When you’re looking to recover a debt and have been dealing with the process for a while, it may seem like you’ve tried everything to no avail. But in many cases, our clients come to us and tell us about what they have tried before working with us, and it’s often the case that the methods used to recover the debt were simply inefficient.
What we see is that no matter how thorough or committed you are to managing a debtor; if your methods are imprecise, you’re not going to get the results you’re after.
We want to take the time to cover three of the most ineffective and inefficient debt recovery strategies we know, and also to equip you with the knowledge you need to get debts back faster and with less stress.
Working with a debt collector like Strathmores is one of the most effective ways to recover debts. A debt collector is a way to outsource debt recovery and to free up your time to focus on more important things. Contact us on 1300 347 929 to get started with your debt collection today.
1. Texting clients with debt follow-up notices
The convenience of using a mobile phone means that we have access to everyone practically all the time. It also means that we are constantly being bombarded with messages and information which can be overwhelming.
Due to this, we often shut off certain messages and information – especially if this information is not positive or helpful. A debt collection text message is something that many people will ignore, particularly because a text message is often viewed as a ‘light’ method of communication.
We get texts from friends; so, when a company texts us to remind us of payment, we’re likely to treat it less seriously than, say, a legal letter from a debt collection agency.
2. Calling clients
How many of us answer phone calls when they come from an unidentified caller? Or when we know that the call is coming from a debt collection source? While phone calls can be an effective way of communicating a need for payment from some sources, for many people, a phone call reminding them of a debt is merely something to ignore.
We find that a combination of phone calls and letters is the best approach – but phone calls on their own are less successful at getting results. The bottom line is that no matter how many calls you make, people can always ignore them.
3. Not incorporating a system for following up
Chasing up a debt is not something that can be done with a random approach to contact. In order to be successful at getting payment from a debtor, you need to be concise, systematic and constant with your contact.
This includes being consistent with letters or phone calls that you make to your debtors. If you have multiple people or organisations that you’re chasing up, it is also vital to include a system of contact where you record what contact was made, when it was made, how it was made, and the overall outcome of the contact.
That way you can use this information to engage with your debtor further and ensure that the next time you reach out, you can use a method that has succeeded in the past.
We believe in incorporating a systematic approach to getting payment from debtors; whether you are owed $200, $2000 or more – the best and most effective way to recover payment form a debtor is by using a debt collection agency like Strathmores. We make it our business to recover payment that’s owed to you, and don’t get paid unless you are paid.
If we make the difference between recovering payment and not, then our service has been worthwhile. Call us today on 1300 347 929 to get started with your debt collection today.