Three Easy and Successful Techniques For Debt Collection.

by Geetha. M
(Chennai, Tamilnadu, India)

I have been working for an electrical and home appliances multinational company for the past seven years as an Accounts Manager under the debts collection team.

In the initial days it felt very difficult. One day after an hour long discussion we decided the three easy ways to collect the bad debts.

With regular practice, using these three steps as the procedure, terms and the norms of the organization, we were able to achieve the target of collecting all the bad debts. It was all only by team work and spirit that we were successful. A one-man show cannot be used as a successful step for debt collection.

The three easy and successful debt collection techniques are:

• Send a positive intimation as "REMINDER 1" with a final deadline to remit the debt.
  
• Repeat the first step everyday till the final deadline fixed.
  
• Send your person who is strong in appearance and speech along with him a legal letter for the repossession of the office equipments if they fail to remit the debit.
  

The third step is more effective since it is a legal letter which has to be adhered to.

This is what we practiced and now we have amended our payment mode with our customers or clients to establish Letters of Credit or Advance Wire Transfer.

These three steps will be more effective as we have applied them practically and found them more effective and efficient.