Debt Collecting – Frequently Asked Questions & Answers (Part 2)
“To always develop and grow, I’m always asking questions.” Q Why would my small business need a Credit Control System, when my business turnover is not very big, Isn’t this kind of professional approach only for much bigger businesses? A A properly defined , developed and implemented Credit Control System in any business,…
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. …
Q & A: How to Organise an Effective Debt Repayment Plan?
At some point, most businesses will come to the stage in debt collecting that a debt could be collected only by accepting installment payments. If you are serious about collecting your debt, you need to re-negotiate the payment agreement and set up a valid debt repayment plan. Many people asked me about the essentials of…
Q & A: What should I do when my bank cancels my overdarft?
by Stefan Töpfer ‘This question is hard to answer, because there are no simple answers here and the outcome of this situation could easily be fatal to the business and if you are personally guaranteeing this money – and you probably are – this could potentially be very serious for your personal life too. The…