Debt Recovery Solutions

by Crystal M.
(Philadelphia, Pa)

A few years back, my business was swamped with outstanding accounts receivables balances. At that time, debt recovery solutions were heavily necessary in order to assure the future operation of my business.

My business offers a service to clients at which the clients are rendered a service with a payment plan. Often, clients would receive the service and have trouble paying off their existing balance which puts my business in jeopardy.

With this in mind, I came up with a simple and fairly easy debt recovery solution. This does not involve the help of a debt recovery agency. I offered all of the clients with an outstanding balance an alternative debt recovery solution. The alternative included one of the following:

• pay only 75% of debt today in one lump sum
  
• divide debt into six easy payments, if agreement is in default, the client must pay amount in full
  
• set up checking account withdrawals payment for specified pay dates according to client's schedule
  

These have worked wonders for my business. Yes, its extra work and you may lose a portion of your profits. However, your business won't be in as much trouble as before they were implemented. I hope this information help your business debt recovery solution needs.