Borrowers of funds for reasons best known to them do not respect the dates committed. There are always exceptions to the rule. However it does get challenging for the creditors to keep their firms functioning smoothly with intermittent cash flow. When payments are past the due dates there is a cascading effect that negatively impacts… Continue reading Better Late than Never – Debt Recovery
Small business owners, learn the definition of “delinquent” the first time a customer fails to pay for something on time. After all, cash flow is essential for the well-being, of running a business especially in the early days, and delinquent customers can negatively affect the cash flow by delaying payments and not maintaining the committed… Continue reading Borrowers Perspective/ Debt collection
The term "delinquent" commonly refers to a situation where a borrower is late or overdue on a payment, such as income taxes, a mortgage, an automobile loan or a credit card account. There are consequences for being delinquent, depending on the type, duration and cause of the delinquency. Debts become delinquent when a consumer neglects to make previously agreed… Continue reading Delinquent Payments
It is best to hire the services of a collection agency well in advance before matters are complicated. A collection agency is well- equipped to handle situations that may be complex. Paper work that needs to be in order before outsourcing to a debt collection agency are: • Have consistent processes for invoicing customers •… Continue reading Collection Procedure / Debt Recovery services
To stay on top of delinquent accounts is tough and demanding. Accounts receivable is an asset to the company till it is received and accounted. Otherwise it gets under the debts or delinquent payments head. Because of lack of management, attention or concern, this important area of the company’s financial strength is often allowed to… Continue reading Why Use A Debt Collection Agency for Delinquent Accounts?