How to retrieve the amount of money you’re owed?

As a business owner, someday you’re going to encounter customers who are too reluctant to settle their accounts. When this happens, you must first decide whether the relationship with your customer outweighs the amount due and how much time and effort you’re willing to put in to collect the money.

Of course, you must first call your customer directly and find out why the payment hasn’t been made yet. Assuming it’s simply a misunderstanding, it’d be easily resolved by clear communication. On the other hand, if the customer just isn’t in favor to close their debt, you can pursue collection. Sure, you can take the matter to the court but that won’t guarantee you’ll get paid. Moreover, court proceedings can cost you more time and money than your debt is worth. So, what to do?

An experienced debt collection lawyer would be ideal here. They will carry out all the time-consuming and complicated collection tasks in exchange for a “contingency fee” where they only keep a percentage of the amount collected.

Not to mention, a debt collection lawyer will have the mechanisms necessary to track down assets or employment for the enforcement of judgment. Once these assets or employment are located, the debtor's salary can be garnished, their bank accounts seized, and their property sold and liquidated.

In conclusion, once you commit yourself to collect what is in arrears, a debt collection lawyer might just be your safest bet.

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Created on Jun 8th 2018 07:33. Viewed 299 times.

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