Debt

The recovery of debt can be a tricky affair especially for those who do not have a deep understanding of the processes involved, the laws regulating collection as well as the tactics that could lead to positive results. In order to recover most debts safely, an organisation needs to do the following. 

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Hire an agency

There are numerous debt collection agencies that understand the processes involved, the tactics that are more likely to yield results and how to customise the tactics to the specific case. This agency should take the lead on the collection efforts to increase the chances of success. The agency hired should have detailed knowledge on the local market, experience, a good reputation, sufficient resources, should be affordable and have a dedicated team in order to promote efficiency and success.


Legal team

Most agencies will have their own attorney who interprets the laws and provisions on debt collection in order to ensure that everything is done in accordance with the law. If the agency hired does not have a legal team, you should hire a dedicated attorney. Look for someone who specializes in debt collection and business law to improve efficiency. The legal team ensures that all strategies used are within the law and that the rights of the individual debt collector or company are not violated at any point during the process.


Team work

Although you may be outsourcing the work, it does not mean that your organisation should not be involved in the process. This is why you need an internal resource who will be the focal and contact person for the collection team. This person will participate in strategy meetings and all decisions must be run through them. Remember that at the need of the day, the client will sue your organisation if things go wrong. This is why it is good to have some sort of oversight over the whole process. The oversight also ensures that the company culture and policies with respect to client and stakeholder treatment and interaction is maintained in order to prevent a bad reputation.


While the debt may seem like an enemy in this situation, it is better not to treat them as one. At the end of the day, they are human beings who may have made the wrong decision. It is therefore important that they are treated humanely and within the confines of the law. One single move and your brand reputation, built over years, is grounded for good. It is therefore good to play safe and within the books.