Most Effective Debt Recovery Strategies

Most Effective Debt Recovery Strategies

Introduction

Most of the debt recovery strategies often incur costs to the debt recovery firm and is a time consuming job. Some of the most sorted recovery methods can be adopted to speed up the debt recovery process.

Thorough Credit Check

Prevention is better than cure. It is the foremost effective strategy that keeps you updated and provide complete protection against bad debts in future.

It is also helpful in deciding to what extent terms of trade should move as far the company is concerned.

Terms Of Trade clause Inclusion

The terms of trade clause must be well drafted in such a manner that you can take legal action over the company or on its directors property, in case the debt is not recovered within the stipulated period of time.

Addition Of Title Clause

Recovery can be made easier if title clause is drafted in an effective manner over the invoices as it will help to recover the goods that are supplied in case there is non-payment of some of the goods.

Personal Guarantee By Directors

Directors must give the personal guarantee that gives direct access to the assets of the company and recovery can be made easier.

Asset Security

It can serve as one of the most effective recovery tools, in case the debt falls due to any unavoidable reason.

Contact Us Level 5, 68 Alfred Street, Milsons Point, NSW

sales@thebostongroup.com.au

02 8920 8886

www.bostoncommercialservices.com.au