5 Tips for Recovering Debt That’s Owed to You

Do your clients owe you money? Are you thinking of hiring debt recovery lawyers in Melbourne? Before you do, there are some tips for recovering debt that you should try yourself, as well as a few preventative actions you can take to encourage your clients to pay promptly.

Send Out Regular Invoices

If the invoices you send out are regular as clockwork, it helps your clients to know when to pay for your services. If, however, you’re late or irregular in sending out your invoices, you set a bad example for the business relationship, showing that you don’t care about being paid on time. You should ensure that your payment terms and details are clearly stated on your invoices, making it easier for clients to know how to pay. If all the information is provided, then there’s less excuse not to pay, and less need for debt recovery lawyers in Melbourne.

Build Your Business Relationship

If your business relationship with your client is quite distant, it will seem strained when you need to call them to demand payment. But if you have a pre-existing rapport, then misunderstandings can be more quickly resolved, even in an amicable way. Think of your clients as part of your business community, even your friends, with you helping each other out through your mutual acquaintance. It will seem less strange to need to speak with your client if the doors of communication are already wide open. This is a preventative strategy to help avoid the use of debt recovery lawyers.

Start with Written Communication

Written communication can be a good first step to get the point across that you would like your money paid. Start with a friendly payment reminder. This letter or email is to jog your client’s memory that payment is due. Sometimes a client can simply forget to pay, or may have used the wrong bank details, or some other such small error. Getting in touch with a friendly payment reminder is the first step to receiving your money. If there’s still overdue payment, they’ve missed the next due date, or there has been no contact from the client, then it’s time to follow up with an overdue payment reminder. The final notice email should restate the need for payment, with payment options also available on the paperwork. If none of this helps, you might need to consider getting debt recovery lawyers in Melbourne to help you.

Try Direct Communication

Another tactic to try involves using a more direct form of communication. You can either call the clientor visit them in person. If you’re calling, make sure you use a follow up contact phone script to ensure you keep on topic and to the point. Don’t be pulled into excuses. Keep trying to come to a compromise on when the outstanding amount will be paid.

Call in Debt Recovery Lawyers in Melbourne

Debt recovery lawyers are very experienced at dealing with business owners and individuals who owe debt. They have a range of techniques for extracting money from people, helping you to get back what’s rightfully yours. Sometimes, simply the idea of debt recovery lawyers in Melbourne makes the outstanding debt seem quite serious to a debtor, while you contacting them was not so serious.

Saxton Kaleb
the authorSaxton Kaleb