Debt is the amount of money you owe someone at a certain period of time. Debt recovery on the other hand is the process of collecting money that people owe you. This is usually done through a debt recovery or collecting agency.
Debt recovery processes
There are some certain processes you can do through which you can recover your debt.
- Be friendly with your customer. Before the time of the first payment, contact your customer in a friendly manner. Remind them about their first payment and ask them to pay it on time. If they are late, contact them through text message, call or an email.
Send them your account details, contact and other information so they can do their payment without any inconvenience.
- Reminder of overdue payment. If the customer has not paid further payments on agreed time and you have had no contact with them. Try to contact them again either by call, message or an email.
- Final warning. When your client has not paid the money on the agreed date and time, try contacting them again and ask them to give your money as soon as they can.
- Meet your client. If your client has still not made the payments, meet them directly. It will be easy for both of you to discuss the problems you are facing.
- Letter of warning. This is the last thing you can do yourself. Send them a letter of demand and request your payment immediately. By doing this, your relationship with your client could be affected and will be a hindrance in future businesses.
- Debt recovery agency. If all your efforts have failed and your customer has still not paid you back, it is time to hire a debt recovery agency. They will collect the money from your customer.
What are legal recoveries and collections?
Legal recoveries and collections is an agency or firm which is Nottingham. It works on recovering the debts legally. They have clients nationwide. It is usually known as LRC.
Why should you choose LRC?
- Much of your time can be saved. Debt recovery is a lengthy and time taking process. LRC can do that work easily for you.
- They work legally.
- You have the service to use online portal. You will be able to know the amount of money LRC has collected. You can monitor your cases and communications.