in business relationships, and re-negotiation payments.

Use of Social Media in Debt Collection

We use all social media sites to leave tracing. Leaving Trading is an industry term to track to a receiver when you do not know your current address, phone number or place of employment. When someone searches for us to gather for a loan, use any information for that purpose, including information available independently on social media sites for debt recovery.

Often, we are looking at that some debts are ongoing and they are wary because they give information on your social media profiles, so they mark it personally. This is where we are constructive, we may be able to see debtor friends on Facebook, we look at their post and maybe get information about the location of the debtor, workplace or recent locations, and with whom they will travel.

There are no rules against social media for debt recovery

In the form of debt collection, we must comply with customer laws and loan recovery, also adhere to the Institute of Conduct Mercantile Agents Limited Code. For more information on the guidelines on social media law and debt collection,

New type of debtor

A new type of debtor 24/7, new online channels and new communications tools, online advisory trusts, buy more online than offline, want to answer your product or service, are expected to use good customer service and read and make product and service Reviews use websites they compare to search for quick services which others use and what their conversations are.

New kind communication with debtor

With this new type of debtor, we must accept debt as a collector, and provide new ways to communicate with these borrowers. Every store agency should have a social media policy when it comes to social media profiles and content, and should use high level transparency. We all remember a big Australian bank event, where employees were caught in fake Facebook accounts to send messages to borrowers. Social Media is a policy to work on debt collection and it is not to make sure that your employees are trained and that you know about your procedure.

Conclusion

Our impact on these new social borrowers is very immediate. Twitter, Google and FB will provide an immediate review on service and interaction. So be active. Before posting any negative comment, talk to your debtor. Give an online chat forum to your website so they cannot wait on your phone line or email their feedback.

Why Business Information Report is important for Making Business Decisions

A Business Information Report assists in identifying key areas of strength and weakness of your company. It also adds a current record of your business performance and visualizing the companies priorities. The Use of this detailed report will help you mitigate potential business risks. It also facilitates to determine the companies profitability, financial stability, and payment performance records.

BIR is set as the industry standard for evaluating both new and existing credit relationship with a particular focus on medium to high-risk accounts,

The Key Benefits of Business Information Report are :

• You can determine the profile size, scope, and nature of a business.
• You can check background review of owners and key employees.
• You can match the risk assessment for new and existing clients.
• You can review the companies payment trends.
• You can also review the companies financial information.
• You can also determine the companies credit rating.

Further, There are 2 types of BIR.

Commercial BIR

The report includes the necessary information that allows you to determine the potential partner’s reliability. This report concludes a general evaluation of the companies sales, expenditures, and legal status.

The main benefits of these report are:

• This report is an important first step to establishing strong and safe business relationships at every step.
• It allows your company to improve risk management.
• It analyses the opportunities, and manage client relations.

Comprehensive BIR

This report provides a much deeper and wide-ranging view of the target company. The report comprises of the risk surrounding the important commercial negotiations. The comprehensive BIR assures you that your next business deal or decision is with a responsible and trustworthy partner.

The main benefits of these report are:

• With these report, you can identify potential clients, suppliers, and partners.
• You can better your understanding of the competition.
• This report evaluates the management quality of the targeted company.
• You can also discover past and present payment habits of the company.
• You may also identify the cash flow of management in detail.
• Lastly, you can even analyze your financial tendencies.

At Debt Nirvana, We offer robust compliance reporting services that provide solutions to save your organization’s time, its resources, and also avoid costly or unpleasant business decisions. Our Service includes debt collection services, debt recovery service, bad debt recovery, account receivables outsourcing and many more.

4 Excuses you come across while Bad Debt Collection

Debtors are always trying to negotiate their payment at the time of bad debt collection. Here we are sharing some common excuse of debtors and their solutions so that you can convince them to pay your money.

1. I do not have enough money at this moment

In one of the most common excuses, the smart debtors will try to buy themselves some extra time, only to say that they have no money to pay at this time.

Answer: Ask them to fill in financial statements. There is a ready and available online send to it. If you want to use our template if those who say it is true, then they will not hesitate to complete the financial statements. Then you can work with people who can find out. If they deny, then let us know alternative options, which is a court order, and then to appear before the court to reveal their property and liabilities, a subcontractor Do you want to do it in a simple or difficult way?

2. I promise to pay within two weeks

The repeating offense lenders will often promise about payment. They have a bad habit of not keeping those promises

Answer: The document promised and make sure that they stick to it, they have put it in writing, the email will do it. Keep detailed notes of each promise made and fulfill every promise. Call and email them right before and shortly before their due date. If the first promise is broken, then immediately subcontract the debt collector. If they break the promise, then they are likely to break it again, so in my opinion, once the promises are broken you cannot show mercy.

3. I will call you tomorrow

Perhaps the most frustrating type of debtor is the one, who promised to call in the future, but he never does. And then they stop ringing their phones completely.

Answer: Whoever does not bother to inform you of your situation, clearly there is no intense desire to maintain the business relationship with you, so this type of debtor should immediately go through his collection process. As debt collectors, we will not be weak in these situations.

4. I want copies of all documents

Generally, this is another delay or avoidance strategy for not paying you. This is a very common stability strategy.

Answer: In the first example, provide all the documents to your debtor. In the form of loan collectors, we always send all the documents to the debtor with the first letter of demand. In this way, they have no excuses. We have only one document ready to go at any time. That's why you should emphasize updating all your records.

Key takeaways

Thus, there are a lot of excuses that you can witness, while claiming your hard earned money. In order to prevent such drama, it is vital to hire a reputed bad debt collection agency to get the job done easily.