How to recover bad debts? (1)

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How to recover bad debts

• These steps can be used as an uplifting process
  to contact your clients around a remarkable
  payment from friendly update through to letter of
  demand and bad debt collection.

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Contact with a friendly installment update

• Once the installment is late, telephone, email or
  mail the client with a courtesy update. The
  client may have overlooked, paid into the wrong
  bank account or another minor issue and your
  contact will be sufficient to get the receipt
  paid.

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Contact with a past due installment update

• If the payment remains outstanding and the client
  has missed the next agreed installment date, or
  there has been no contact, telephone the client
  or send another email to indication of the
  payment.

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Contact your client with a last notice

• When the client has not paid according to the
  terms of installment, and has missed installment
  dates again call or email them to examine the
  extraordinary receipt and demand installment.

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Try to make direct contact with client

• If there is still no installment or reaction,
  consider going by the client face to face (or
  calling them if past contact has been through
  email) to request for payment.

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Send a formal letter of interest

• It is useful to check a list of fair debt
  collection practices, created by Consumer Affairs
  so you know the limits of debt collection. If you
  still haven't been paid, then may think about a
  debt collecting organization to collect the
  remarkable cash from your customer.

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Approach to avoid bad debt occurring

• To decrease the likehood of client bad debt in
  your business you can play out an intensive
  historical verification on a business before
  offering credit.
• clearly express all installment options and data
  on your invoices or contracts to make it less
  demanding for clients to pay you.
• wait for direct store installment to clear before
  delivery any products.

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