What we’ve found is that most people when they think of debt recovery only consider the monetary side i.e someone owes you money and the only way to recover it is through finances. However, there is a multitude of things that fall under the umbrella of debt and debt recovery, which is why today we’re going to be talking about the different types of debt, and how we can help you recover them.
So, let’s begin by asking, what is debt recovery?
Debt recovery is when you’re owed money by a debtor, and your debtor doesn’t pay. If you agreed upon a date at which payments would be made, and they aren’t made. You can then look at the debt being recovered. That’s when a licensed and capable team can get involved by making efforts on your behalf to ensure you get paid.
What does the process of debt recovery look like for someone who needs to recover a debt?
Generally, it’s us sending demand for repayment of your debt to the debtor, via a series of mail, SMS, email plus home and business visits. More often than not, all it takes is a letter or email from a third party such as ourselves for the debtor to realise the severity of their actions. However, we also frequently perform home and business visits to begin the negotiation process, or to retrieve finances/assets.
Our clients tend to see us as not just debt recovery, but also as debtor locators and debt negotiators.
Debtor locating occurs because not all debtors want to be found. Many of our clients not only require us to recover their debts but also locate the debtor. This can be for reasons as harmless as the company has changed phone numbers, email addresses or have moved to the location, meaning that invoices are being sent to the wrong places. Or it can be as intricate as someone purposefully trying to do a runner because they don’t want to pay the debts that they owe. Once we’ve located the debtor, we can then begin the negotiation process. We can negotiate a payment plan with your debtor and then hold the debtor accountable. If the debtor legitimately doesn’t have enough finances to pay a debt, and we become aware that they have assets that equate to that same debt, such as a nice boat, a second car, caravan, we can negotiate with our client to have the ownership of the item signed over from the debtor to our client to satisfy the debt.
There are a number of benefits to having a debt negotiator, however, two larger factors are that it saves you time and can mean that you don’t have to go to court. Instead of spending the time negotiating yourself, you can continue to run and operate your business as you need to. The debt will be settled on the basis of an agreement, meaning you won’t need to involve lawyers or a trip to the courts, which will save you time and money.
Aside from the aforementioned asset recovery, another example that we haven’t spoken about is tenant lockouts. What is a tenant lockout and how do they fall under debt recovery?
Tenant lockouts are lawful seizures of a leased property, and we can definitely organize and coordinate this for you and your business. We work with trained security guards, alarm companies, locksmiths and all other parties required to access and retain your property.
Debt comes in different shapes and sizes, and the process of retrieving it can be simple and can be more intricate. But that’s why we want to chat with you about how we can help you recover your debt. If you need to recover lost finances or lost assets, contact us on 1300 849 007, or you can head to our website at downunderinvestigations.com and we’ll answer all your questions. However, you can also download our white paper ‘How to Debtor Proof your Business’ via the links in all our social media, and begin to implement unhealthy debtor proofing practices, today.