It’s no secret that trying to collect on a commercial debt can be a frustrating experience. It can also be time-consuming, keeping you from many other tasks on your to-do list. To free up your time and to see greater successes in your commercial collections efforts, I encourage you to consider following these two steps.
A commercial debt collector can take over the steps needed to recover debts owed to you. This includes communications, negotiations, and payment arrangements, among many other tasks. With this professional in your corner, you’ll have more time to focus on your company’s day-to-day operations.
The more information you send to your commercial debt collector at the outset, the better. This will allow your collector to review all the fine details and identify the best path forward.
The information you’ll want to share can be broken down into two main categories: basic case information and detailed case information.
Most commercial debt collectors will ask you to fill out a basic case file intake form that will include information such as:
While your collector can find this information in the documents you’ll provide (see below), making them dig in to find what matters is an unnecessary task. Help your collector get to work faster by compiling this key information in one place.
In addition to the above, you’ll want to provide the fullest case file possible to your commercial collector (especially a law firm). This file should contain the following:
While this may seem like a lot of information to share, I assure you it isn’t. By providing these items upfront, you’ll take a lot of the guesswork out of the process, ensuring your collector can focus on collecting and not playing detective.
Taking the above steps will help you avoid common issues in the commercial debt collection process. Moreover, it’ll also increase the odds that your commercial collector will be successful in their efforts.
If you have questions about these steps or if you’d like to talk about how my law firm can help you collect on a commercial debt, reach out to us today.