Questions you should ask your debt collector

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There are many things that can keep a business from moving forward and, although it may not seem an obvious factor, debt from clients is actually one of them. To make profit, you need payment in exchange for your products and services, and if that payment is late to arrive, then you could face complications. Debt collecting sounds like an extreme solution, but it’s an option that you need to resort to, because after all you deserve your money back. With so many companies out there, choosing the best option can prove to be complicated, but these questions will help you filter professional debt collecting companies from the unreliable ones.

For how long have you been in business?

Experience is the most important characteristic if a professional debt recovery company. Ask a representative for how long they have been in business and do not trust them if they have been activating in the field for only a short while, because you may risk losing your money. Instead, choose experienced companies such as, who have been in business long enough to know all the types of unpaying clients.

Can you collect all types of debt?

There are various kinds of debts that a client can be in and you should make sure that your debt recovery company specialises in the one you need. For example, getting money back from private persons is totally different from collecting money from commercial entities.

What about your fees?

Debt recovery services come at a cost, of course, and, if you do get your money back, then that cost is worth it. However, be very sceptical of non-refundable upfront fees, because you could get scammed. Upfront fees are risky because if recovery is unsuccessful, you’re only losing more money.

How do you deal with debt recovery?

If you decided to resort to a debt recovery company, then your money is probably very important to you, as it should, but keep in mind that the methods by which they are obtained is equally important. The company you hire should be transparent about their methods and you should be kept in touch every step of the way!

How long will it take for me to get my money back?

In some cases, collecting unpaid debt is a matter of urgency and the company you hired needs to move fast. In other cases, you might not be in a hurry. Talk to the collector about the time frame, because some debts take longer to be recovered than others!

January 2022