Even when you’ve tried your best to collect on delinquent debt yourself, there comes a time when more help is needed.
Too much time has passed. Every month, the probability that you’ll get paid on a delinquent account significantly decreases. If an account is 60 or even 30 days past due and you’re getting nowhere with the debtor, it may be time to get some help.
You’re not a good negotiator. In some cases, you may just be too busy or emotional to negotiate with delinquent accounts. If you don’t have someone at your organization who can handle this job, it may be best to turn over your past due accounts to a professional collections agency, like Attorney's A.R.M.
The debtor is no longer responding to your attempts to reach them. If the representative of the business that owes you money is not replying to emails and/or failing to call you back when you leave them voicemails about the debt, it’s a good sign that they do not intend to pay. Your chances of collecting the money owed may increase if you get the help of a collections agent/agency and their debt collection network.
You don’t have the time to follow up. Consistent follow-up on past due accounts is critical to actually acquiring the funds that are owed. Without follow-up and reminders, your delinquent accounts can easily ‘forget’ that they owe you money, or not make paying a priority, since they feel like you won’t take action against them. Outsourcing your collections efforts may be just what you need to make sure past due invoices are followed up on appropriately, getting you as much of the money you’re due as possible.
Legal support is needed. If you need more aggressive help getting paid on your past due accounts, a collections agency is likely to have a better network for winning your funds through legal action. These agencies usually have a network of specialized attorneys who have experience in small claims and other courts. It may be more cost-effective for you to use these legal resources, instead of hunting for your own lawyer.
Ready to place an account for collections? Click here to get our help collecting on your past due accounts.
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