Debt collection is the sad truth about business that no-one ever wants to talk about. No matter what your line of work debt collection is something that will undoubtedly be something you have to deal with at some point. What is the correct way to deal with it though? Some people use debt collection agencies to ensure that they are paid what they are owed. Is this the correct way to do it though? Using a commercial litigation lawyer will ensure that you get the money you are owed, without damaging your professional reputation.
Protecting Your Company Name
Utilizing a debt collection agency is one way of collecting the money that you are owed. However they are not usually known for their professional approach or regard for the reputation of the company they are representing. Using a commercial litigation lawyer will ensure that your company name upholds its reputation while still collecting the money owed to you. This ensures that you will not feel a drop in future sales just for chasing money that is rightfully yours. Your company is only ever as good as its name, so for this reason you should ensure you protect that name. The best way to do this is with the most professional method of collecting debt. A commercial litigation lawyer will always uphold your good name better than a debt collection agency.
Ensuring That You Get As Much As Possible
Debt collection agencies just want the job completed as soon as possible. A lawyer doesn’t work that way. Their job is to try and get as much of what you’re owed as possible. If that means going to court then that is what they will do. It might mean that it takes a little bit longer in order for you to get your money, but it will also mean that you will get more of it. If you’re struggling for money and your cash flow isn’t as good as it could be then a debt collection agency might be the way you go, but if you’re in a good financial position then a commercial litigation lawyer will help you to get as much of the money you’re owed as possible. If you show that you are willing to do anything to get the money owed to you it means that customers will be less willing to hold back payment in the future.
Your Chances Of Success Increase
Debt collection agencies don’t have the powers that lawyers have. They are able to carry out so called ‘soft’ debt collections. This means that many businesses don’t get the money they are owed. Litigation lawyers have a lot more power and can ensure that you do get your money. In the short term debt collection agencies might work, but if they don’t and you have to go down the legal route in the future it is just money and time wasted.
If you run a business then you should always consider the best way to collect your debts. If you want to maintain a better reputation and collect a larger proportion of the money owed to you then litigation lawyers are always the best way forward.
Save More Money in 2018
Subscribe and join the worldwide 52-week money challenge! Get the tools you need right to your inbox.