13 Secrets to New Year’s Debt Collecting

“Nobody can go back and start a new beginning, but anyone can start today and make a new ending.” – Maria Robinson 

This year is about to end and this is the best time to plan what you want the coming year to be, especially when it comes to your finances. If this year hasn’t been too kind to you because of increasing debt, then start planning and changing things now. Contrary to the belief that creating resolutions on the first day of the year is more effective, this doesn’t hold true when we are talking about debt recovery for your business. The earlier you plan your financial strategy and start recovering from debt, the more time you’ll have to monitor it and check how it can impact your cash flow system. Continue reading

Debt-Free Holiday Tips for this Season

“Too many people spend money they haven’t earned to buy things they don’t want to impress people they don’t like” – Will Smith 

The Holiday Season tends to lure us all into getting into more spending and debt.  Big-item buying and unplanned spending is as bad for personal as it is for business finances.  Festive Season has the magic of making us all a bit merrier and light-handed when it comes to shopping, parties and Christmas gifts, but most of the time the headache from unnecessary debt comes “the morning after”.

No matter how generous and ecstatic you feel, think twice before putting another item in your Christmas shopping cart.  You can’t avoid Christmas spending, but you can surely avoid putting yourself in a financial predicament that could lead to cash flow problems due to more debt as you start the New Year. Continue reading

How to Connect with a Customer when Debt Collecting?

“Forget about the sales you hope to make and concentrate on the service you want to render”. – Harry Bullis  

Customer Service in Debt Collecting

Here are 13 simple but powerful rules to follow in order to properly connect to a customer when debt collecting.  Remember an extra little guideline: always give people a great customer service and more than what they expect to get!

  1. RESPECT customer’s need for face saving – you do not have to be blunt in your fist approach and spell out that you are collecting bad debt. Continue reading

Debt Collecting – Frequently Asked Questions and Answers (Part 1)

“Debt –  An ingenious substitute for the chain and whip of the slavedriver.” – Ambrose Bierce 

This is our first post in the series of the most frequently asked questions and answers regarding debt collecting.

Q How quickly can we collect money from a debtor?

A There is no one specific answer to this question.  The outcome will depend on many variables: What are the Standard Payment Terms for the debt?  How long had the debt been outstanding for (the longer outstanding the less chance of collecting)?   Has the debt been chased previously and is there a record of the collection attempts?  What kind of debtor are we dealing with?  Is it a commercial debt or consumer debt?  Continue reading

Essential Debt Collecting Skills – Negotiating

Observing a Master Negotiator at work … is an ‘Art Form’.   But, did you realise YOU could EASILY become one yourself? 

NEGOTIATION is an essential skill in our everyday interactions. We daily use it in all areas of our life without even realising it.  Some people are naturally better negotiators than most.  But negotiation is a skill that all of us can learn to master if we put an effort into it.

Becoming a master negotiator will help everyone generally in life, but especially in business.

The role of effective negotiation cannot be underestimated in the debt collection. Debt collecting requires you to become a master negotiator and master the skill of finding a win-win situation that would make your client happy to pay you, and to pay you as soon as possible. Continue reading

Have Debt & You’ll Feel Empowered!

‘Want to boost your self-esteem? Then pile up on the debt.’ 

‘This is a surprising claim made by a new study which says young adults who saddle themselves with debt will feel empowered and feel better about themselves.

“Debt can be a good thing for young people – it can help them achieve goals that they couldn’t otherwise, like a college education,” said Ohio State University assistant sociology professor Rachel Dwyer.

Interestingly, her study found that 18 to 27-year-olds who had huge credit card and university loan debts had better self-esteem than their peers. Continue reading

Is Your Invoice Hurting Your Cash-Flow? – 15 Key Elements to Turn it Your Cash Collecting Helper

The truth is that many operating businesses do not have properly drafted and defined invoices given to their customers/clients.  

I have seen it too many times that often very important information is simply missing from the invoice.  This causes confusion with clients, but more importantly, it creates great problems when the business debt needs to be collected.  With an invoice like this, you can be certain of one thing; it will affect your business and hurt your cash flow.

So, how can you turn your invoice into your cash collecting helper? Continue reading

What You Have To Know Before Attempting To Collect Debt

WHAT YOU HAVE TO KNOW BEFORE ATTEMPTING TO COLLECT DEBT:

Federal Debt Collection Law Industry Guidelines

Have you ever been chased to pay debt?

Have you ever chased someone else to pay debt to you?

Chances are you have belonged to both camps at some point in your life.

Do you know that you are legally protected in both cases & you DO HAVE LEGAL RIGHTS? Continue reading