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An Easy Guide to Collecting Unpaid Debts

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An Easy Guide to Collecting Unpaid Debts

It is unfortunate, but collection calls are a critical part of dealing with cash flow issues and accounts receivable when running a business. There is no way to guarantee your debt collection call will work or be received well, but following these tips will make it easier on you and your business to get the money you are owed:

Follow-up Before the Due Date

Following up with your client after providing a service but before the payment is due may help avoid non-payment. It can also help you keep a personal connection with the customer. You can ask them if their experience with your business met their expectations and if all the paperwork is accurate and in order.

Be Prepared and Take Notes

Before you pick up the phone, make sure you have read up on the case and have as much information about the customer and the services provided as possible. You should have all paperwork on hand and a means to take notes. It’s important to document everything that is said over the phone just in case there is a dispute later.

Confirm the Debt

The initial collections call should not accuse the customer of not paying, but confirm with them that their debt has not been paid yet. You don’t want to alienate a good customer. The unpaid amount may be a miscommunication or an innocent mistake, with no dubious intent.

Keep an Even Keel

If you show your customer that you genuinely care, or that you can see things from their point of view, you can prevent them from going on the defensive. You need to go with your gut instinct when a customer starts giving excuses for non-payment. If it seems like a legitimate reason, be compassionate but stay steadfast that a prompt payment is required. If they become belligerent, maintain your professionalism and suggest calling them back another time. If a customer outright refuses to pay off their debt, you can contact Mullowney’s Law to take legal action to recover the money you are owed.

Summarize the Call

The debtor should receive a verbal summary of everything that was discussed. You should go over the specifics on when and how the payment will be made.

If you are having trouble collecting from debtors, you should contact an Ottawa law firm like Mullowney’s Law. We can help you and your business collect what is owed and find the resolution you deserve.

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