Bad debt Collection
Bad debt collection Collection of bad debt referres to the whole recovery process of default payments and past-due debts, marked by the creditor as uncollectible. It is described as an attempt to secure a full payment from the debtor on behalf of the original creditor. Debt recovery can be carried out either by a licensed DCA (Debt Collection Agency) or by a financial subdivision within creditor’s corporation. Debt collection is considered as an income and potential profit for the creditor.
Past due payments
Collecting past due payments Collecting late/past due payments can be a cost intensive, time-consuming and frankly disappointing process. Many organizations struggle to collect past due payments because of the complexity of “classical” collection methods. Fact is, the collection process doesn’t have to be such big of a deal if you manage to create a slick workflow or find the right partner to manage it for you. The following article will give you some advice on how to create an effective strategy for collecting past due payments.