Dealing With Receivable Collection Problems in These Economic Times
By Glen Hutchinson
June 3, 2009
These times are trying times for many companies whom have, and do grant credit. The recession has cut hard and it has cut deep.
If you have a receivable collection problem or problems now is not the time to lay back and hope against hope that it will resolve itself. It will not. Debtors and debtor companies can avoid repayment of debt much easier now more than any point of time in history. It is easy for people to avoid phone calls and messages. People are more prone to be untruthful now. The morals of our society are being eroded.
It is my opinion that if a debtor or a debtor company owes you, for example $10,000.00, for product or goods received on credit, and they have no intentions to honour their obligation, that it is the same as if they walked into your place of business and took the said $10,000.00 directly out of your safe. There is one simple solution, they should be sued. The outcome in both cases is the same, you are out the $10,000.00.
Why wait and hope that your receivable problem or problems will magically correct itself? They wont. If you had a reoccurring toothache would you wait for it to correct itself? You would, no doubt, be proactive and get the professional help you require. For the toothache a dentist. For you receivable problems, you need a collection agency that will litigate.
Choose wisely when selecting a collection agency to deal with your receivable problems. Talk to the agency first to be satisfied they can fulfill your needs. Do not be hesitant to ask any questions you feel may be pertinent. The collection agency should want your business and want you as a client. Ensure you tell the collection agency what you expect and be comfortable that your needs can be fulfilled.