Accounts falling past due are a reality of doing business whether large or small. It can be difficult to collect money owed especially if the client will simply not pay. This is when an outside collection agency comes into play. Hiring a debt collection agency helps to recover owed debt with little hustle and stress on your part. It is recommended that you contact a reputable agency once payments are 90 days past due. Companies such as the Paul Mackenzie debt consultancy specialize in collecting debt with a track record of high performance and collection. That said it is important to choose the right collection agency to increase the chances of recovering your money.
The first point to consider is your customer base. The agency you choose should have experience in dealing with exactly the kinds of clients you serve. If you deal with both commercial and consumer categories, it is a good idea to hire a company that has a mixed portfolio and performs effectively in multiple categories.
It is equally important that you choose a collection agency that employs high standards and integrity where consumer relations are concerned. This is especially the case if you intend to continue a working relationship with a client once the debt has been paid. The tactics that the collection agency uses directly reflects on your business. Ensure that the company you choose adheres to the rules and regulations stipulated by the Fair Credit Reporting Act and the Fair Debt Collection Practices Act.
Next, you want to hire a collection agency that has good experience in the business. Find out how much experience the company managers, executives and other company leadership have in the business. An agency that hires ACA and/or IACC certified staff is a big plus when considering external debt collection.
A good collection agency should also implement modern technology to streamline the collection processes and to give you easy access to important information such as collection portfolio, statistical reports and correspondents with debtors where necessary. This information should be easily accessible online especially if your business is dealing with multiple accounts.
Lastly, it is essential to look into the agency’s fee structure. Most agencies use contingent free structures. This simply means that the collector does not get any fee if he is unable to collect the debt. Some of the factors that may affect the collection fee include number of accounts, amount collected, extent of the collection portfolio and type of handling.
All these factors are important to consider when looking into debt collection. We meet these criteria and more, offering value addition including free webinars, educational newsletters and training programs. These add-ons demonstrate our commitment and expertise in the industry and our dedication to provide the best possible service to our customers.
Making debt collection calls is one of the most undesirable jobs in any business. Many people feel uncomfortable with the process and tasking employees with chasing defaulters can decrease motivation. There are some tips from Paul Mackenzie debt consultancy to help make this process easier.
The first step is to be ready to listen to excuses. It is a good idea to make a list of common debtor excuses followed by effective answers. Effective answers for excuses help to stay on track with the main purpose of the call.
Have the facts handy before making the call. This includes the terms of sale, amount of money owed, services or products purchased and payment due dates. The whole point of contacting the client is to get a commitment for payment. Calling them back will likely result in starting the process over.
Know who you are dealing with. This helps to gauge the willingness or ability of the client to pay the money they owe. This involves finding out their payment history. Check if they usually pay on time, if the client has a habit of defaulting or late payments and their overall track record of payments. Lastly, speak authoritatively and professionally for a better chance of getting a positive result.
Ultimately, even the most well thought phone calls may not result in the desired results. Paul Mackenzie has all the resources, experience and skills to get debtors to commit to a payment. It is often best to let the experts handle your debt collection.
Managing and maintaining cordial relations between creditors and customers is a very delicate affair. The successful management of this relationship by Paul Mackenzie debt collection teams has seen this organization grow in leaps and bounds annually and build a sterling reputation across the UK. Our job involves turning debtors who drag their feet when paying into cooperative debtors. There are many companies that have benefitted from these services and always give great reviews for the services offered. Capital is the seed through which business grows and having funds locked in debtors hands is the reason many businesses fail. This relationship is complex and improper management often leads to lower credit ratings ultimately affecting the business capacity to access funds – capital.
Paul Mackenzie debt is not reputable for nothing. On the contrary, many clients are often surprised that the relations with clients improve over time owing to professional management approaches implemented. This approach ensures that your business will continue to gain clients and repeat business from old clients. You will be surprised how effective word of mouth can be for promotion and as a marketing tool. This has and remains the main avenue through which Paul Mackenzie debt consultancy broke into the credit scene and maintains its position at the top. Interestingly it appears more and more people are now willing to risk engaging in business as the risks involved have dwindled significantly.
One of the major breakthroughs this company has introduced is credit agreements that cater for both parties (business and the creditor). Simply having a heart for the debtor has proven very effective, probably because debt is often not premeditated. Paul Mackenzie debt consultancy offers professional mediation that has seen debtors become committed to repayment and relationships flourish. The professional team works hard to ensure debtors are served with courtesy and debt collection is as private as possible.
Often the competition will advise that the best strategy involves digging into the debtor’s life to uncover information to use as evidence if a credit agreement is broken or is taken to court. Years of experience have taught the lesson that legal framework is essential in managing financial matters violations of these by the debt firm are always beneficial. At Paul Mackenzie debt consultancy it is clear that; while the creditor is eager to collect what is owed, many debtors also have anxiety in relation to what they owe. The nature of this bond requires a skilled mediator and Paul Mackenzie debt consultancy have successfully played this role for many businesses.
