There are a number of things and ways that you can use to go after a person or business who has not paid you for products and services that you have provided. You must set a clear plan on how you intend to collect the money that has continued to grow in the receivables account. You also have to remember that they may want to pay the debt but are simply not in a position to do so. This means you have to work with them on a one on one basis to ensure that they pay you in low and affordable installments.
Cancel The Debt
In some instance you will come across the fact that it is easier to simply write off the balance that is due than to pursue it. In order to make this decision you need to look at how much is owed as well as determine what it is you are going to cost if you are to pursue the debt. The biggest factor in deciding whether or not you should pursue the debt is how much you will gain or lose if you are going after it. If the amount of money that is lost is insignificant then it makes sense to write it off. Consider the cost of doing business. There are some deals in which you will get burned and in this instance you got burned.
Working With A Debt Collector
Once you have exhausted your own efforts at collecting the debts that are owed to you and there is significant value associated with them, then it will make sense for you to look at how to go after these people. One such option is to consider a collection agency. They will be able to do the work for and will be able to try and get the money that is owed to you. However, at times this can be a costly option for you to use. Consider the fact that many times there will be a significant fee associated with using such an agency. Before you hire one, know what the costs will be and whether or not it will be worth the investment to use them to get your money back
Consider An Attorney
Enormous amounts of debt that are outstanding may best be collected in a civil and organized manner. This is when hiring the services of a specialized attorney is important and essential. If you decide to work with a debt collector, then you have to remember that they ask for fees and therefore the proceeds will be enough to cover the costs of hiring them. Some attorneys allow you to pay them only if they are able to get you money by winning the case. Once you assign the case to them, you will have to trust that they know their job ad let them handle the clients in their own way.
Whether you choose to hire an attorney or go with a debt collector, you will have to ensure that the benefits of following up with the debt outweigh the cost associated with it.