What to Do When Your Debtor Has Fled

Businesses that extend credit arrangements to customers tend to do so in good faith, but are then inconvenienced and placed in a perilous situation when it is discovered that a debtor has fled without current contact details being provided. This is often when the situation is handed over to a debt collection service, which has specialised skills, knowledge, experience and information that provide a business with the best possible chance of recovering the debt that that it is owed.

How common is it for a debtor to flee?

Unfortunately, more and more people flee locations (and become very difficult to trace) because they are trying to escape debt. Sometimes, debtors try to avoid or extricate themselves from involvement with debt collection agencies in the hope that a fresh start in another location (often another country) will solve their problems.

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Top Twelve Strategies for Easy Customer Invoicing and Getting Paid

As a business owner, you are concerned about maintaining a healthy cash flow cycle and minimising overdue invoice. While all organisations should have an internal policy for escalating overdue invoices and non-paying accounts to a debt collection agency, strict procedures should also be implemented for invoicing. Effective invoicing can streamline the payment process and even bring in new business for your organisation. Here are must-know strategies for your business getting paid on time.
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Three ways to Recover your debt quicker

As most business owners know, one of their biggest assets is the debtors list, and having an effective debt collection process is a core strength of any successful business.

This is because cash flow is the lifeblood of a business and late payers can cause cash flow problems and lead to reduced profits, not to mention wasting valuable staff time taken up with chasing the debt. Whilst it is always better to get payment in advance, it is not always possible and so you need to implement an effective debt collection strategy that keeps your business on track and your debtors in line.
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4 Debt Recovery Solutions That Work

Debt recovery can be time consuming and frustrating if customers continually ignore your requests for payment. Nevertheless, effective debt recovery ensures cash flow, which is one of the most important aspects of running a business. If there are problems in the flow of cash coming in from debts not being paid in a timely manner, this can result in a struggle to maintain operations and your ability to pay your own creditors.

Follow these four debt recovery solutions that will help to improve your debt collections and have a positive effect on your business.
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