Debt collectors are the third party company that becomes glued to you because you have failed to make the payment at the right time. Now if you are managing a business, then it is possible that you have somehow missed one invoice or the payment date has slipped off your mind. It is natural since there are many immediate responsibilities that look for your attention. Now, picture this. You are having dinner with your loved ones and suddenly you get a phone call from a debt collector asking for money. This will surely make you lose the taste of your food, isn’t it? So, what you can do for such a situation? How to get the debt collector off your back when you have no reason to fail to make the payment at the right time?
Here, in the following points, I am going to tell you about the ways you can keep us, the collectors or the collection agency away from ruining your peace of mind. Take a look at the following points to know more.
Look at the Invoice
Whenever your company is spending on some new purchase, be it service or product, you are automatically getting invoices. Now, unbeknownst to you, the company has availed service or made some purchase on credit. If you ignore to keep track of your invoices, you will never get to know about it, especially if the purchasing department is taking care of this part. So, it is much likely that you might be caught off guard by some agency because you ignored an invoice and subsequently failed to make the payment. So, it is better that you, being the owner of the business, personally ensure that you are keeping track of all the invoices.
Knowing What You Earn
Now, this is another disastrous recipe to become a debtor without any direct intention. If you are a production company, then it is likely that you have to invest a certain amount every month on purchasing the raw materials. On the other hand, it is your orders and supplies that determine how much money your company is making every month. Now, if you don’t keep a track of the money that is coming in the account, it might happen that accidentally, you end up spending more when the earning in a particular month is not enough. In such a situation, you might be forced to get things on credit. Now, credit is natural for a company. But the ever-increasing limit of it can be a curse for any firm. So, when you keep track of the income you will be able to keep credit in check.
Know Your Rights
It might happen that you are in some serious crisis financially which is preventing you from making the in such a situation, it is better that you think of knowing your rights. It can be possible for your business to face a crisis where you are unable to pay back. In such a situation, you are entitled to ask for relaxation or opt for a convenient settlement and payment option. So, when a commercial collection agency is bugging you, make sure you are conscious of your rights.
Answer the Phone
Don’t skip the phone call. It can go against you. Rather, answer the phone call and be upfront about the reason that is preventing you from making timely payment. Make sure you are also conveying that you are willing to pay and open for options and settlement.
So, now as you know how you can steer clear or deal with a debt collector, keep your eyes and ears open. Don’t be afraid if you are not deliberately avoiding to make the payment.