Top 5 tips for collecting debts

Forbes Collect Article

31 January, 2008

1. Information, Information, Information.

Remember that credit control starts when the first contact with a customer is made, not when the invoice is overdue. The more you know about the customer, the easier it will be a) to assess their credit risk at the outset so that you can take preventive measures and b) the more likely it is that you will get paid if the need to 'go legal' arises.

2. Get the terms right.

Ensure that all trading is done on your, carefully drafted, terms. That way you can stack the odds in your favour, by retaining title so far as possible over goods delivered, get interest and debt recovery charges on sums overdue, and even have personal guarantees from the customer's directors.

3. Credit is everyone's responsibility.

Avoid the temptation for sales people to leave credit control to the accounts department. Ensure sales have responsibility and are motivated to chase the customer as well

4. Don't be afraid to ring.

Too often the credit control procedure is a polite letter, followed by a firm letter, followed by a nasty letter. Letters are too easy to ignore, and while they are a useful record of attempts to get paid, a simple telephone call might either elicit a genuine reason for non payment or allow some other form of accommodation to be reached.

5. Speak softly, but carry a big stick.

The aim is to make payment of your invoice the customer's priority. Ask the question, if they can pay staff wages why are they not paying you? Because staff will not work without wages, so wages are their priority.

At Forbes Debt Collect we can use the full might of the law to apply pressure on debtors, either through the County Courts or via insolvency procedures. We charge a fixed fee of £17.50 plus vat for a letter which, on commercial debts, can be more than covered by a 'late payment charge' you are allowed by law to add.

Alison Nelson heads up the Debt Collect team at Forbes Solicitors. She can be contacted on 01254 222399 or email Alison Nelson

Back

21 Mar 2018

Forbes Collect

NEWS AND ARTICLES

Forbes Collect Recovers Over £500,000 Of Unpaid Debt For Clients In 12 Months

An innovative debt collection service using cutting-edge technology, launched by Forbes Solicitors, has…

Read the article

We have found Forbes to be efficient, informative and effective in all our debt collection cases

More clients

KM Accountants have worked with Forbes for just over 12 Months. During this time we have gained a great working relationship and I feel Forbes understand our business needs

KM Accountants

More clients

On behalf of everyone here at EvolveU we just wanted to say a massive thanks for all of your help and assistance with the Traffic Engineering and Management Services Limited

EvolveU

More clients

We are delighted with the Professional manner in which Forbes Solicitors deal with all our legal requirements and would not hesitate to recommend this Company.

Trident Fire & Security Group Ltd

More clients

We asked Forbes Solicitors to help when a client would not pay his bill. I sent an email to Katy, received a reply straight away, we were advised of the action that would be taken

Abby Welding Ltd

More clients

I contacted Alison at Forbes Solicitors regarding an outstanding debt which we were having problems getting paid for I would just like to say what a very quick and professional service she provided

Natalie Fairclough
Thermal Hire Ltd

More clients

The Woodscape Group have been relying on Forbes Solicitors for over thirty years and the work carried out by Alison Nelson and the team over the last few years has only strengthened

Richard Nelson
Managing Director
Woodscape Ltd

More clients

DPFOC relies on Forbes for all legal advice. We find the service to be professional, well-informed and affordable.

Eddie O' Driscoll
DPFOC

More clients

I was owed money for plumbing services provided and despite several conversations with the debtor to request payment, he was dishonestly claiming that he had paid despite their being no evidence

Martyn Whalley
Back on Tap Plumbing

More clients

Alison and her team have worked with us on a number of occasions now - so much so that we see them as an extension of our business!

Lucy Hyde
Managing Director
Higher Access Limited

More clients

Forbes have helped me immensely with bad debt recovery over the past few years.

Olwen Hope
Credit Control
Able 2 Ltd

More clients

I have used Alison Nelson for a number of years for debt collection. I would strongly recommend her for similar work.

Mr Fahmi
Consultant Plastic Surgeon

More clients

The professional and speedy way that Forbes dealt with this resulted in a very quick settlement of the matter. I can assure you that I will recommend Forbes for matters such as this in the future.

Morgan Rothwell
Director
D&M Creative Limited

More clients

We have used Alison's services on a number of occasions and have always received the desired results!

Stephen Gibson
Operations Director
Ecompli

More clients

Make an enquiry