Recovering delinquent debt drains resources, and the recovery process often fails. With the time, money and manpower spent on debt collection, many businesses find it more appealing to hand off delinquent accounts to a debt collection agency rather than face the negative impact on the company.
When it comes to trying to recover unpaid accounts from your debtors, the myriad of debt collection laws can sometimes feel as though they’re getting in the way. Obviously your main goal is to try and encourage as many late-paying account holders as possible to pay their debts and help keep your business‘ cash flow strong.
If your business is handling its own debt collection methods internally, then you already know the need to send out demand letters to non-paying clients that arise from time to time.
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Debt consolidation is one expression that is often heard now a days and probably more than at any time in history.