In Show 101- 5 Steps in the Debt Recovery Process originally broadcast on Facebook Live on Monday 18 June 2018 where we explore this interesting topic.
Today on Fast Fix Monday we’re going to discuss the five steps of the debt collection process.
- Contact – You have to contact your overdue accounts. That should be a daily task. People don’t like chasing down others for money but once you get into a rhythm it will get a lot easier.
- Written demand – If the contact process doesn’t work you should follow-up with a written demand.
- Negotiate – Be willing to negotiate. They many have reasons about why they are not paying, Listen to their concerns and be prepared to reduce the liability.
- Debt collection agency – These companies are quite effective at recovering your debt but they do cost money.
- Legal action – You’ve sent letters of demand but you still haven’t been paid. Your final option is to go to court. This can cost a lot of money. You want to be sure that the money you are owed is worth the expense.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.