|An inside look at debt collection by Jim Heath|
source ref: ebook.htm
WIDEN your attack. Become more flexible, and also much more precise. Use 'smart' weapons. Don't send in a division of tanks, when you can get on the hot-line and talk the debtor into surrendering.
There's a lot of detail in this little book. So a little summary might be in order:
1. Tighten up your credit policy. Check on people and companies before you give them credit. Also, get as much as you can in writing about your agreements, delivery terms, etc.
2. Before you start chasing a debtor using legal proceedings, find out if he's worth chasing. That is, find out if you'll you get something at the end of it all.
3. Be ready to compromise and negotiate, at any stage.
4. Collect large debts by sending someone around personally. Do it yourself, if you have the time.
5. If you still get a stream of hard-to-collect debts, then find a good debt-collection agency and sign up with them.
6. Keep in mind what a private investigator can do for you. Sometimes the easiest way to get a cheque is to have one of these gentlemen help you.
7. If the debtor is using a lawyer, then use a lawyer too.
8. Organise your background papers well before you see a lawyer.
9. Before your case gets to trial, get a lawyer -- whether the debtor has a lawyer or not. (In an arbitration, it may be OK to handle things yourself, if you care to, provided the debtor doesn't bring in a lawyer.)
10. Once your case is listed for trial or arbitration, try to get a pre-hearing conference.