Sense of Entitlement
In our experience of over 30 years plus in the debt collection industry, we find some debtors do not pay their outstanding accounts due to their “sense of entitlement”. Irrespective of whether the account is for school fees, goods sold and delivered, or for services rendered. We experience this almost daily from debtors.
We find this, particularly with debtors we are collecting from are owed money from their clients. In their opinion, they think and express that they can’t pay the client because their clients are not paying them. In our experience, we find that most clients do not want to upset their clients. Some clients are uncomfortable asking for their money. In addition to some clients do not have the time to collect their money which is rightfully theirs.
Under these circumstances, some simple action needs to be taken so that they can pay their creditors. Ignoring this issue will lead to a shortage of cash flow. In addition, clients will be taking advantage of your trading terms.
Debt and your rights as a Creditor
As a creditor, you can use the following options to recover the debt:
- Outsource this function to a debt collection agency like ACS Debt Collection.
- Contact the debtor via telephone or written mail and request your money.
- Recover the money by utilising the court system, this process can negatively affect the debtor’s credit rating.
- Use court action to take or sell property equipment that the debtor owns.
- Issue a Garnishee Order via the debtor’s employer to deduct monies from the debtor’s wages. You must know the employer’s details.
- If you are collecting outstanding debts from companies, there are many options to take to recover your accounts.
Debt collection requires special skills to ensure that debtors feel:
- Dignified and respected.
- Not discriminated against.
- The right to have your debtor’s privacy protected.
Hiring a debt collection agency will help you focus on your business while someone else takes care of the whole debt collection process. In fact, ACS takes care of EVERYTHING from start to finish. They keep abreast of the laws that govern the debt collection industry. Protecting you against possible suits by customers regarding the violations of their rights.
If you’re not sure where to start, our premium package is the best value if you have more than two (2) accounts to collect on. Click this link to understand how it works https://acsdebtcollection.com.au/services/acs-premium-package/
Otherwise, we can offer you a free consultation and provide you with some great insights into your debt collection requirements.
BOOK A FREE 15 MINS – Clink this link and let’s discover how we can get your accounts paid in full https://calendly.com/app/availability/schedules
Talk soon …. Sonia