There’s nothing enjoyable about being owed money. In fact, it’s highly stressful and inconvenient, and it can have an impact on your personal cash flow. This is why debt recovery is so important, and there are a range of tools, techniques and strategies for you to use.
Key Debt Collection Tools and Techniques
- Debt Collection Agency – A debt collection agency can be a hugely beneficial tool when it comes to recovering money that’s rightfully yours. There are a lot of debt collection agencies to choose from, but it’s important to select a team that utilises a wide range of debt collection techniques, such as Cobra Financial. With a debt collection agency on board, you have access to a range of tools and techniques – such as face-to-face debt recovery and bodycam footage – that’s usually reserved for debt collection experts.
- Debtor Tracing – It’s not always easy to locate a debtor, especially if they move house regularly or they are doing their best to hide. This is why debtor tracing is an important tool to have. Whether you are trying to find a debtor that’s ‘on the run’ or someone with an old address, debtor tracing ensures that your debtor can be found and connected with.
- Enhanced Surveillance – Whether you need to find out more about a debtor’s assets or cash, enhanced surveillance can help the debt collection process in a big way. Surveillance of a debtor gives you an insight into what they can realistically pay, and if they are being truthful about struggling to afford repayments. This information gained as part of enhanced surveillance can also be used to build a legal case against them.
- Personalised Approach – It’s important to take a personalised approach when you are trying to recover a debt. No two debtors are the same, so treat every debtor as an individual, and factor in the specific debt that’s owed at all times. You can change your approach depending on the age of the debt and the amount owed, and how willing the debtor is to set up a repayment plan.
- Bodycams – With bodycam technology, everything a debtor says and does during a meeting is recorded. This means that anything they agree to is documented, and any unfounded allegations can quickly be disproved. Bodycams also act as a deterrent to any potentially aggressive debtors. The increased visibility from a bodycam means that debtors have increased accountability for the debt, which could encourage them to pay.
At Cobra Financial, we utilise a wide range of tools and techniques to ensure that your debts are recovered quickly. Regardless of whether you are a business or an individual who’s owed money, and regardless of who your debtor is, our experts are always on hand to help. Contact us today to find out more.