Debt Collection Blogs
Disappearing Debtors: Improving Your Chances of Successful Debt Collection
- Debt Recovery
Few people are knowledgeable when it comes to collecting money and commercial debt recovery agencies. Debts have mounted throughout world economies and the need for collection agencies have risen. Business to business debt collection is often most successful when a professional collection agency is involved. Collection agencies are like dentists in the sense that you hope you never need one but if you do you want the best. There are thousands of collection agencies in the United States to choose from. The Stevens-Lloyd Group has over 60 years of combined experience in the commercial debt collection arena. As a commercial debt recovery firm, we understand the urgency of recovering outstanding accounts receivables.
But imagine dealing with a debtor who suddenly disappears by changing their address and contact information without notifying you. It might at that point seem like you have lost your money, but you must bear in mind that it is unlikely that anyone would be able to simply vanish off the earth’s surface.
When placing business with a corporate debt recovery firm, to ensure the highest possible rate of success at locating debtor companies, be sure to provide as much information as possible. The more knowledge the commercial collections agency obtains from their clients the greater the chances of successful debt recovery.
This material must include names of owners, officers or directors and spouses. Moreover, business and personal addresses, telephone numbers and email addresses are critical pieces of information. By providing this information and maintaining communication with the commercial collection agency, the process will be less frustrating and more effective.
Prior to placing the account with the commercial collection agency, we recommend that the creditor mail a firm ten-day demand letter to the debtor which incorporates a deadline of payment in full. This enables them to understand how long they have left to pay the debt before the file is placed with an outside debt collector. If the debtor company does not respond or effect payment in full after a few letters, making phone calls and demands for payment need to take place. However, if the debtor avoids communication or disappears, it is time to deploy a professional debt recovery firm.
Furthermore, when you employ the services of a business collection agency, make sure you utilize a firm who will not harass and intimidate your customers and operates in an honest and ethical fashion. If the debtor cannot be located, another option the collection agency may have is to retain private investigators who can conduct a skip tracing investigation and locate the new address and contact information of the debtor company. This could prove to be most effective in ultimately recovering your money. And working with a commercial collection with experience dealing with a multitude of different industries, debt can be successfully collected from anyone, anywhere.