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Debt Collection Checklist
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Scores 4.75 with 118 votes
Finance
31 tasks
By
John F. Smith
on Dec 27, 2011
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Prevention
Think about the possible steps which may be taken to minimise the possibility of bad debts.
Decide who will operate your policy: a laywer, agency or your own staff.
Ensure to have systems which detect arrears and potential bad debts early
Make sure there is a good communication and understanding between different departments.
Make sure to have staff with procedural knowledge and good interpersonal skills
Make sure to regular review the policies, procedures and criteria for granting or extending credit
Have regular training or refreshers in interpersonal skills, procedural and attitudinal practices.
Debts
Pursue the big debts first.
For a large debt a phone call before it falls due may be appropriate.
For a small debt the process may start with a letter one month after payment is due.
Letters
Make sure your letters are courteous, clear, specific and addressed to a named executive
Be firm, concise and unwavering.
Do not include an apology.
Do not suggest compromise or refer to the possibility of part-payment.
Ensure that your letters appear to have been individually prepared.
Give the debtor a better reason for paying than for not paying.
Point out the advantages of continuing to trade together.
Express the hope that legal action can be avoided.
Follow Up
Use the telephone if appropriate and necessary.
Before calling have available all files, copies of invoices.
Contact the right person and give your name.
Try to personalise the discussion.
Find out reasons for the delay.
If you are told "a cheque is in the post", press for details.
Consider the fax as a variant to a letter.
Consider visiting the debtor.
Consider appointing a debt collection agency.
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Scores 4.75 with 118 votes
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