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How to recover outstanding debt
22 June, 2015 | Smith and Partners
No one likes having unpleasant conversations; which is why debt collection is one of those tasks that is very easy to put to one side.
Many of our clients tell us they would rather not have to deal with requesting payment; they would prefer to get on with their day-to-day tasks and concentrate on the business.
In most cases, recovering outstanding debt is as simple as a phone call from a third-party law firm negotiating payment for you.
If you are attempting to recover the outstanding debt yourself, below are some pointers to make it a little easier.
Tips for successful debt recovery:
- Stay calm and remain friendly; this immediately puts the debtor at ease. There is no need to engage in any altercation.
- Telephone is often the best way to negotiate a settlement.
- Persistence is key; a call at the same time every day will often lead to payment!
- Deal with any issues immediately; often it is a case that the invoice has simply been misplaced.
- People are busy and often need reminding.
Smith and Partners’ debt recovery service
At Smith and Partners, we offer a simple and cost-effective service to take the stress off our clients, so they can deal with the more pleasant aspects of their business. We have staff with excellent experience in communication and negotiation (both extremely important skills when dealing with creditors). We also keep it simple for our clients and offer a service that is easy to understand.
Our pricing is:
- $375 + GST for initial telephone calls and letter of demand. Often a telephone call and/or letter from a third party law firm will result in payment immediately.
- $750 + GST for initiating court proceedings or serving statutory demand. Often the formality of issuing proceedings will result in payment to avoid any further costs.
We can provide clear costs for each stage to proceed to bankruptcy or liquidation to recover the outstanding sum. Each stage can be priced – filing proceedings, representation in court and enforcing judgment.
