Four top tips for collecting debts

Bob Partridge of Effective Credit Collections shares his four top tips for collecting your debts…

  • Know who your customer is! Know if they are a sole trader, partnership or limited company. Then you know who you could be taking to court to get your money.
  • Use terms and conditions on all your contracts. This way both parties to the contract know where they stand and that helps if it ever gets to court.
  • Make notes at the start of the relationship. Customers are always more open at the start of a relationship. Listen to what they tell you and make notes. If they tell you they have a classic car collection or a Rembrandt painting that might be useful if you need to send the bailiff in.
  • Always escalate the process through the system. When you are chasing the debt never write or ring the customer stating something you have already said. It is a waste of your time and they will ignore it. Each communication should be more severe.
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