Debt Collection Help And Problems

by Pranav
(Panchkula,Haryana,India)

I have a small business of my own. I have faced a lot of problems in my debt collection. It is a major setback when people do not give payments in time.

Because of late debt collection, I could not buy new equipment for my company. And the worst part is that I had bought some equipment on lease and paid just half the payment. I thought I would get my payments on time and pay off the rest of the amount.

But with my hard luck, I did not get payments on time and had to take a loan to make the payments. Since I received the payments two months late, I had to pay extra interest for the loan I had taken.

Also, the name of the company got spoiled because of late payments. The brand value of my shares went down. I think one must take some professional help for debt recovery for better business. Also for late payers extra money should be charged!!