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Five tips to assist you in your debt collection process

 




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The festive season is upon us, the tills are ringing up record sales. Shopping baskets are bulging over; eateries are doing brisk trade with all the Christmas parties companies are putting on for their staff. 

It goes without saying that consumers are generally overextended over the Festive season.

Indebtedness in both households and corporate entities is increasing. Corporate’s with the annual bonuses, festivities and corporate gifts are experiencing strain on their cash flow. Consumers likewise are spending money they do not have on gifts, uniforms and holidays with scant regard to their already overexposure to lenders. 

It is not unusual for consumers to spend the funds set aside for debt repayments, with the belief that tomorrow will work itself out. This has a ripple effect on future payments in months to come as they scramble to find revenue to make payment on outstanding debt. 

As a provider of credit this period is difficult to navigate, the National credit Regulator has indicated that consumer’s credit balances are increasing in most categories of consumer credit, with an upward swing in delinquencies. 

With this in mind OVAGSA has a few pointers that will assist in the collections process;

Five tips to assist you in your debt collection process


  • Persist till you get the first payment in, typically once a debtor has made the initial payment they are more than likely to continue the payment behavior

  • He who makes the most noise gets his share of the wallet; passive collectors are last on the debtors mind when considering who to pay with limited resources. Through this process remember to treat the debtor with respect.

  • Put a strategy in place early, debtors tend to pay current debt first to the detriment of older debt. Invoices and statements should be sent early in December. Work through any queries the debtor may raise as quickly as possible
  • Offer incentives for early payment or settlement of accounts.

  • Outsource to a collections agency, preferably OVAGSA! We have the technology and know- how recover your outstanding accounts!

Date Posted: 2014-01-04
Posted By: OVAG Int. SA
Listed under these Business Listing Categories: Financial services, Business services & consultants,

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