Senior Debt Collection Tips
Let's start with two wonderful quotes: "A bulldog can whip a skunk, but sometimes it's not worth it." - J. Nowell or "Creditors have better memories than debtors." - Ben Franklin.
Be Precise - Be Productive.You should always incorporate good accounting practices in everything you do when dealing with debtors. Accurate and detailed records help you identify and address delinquent accounts and prove the money owed if audited. In today's litigious society, your customers will demand to know exactly where their account stands. If your affairs are in order, you will be ready to provide itemized invoices or account balances that recognize all credits and debits. Thereafter, do not ignore past due accounts. Customers who are not called to action, rarely accrue money to pay debts. Your debt will become less important than their cell phone bill or cable bill. The longer your debt remains unpaid the less likely you are to collect.
Know the Rules for Debt Collection - Many of Your Debtors Already Do.The Fair Debt Collection Practices Act (FDCPA) is the authority that regulates collection agents, law firms and other third party debt collectors. This act and many other litigation tools are published regularly on the internet and perceptive debtors with time on their hands seek out these authorities if they are struggling to pay their obligations or if they intend to make your collection efforts difficult. Violations of the act such as excessive phone calls, abusive language, and threats of violence, harm or arrest may cost you far more than loss of the original debt. When first contacting consumers, debt collectors must inform debtors of their rights to dispute the debt. This "mini-Miranda" or disclosure of information appears in every demand letter mailed by my firm. The information can be exchanged over the phone but it must be sent to consumers in written form within five days of the first telephone contact.