When business is cash strapped and the number of unpaid debts starts piling oftentimes the owners will lose morale. Some eventually close shop while others look for more money from other sources. It can be a very tiresome struggle and many give up and is the reason many business entities fold soon after opening. If this is widely accepted why does the trend persist?
At Paul Mackenzie debt consultancy we have over an 8 year period risen from a one man show to a firm with in excess of 200 employees. This rapid growth has arisen from our passion to provide fast and efficient service and a niche in the industry. That being said it would appear this trend has persisted due t the lack of a suitable solution.
Paul Mackenzie debt consultancy: Collection Order
The company is not just popular but constantly reinvents means to collect quickly and improve debtor and supplier relations. It takes a lot of effort and appropriate communication (legal documents) in good time.
We often handle and manage debt collection using collection orders. These are used to alert debtors of some overdue payment or to release/submit some documentation that will allow an overdue transaction be to be settled. The collection order is very useful and is often followed with periodic reminders all of which can serve as legal basis for further action.
Debt collection is a business that is legitimate and therefore when you are contacted by a debt collector, it doesn’t necessarily imply that you have entered into an abusive relationship. Paul Mackenzie debt collection agency collects delinquent debts ranging from medical debt, credit card debt, vehicle loan, business debt, personal loan debt, student loan debt as well as cell phone bills and unpaid utility. We are an honest consultancy founded in 2007 and based on integrity and honesty. We will work with you in creating a plan to assist you in repaying your debt, whether in full or in monthly installments or even at a reduced settlement.
One thing you need to consider is the statute of limitations under which your debt may fall under. For debts that are difficult to collect, we may negotiate settlements with consumers for an amount that is less than what the consumer owes. In some instances, we may be compelled to file a lawsuit against debtors who have absconded payment. If this is the case, it is advisable for a debtor to consult a lawyer for guidance and to avoid heavier penalties imposed on you.
A collection order is a document type where an attempt is made to promote a payment tendering or information deliverance of specific kind is done. The document’s specific purpose determines whether the document focuses on the urging of balances payment past due, or be some pending action notice that will be required so as to complete an order or fully settle a transaction. While most times a collection order is associated with a debt collection attempt, the term could also be used in reference to internal documents that different companies prepare and which are used in the transfer of information inside a financial or any other institution type.
When the collection order is written as a letter, the document text will usually advise the debtor that required payment on an account that is open is past due, and will proceed to advice the debtor make the necessary payment. Paul Mackenzie debt consultancy often uses this type of collection order where the outstanding invoices is past a specific number of days after the issue, and will issue reminder orders after 45, 60, and 90 days consequent to the first issue. The collection orders exact content varies and depends on the time elapsed since receiving of the last payment made by the debtor to the creditor.
The debt collection process can be sensitive and risky. But not when you have a team of trusted professionals helping you with every aspect of debt collection. There are many reasons why Paul Mackenzie and his team are among the most reputable debt collectors in the region.
Experience and skill
Paul’s Portfolio has a long list of previous clients who are ready to recommend the expert. He has worked with globally recognized banks and financial institutions in the region. Being a former CEO of Mackenzie Hall, Paul brings a lot of expertise in the area of debt collection.
Respect and fairness
It’s very important to handle debtors with caution bearing in mind that they have consumer rights that must be safeguarded. Paul Mackenzie Debt Consultancy conducts the collection process with fairness and honesty, to help maintain the relationships a business has with its customers.
Paul and his team take it upon themselves to assist debtors get out of debt. They do this by helping them work out a suitable repayment plan that is appropriate for their financial situation. The debt collectors assess the individual’s income, ability to repay debt on time and type of debt when coming up with a repayment plan.
Ups and downs are a part of business. Financial status does not always go higher, people face downfalls too, such are the situations, which you face with business debts too. But, if you have the expert advice at your hands, then nothing is there to worry. You can avail of the services from Paul Mackenzie Consultancy agency, to enhance your business. Paul is an expert in working out with debt collection strategies. You will be able to recover the finances in no time with his help. Transforming the market and improving the economy was his main target, and for this he has given unbeatable solutions to one and all. These consecutive successes are a result of his leadership qualities. So, all those who have fallen at distance with the payments, it is considered as a responsibility here.
He sees every person’s situation as different and makes it possible for the clients to get a professional serving. Making ground breaking strategies, is his passion and he is capable of being an indispensable partner in the debt collections. Expect exceptional growth options with him. Paul Mackenzie Consultancy agency recovery has helped many associates and they were able to withstand their firms. Understanding the value for money, giving an affordable plan will be his output. So, if you are searching for fair solutions for debt collection, then, Mackenzie is the person, you should turn to. He knows to stand on his words, and unlike others he will offer the smartest solutions of all.