Accounts Receivable Management Featured Article

Jack Russell Shares Insight Regarding Proper Debt Collection

November 14, 2012

Through its 30 years in business, Jack Russell Debt Collection, and tens of thousands of case studies, has developed internal procedures to recover debts from difficult-to-enforce county court judgments (CCJ). In order to give timely relief to cash flow, it is imperative to try and collect as much cash as possible, since due to the downturn in the economy, more and more businesses suffer at the hands of debts that can’t be collected.

“There is difficulty in collecting county court judgments that the debtor’s involved are usually in financial turmoil or adept at side stepping or delaying payment of their liabilities,” said a spokesperson from Jack Russell Debt Collection.

Below is a summary of some of the most effective steps used to enforce CCJs in case you have obtained a court judgment against your debtor who fails to pay the debt.

The first approach is for the debtor to be summoned to court. Regarding their ability or offer to pay, the debtor is questioned on oath, once in court. Rather than submitting themselves to this process, according to Jack Russell, which identifies this approach as one of the most effective, many debtors will pay up.

Delivering a high conversion to installment payers, this approach helps clients begin to get the cash back faster. 

The second option is to acquire orders from third-party debt. Directly from the debtor’s bank or building society account, settlement can be obtained. A combination of warning about or summoning the debtor to court is often the best approach, but these should be merged with tactics. 


Image via Shutterstock

Execution is key to recovering a receivable. 

Yet another option is to charge orders. Businesses can place a charge against a debtor’s property on or off the market. However, this approach requires deeper insight into the ownership status of the property, existing charges and third parties to the property. This is often regarded as a safety net approach and close to return cash.

Nevertheless, if the debtor does not have the assets or the means to pay, or is protected by an Ltd. company that does not have the assets to pay, none of the above tactics will be as valuable. 

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Miami 2013, Jan 29- Feb. 1 in Miami, Florida.  Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.




Edited by Braden Becker

Article comments powered by Disqus

Related Accounts Receivable Management Articles

Lovell Minnick Injects Over $100 Million to Accelerate Growth at LSQ Funding

Whether a business is well-established or it is a budding startup, finding the necessary funds to continue operations is an issue organizations have to struggle with. Even when everything seems to be going well, an infusion of capital can always ease the financial accountabilities they face. Often times the capital is raised from outside sources, but when that is not possible, the assets within the organization can be accessed to find the monies, which is what LSQ Funding provides. It makes use … [ Read More ]
04/16/2015

GE Healthcare Expands Financial Management Solutions for Healthcare Providers

GE Healthcare, a subsidiary of General Electric delivering transformational medical technologies and services, has released new offerings under its Centricity Solutions for Financial Management suite to address emerging changes in the industry and improve customers' profitability. [ Read More ]
04/14/2015

CFPB Sues Robo-Call Phantom Debt Collection Operators

We all tend to think of them as more annoyance and nuisance than something far more nefarious. However, robo-calls can be causes of immense emotional stress and as a recent lawsuit by the U.S. Consumer Financial Protection Bureau (CFPB) proves, they can also be used in pursuit of unlawful activities. [ Read More ]
04/09/2015

Infor Releases Version 3.7.1 of its Hospitality Management Solution

Michael Guta Accounts Receivable Management Channel While every business benefits by delivering great customer service, for the hospitality industry, it is their life line. This is an industry that thrives on outperforming the competition with more outlandish services, and those establishments that go out of their way to impress their customers have near 100 percent occupancy rates year in and year out. [ Read More ]
04/06/2015

Events

Weekly Live Demo
Contact Center Solutions

Register Today!


Weekly Live Demo
CaaS Small Center

Register Today!