Compare These Top Vendors for Debt Recovery
Turn your financial debt around with the full service of Corporate Turnaround. Restructure your debt, receive financial guidance, and much more for a financially stable business.
Directory of collection agencies and debt collectors. Find debt companies and debt collection services that can help you with debt recovery and bill collection solutions.
www.business.com/finance/collection-agencies/Providers of software applications for use by collection servces and agencies.
www.business.com/finance/collection-services-software/Business directory to 401k rollover information and advice.
www.business.com/finance/401k-rollover/Retirement industry advisers and consultants.
www.business.com/finance/retirement-consultants/Companies that provide retirement plan benefits, including 401k plans and pensions. Get information on corporate retirement plans, or how to offer retirement benefits for employees.
www.business.com/finance/retirement-plans/401(k) plans allow employees to save for their retirement by contributing a portion of their wages to an individual account. Employers can also contribute to 401(k) plans in the form of employee benefits; be sure your 401(k) vendor can manage your employees’ investments wisely.
www.business.com/finance/401k/Source: /guides/collection-letters-that-work-122/
Nobody wants to send or receive a collection letter, but a well-crafted note can get you the money you're owed without causing undue friction with your clients and customers. Besides avoiding the cost of working with a collection agency (and the hassle and embarrassment for your customers), a good dunning letter gives clients who may have made an honest mistake a chance to put the check in the mail, but also deftly puts the heat on the deadbeats. Read More »
Source: /guides/debt-recovery-key-terms-34568/
Having bad or old debt on the books of your business hurts the bottom line. Debt recovery programs provide an answer to collecting those debts. Read More »
Using Debt Recovery
Talk with your accounting services firm, banking professional and industry contacts to understand what is standard business practice in your area and industry. Use this information as a guideline when defining your debt recovery guidelines. Follow the three steps below to learn more about using debt recovery.
1. Research debt recovery legislation.
2. Meet with debt recovery consultants.
3. Review debt recovery with lawyers.
Read debt recovery legislation
Expand your use of debt recovery management by exploring the options available. Read the federal and state legislation on debt recovery. Stay current on the legislation surrounding the different financial options for companies to minimize your risk.Federal Trade Commission website provides detailed information on debt recovery. Educate all your accounts receivable and finance staff on the legal limits and rules surrounding collection activities.
Work with debt recovery consultants
Improve the efficiency of your debt recovery services by incorporating the best practices from debt recovery companies. Talk with your colleagues and debt recovery company staff to get timely advice on how to proceed and when to move to legal recourse to obtain business debt recovery.Discuss debt recovery with lawyers
Educate yourself on the process for collecting on small business debt using legal channels. As a creditor, there are certain procedures that you must follow to have your debt counted during a business debt restructuring. Collecting on international business debt is another process where legal advise is helpful.- Learn about the types of debt recovery services available and stay current on the legal limits around these activities. As the customer, it is up to you to state what is acceptable business practice.
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Tips & Advice for Debt Recovery
If your business has a good amount customer accounts that are stalled in accounts receivable, you may need to consider stepping up your debt recovery efforts. There are ways in which you can increase the efficiency of your collection efforts and even find hard-to-locate debtors. Be aware, though, that there are federal and state laws regarding debt collection–do not cross these legal limits or your company could be liable for statutory damages to the debtor along with the debtor's legal fees.
You may want to work with a recovery firm, one which specializes in working on recovering debt for other companies. To determine if this is a cost effective measure for your business, calculate the amount of your accounts receivable and compare it to the cost of a debt specialist. Depending upon the cost comparison, you may decide that it is best to hire an expert firm or you might end up choosing to work in-house on recovering your debt.
If you intend to work on your own debt collection, consider using one of the many credit collection products that are available in order to make the process easier. There are several software suites and programs that can aid in recovering your debt.
Want to learn more? Click on the links on the left to find information from Business.com about debt recovery and how to collect on your accounts receivable.
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