FAQs
Frequently Asked Questions
| Question |
How do I collect a past-due commercial debt?
| Answer |
Collecting a past-due commercial debt can be a challenging and complex process, but there are several steps you can take to increase your chances of success. Here are some general guidelines to follow when attempting to collect past-due commercial debt:
Review the debt: Before you begin the collection process, review the debt in question to ensure that it is valid and accurate. Verify that the amount owed is correct, and check any contracts, invoices, or other documentation related to the debt to make sure that the information is correct.
Contact the debtor: Once you have confirmed that the debt is valid, contact the debtor to request payment. Be firm but professional in your approach and be prepared to negotiate if necessary. You may also want to consider offering the debtor a payment plan or settlement option if it will help facilitate payment.
Send demand letters: If the debtor does not respond to your initial contact, consider sending a series of demand letters. These letters should outline the details of the debt, including the amount owed, and clearly state that legal action may be taken if the debt is not paid.
Hire a debt collection agency: If you are unable to collect the debt on your own, consider hiring a debt collection agency. These agencies are trained to handle commercial debt collection and may be able to recover the debt more effectively than you can on your own.
File a lawsuit: If all other collection efforts have failed, you may need to file a lawsuit to recover the debt. This can be a time-consuming and expensive process but may be necessary if the debt is large or the debtor is unresponsive.
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We are very pleased with the work that Melton Norcross does for our company. Highly recommend for all commercial collection needs.
Awesome experience great work! They managed to get me paid in full the first day I signed my contract! After trying for months. Very friendly helpful staff. I will reuse and recommend it to anyone in the same situation.
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At Melton Norcross, our mission is to not only understand your goals and expectations for your collections but to meet and exceed them.
Our highly knowledgeable and experienced team, combined with some of the best resources and tools available for collections, gives you the highest probability of recouping your past-due receivables.