Top Tips for collecting a Debt from a Company
Owed money and need help? We have compiled these simple tips for collecting a debt from a company or Business. Being owed money can be a very stressful scenario. But, taking the right steps to collect it can be straight forward. Everybody is owed money at some point but being able to do something about it helps.
Not getting paid for goods or services provided is a real headache. frustration may cause you to think irrational thoughts of collection action but you must desist. Heading over to the Company’s premises with an aggressive mindset could land you in trouble.
It is always better to adopt a Legal and calculated approach to these matters! It is not uncommon for Company’s not to pay their dues on time. If you have been around a while you will know that some Business owners just play games when it comes to Business Payments. There are different reasons for a Company not paying and usually they fall into one of these two categories.
- The Company has normally pays on time but has financial issues.
- The Company is deliberately not paying for their own gain.
Of course there are situations where the Company may have a valid dispute. This has to be documented and be in line with any terms on which your relationship was based. They cannot simply say, “we’re not paying”, this is not acceptable.
The key thing to understand when collecting a debt from a company or business is that everything happens for a reason. Not all situations are the same and everything happens on a per case basis. We know this better than anyone having dealt with hundreds of thousands of company not paid cases.
1. Stay calm and focused
You have provided goods or services in good faith. You want to be paid, that is natural. Do not let frustration take over when you feel somebody is taking advantage of your good nature. Your mental state will affect the outcome of this situation so clear thought is essential.
2. Document everything
Ensure you have invoiced correctly and they have been sent to the correct persons. You should keep a copy of any reminders you have sent. If you are owed money but got no contract then things can be a little trickier.
3. Avoid harassment or aggression
Whilst persistence plays a major role in recovering a debt from a business, there are Laws that need to be respected. There is a fine line between professional communication and threatening behaviour. Watch this helpful Debt Collection video for tips on being compliant when collecting a debt from a company.
4. Be flexible
If the company is having financial struggles, it may be in your interest to accept an repayment plan. Getting your debt paid in chunks is better than nothing at all so be flexible.
5. Hire a Professional Debt Collection Agency
If your attempts to collect a debt from a company have bore no fruit, stay calm. There is expert assistance at hand. A Professional Debt Collection Agency can help when everything else fails.
Being owed money is no laughing matter. Hundreds of thousands of small businesses have collapsed in the last few years. This was simply down the the fact they did not take action to collect what was owed. People do not want to feel like a push over yet they do not want to take things to far. Working with a Professional Debt Collection Agency will cover those bases and provide a bespoke service to your needs.
If you need help collecting a debt from a company, speak to us today. Our friendly Advisers will best understand the situation and offer advice. There is usually an option to resolve it and keep the cost to a minimum. Frontline Collections does not charge by the hour and for a small instruction fee, indemnify you of any disbursements or fees.
Collecting a Debt from a Business done the easy way. Call us today if you need any help.