The Economy And Debt Collection

by Ralph
(Richmond)

My company is currently experiencing a problem unique to the recession – the stagnation of new construction. We perform various trades, among them is materials testing.

As you can imagine the decline in new construction means less and less work, as less fortified companies go under. One of the main problems that we have encountered is that even if a company is currently weathering the economic situation, if they are not currently working and have no money coming in, the debt owed us usually gets bumped down the list so that the lights can stay on.

It is without a doubt a rough debt collections environment out there these days. I can say that we have adopted a fair and compassionate way in which to deal with these collections issues that seems to be having a positive effect.

If people understand that you are a real person and that you are just trying to collect so that your company can remain sound they are more likely to work with you. I would hope that the days of “the collections monster” are waning because establishing a real connection with a debtor is vastly more important than becoming a monster that is easy to vilify. If you can successfully collect now you can successfully collect anytime. Good luck out there!