Speed is Necessary in Debt Collection

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Which single element of debt collection contributes the most to the success, or failure, of receiving the payments you’re owed? Pin-pointing a single “most important” element of the process is difficult, but a strong case could be made for speed. The longer a debt is outstanding, the less likely it will be paid off, it’s as simple as that. For this reason, the most effective collection firms all work on the tightest timelines possible.

Many of our competitors will tell you that collecting outstanding debts takes a long time, and successful collections tend to occur at the end of an extended period of harassment and provocation. This is nonsense. With the right, respectful, and fully legal tactics, favorable debt collection will often occur within 30 days of handing your accounts over to a qualified collection firm. A truly qualified collection firm will be able to achieve fast results using the right combination of intelligently worded letters and non-harassing phone calls.

Cases that aren’t resolved by about a month’s worth of letters and phone calls aren’t going to be resolved by a year’s worth of letters and phone calls. For these accounts a different tactic is required- the threat, and eventual procedure, of legal action. If a debtor will only respond to legal action then there’s no reason to wait to levy this ace-in-the-hole. The explicit threat of legal action is often enough to elicit payment from stubborn problem debtors. For those debtors who still refuse to pay, court action is all but guaranteed to result in a ruling in your lender’s favor.

It doesn’t take a whole lot of time to determine whether a debtor will respond to conventional tactics or whether tougher measures are required. Once this determination is made, waiting around to proceed with those tougher measures will simply delay the receipt of your payments.