Do you find it difficult to get payments in, for work completed? Are you uncomfortable asking for money? Debt recovery can be very time consuming and it can be difficult asking clients/customers for payment. The key is consistency and sometimes work commitments make it difficult to maintain that consistency – that’s the first stumbling block. In addition. one of the most important aspects of collecting a debt is to give reasonable deadlines to the customer/client. In doing so though, those deadlines must be adhered to by you the one chasing for payment; it’s no good giving a deadline of say Wednesday at midday and then not following up until Thursday at midday. The client/customer will not take you seriously – that’s the second stumbling block. You must remain professional, do not make empty threats. For example, if you are not going to hire a solicitor, do not suggest you will pass the matter to your solicitor if payment is not received. I would highly recommend that you engage a solicitor to pick up those clients/customers who will not pay following consistent, persistent and professional chasing. However, there is no need to hire a solicitor if you stumble at any of the stages mentioned above – that’s where TLC Virtual Assistant could step in and help.
With over 8 years experience in chasing aged debtors, I pride myself on getting results consistently and professionally. I commenced work with a client some 5 years ago who had aged debts amounting to £1.5M! By the time I had finished, their debt sat at a much more manageable £200K. I would have much preferred to leave them with no debt to pass to their solicitor though, so this to me is not a total success, but a good start!!
If you would like to discuss your options regarding outsourcing your credit control and debt recovery, then please do drop me a message – I’ll be happy to help. At present, I ensure that there is a more gentle approach in a lot of cases, due to the disruption caused by Coronavirus, but I remain firm and fair, offering payment plans etc. where appropriate. After all, we have to be looking to help each other, we are mostly in the same boat and a lot of businesses have cash flow issues caused by the Coronavirus pandemic. The provider requires payment to continue to trade and the purchaser requires ways to reach a resolution to make that payment – it works both ways!