Outsourcing of debt recovery is an under- utilized alternative method, despite being more beneficial its potential has not been fully exploited.
An article about the scope of debt recovery and how money can be recovered from debtors even if there was some folly while executing the contract, or the required agreement went missing.
The company which is undergoing loss because of bad debts can sell its debts to a third party buys back its debts on an agreed amount.
Most of you must have seen an arbitration clause in the terms & conditions of any contract that you sign. A detailed article on this subject and how it impacts debt recovery.
The secret to any successful business is good customer relations. Don’t allow too much time to pass without notifying your client that credit terms have been broken.
You have a statutory right to claim interest and compensation on late commercial payments. But are you still not being served the payment that your invoice states very clearly?
For companies, partnership firm, proprietorship firm and traders etc., can file a suit for recovery of their unpaid bills/ Business due amount or payment where there are any written contract/agreement between the parties.
The fact is that all those who default don’t do it intentionally but your money is important so is recovery of bad debt, which is owed to your company by your debtor.
Outsource your work to debt recovery management organizations who while maintaining the harmony of your business relations will realize your debts with their expertise.