Monday, August 17, 2015
Using Asset Investigations for an Effective Debt Collection Solution
One worst-case scenario that you can face in debt collection is the debtor filing for bankruptcy, as this could leave you with nothing while the other goes away debt-free. Then again, you would also not want to lose a valuable customer or client just because he or she missed one deadline. It’s important to determine the type of action to take for each case, and to always remember that both sides–you and the person who owes you–aim to be rid of any financial obligations. As a creditor, bear in mind that you can conduct asset investigations on persons or entities who owe you money to determine whether they have the means to pay, and if you need legal intervention to collect payment. Settling a debt in court doesn’t happen often, though, and could be avoided through negotiations. Here are some pointers on how to approach negotiations with a debtor.