Collection Agency, commercial Debt recovery agency, debt management, Debt Recovery, Debt Recovery Services, private debt collectors

Collection Agency know-how

Do you have a flair for numbers, digits and commerce ?

Has your interest resulted and reflected in academic qualifications ?

Are you able to think from inside the box for out of the box solutions ?

Do you have experience with finances and billing ?

Do you have the abilities to run a business ?

Do you have the capability to manage man power ?

If yes you can consider starting a debt collection agency. Getting acquainted with a debt collection agency and familiarising yourself with the functioning and vocabulary would be an asset.

To pursue your interest you may first have to familiarise yourself with the State laws and taxes . Its wise to be in the know-how of these aspects, at least,to be able to ask the right questions. Services of Expert lawyers and auditors can always be outsourced.

A thorough business plan needs to be chalked out.  Which would include an office space, filing cabinets, computers, the relevant software, the number of people to be hired based on the job description and budget.

It would have to be decided whether trained staff need to be hired or they would undergo specific training based on their skill sets.

Specific plans will have to be worked out and the modus operandi for collecting the debts. The target delinquent accounts holders and the defaulters need to be identified. Whether  the defaulters would be,  from the housing loan sector, vehicle loans division, credit card outstanding category or personal loan non-payers.

Besides the minimum value has to be specified for each of the target areas to avoid wastage of time and effort.

Website development and any up gradation in the technological sphere will have to be met. Skilled computer personnel would be required for same.

Visibility of your company through social media will have to be optimized.. this will help in establishing and building the right contacts.

The business plan would have to include the commissions and percentages payable by the appointee ,as an understanding before taking up a task. Written signed contractual deals could be in place before commencement of a transaction.

Any specific licenses for the collection agency based on prevailing state laws will have to obtained.

For expert advisory services, and to think from different perspectives a senior experienced consultant can be sourced for plugging loopholes and weighing pros and cons.

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