If you are a creditor, you have likely dealt with a difficult debtor. Collecting money from them may be a rather complicated process. It doesn’t have to be a stressful scenario if you know what steps to take when these situations arise.
In some cases, some debtors honestly get so busy that they forget to pay their debts on time. That’s perfectly okay, but you can ease the situation by providing reminders often. Don’t be harassing, but be firm on what the debtor owes.
When providing reminders, give them a date for when you will start taking legal action if the debt isn’t paid. It may be in 30 days or in two months. Just be clear on what is owed and when it needs to be paid.
Hire a Collection Attorney
If you are taking legal action against the debtor, you’ll need assistance from a collection attorney. This professional has effective techniques to get you the results you need. When you send your personal letters to the debtor, they may be ignored. This won’t be the case with notices or correspondences from your attorney, as the debtor knows legal action is coming their way.
Your attorney can come up with reasonable payment plans for the debtor. This betters their odds of paying back the money. Collection attorneys can also obtain and enforce legal judgements so you don’t have to deal with debtors in person or on the phone anymore.
As a creditor, you always want to collect back the money you gave out. With the help of a collection attorney and by providing respectful reminders, you can promptly receive your funds in an ethical manner.