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

Pew Charitable Trust Releases Analysis of Military Financial Institutions

The Pew Charitable Trusts, a global not-for-profit that completes global research and analyzes public policy, announced near the end of October that it had completed its first evaluation of checking account practices within banks and credit unions that provide services for customers at military bases. Overall, it analyzed 18 of the 31 Association of Military Banks of America banks and 111 of the 134 Defense Credit Union Council credit unions at military sites. [ Read More ]
10/30/2014

Accounting Firms Take Note: Five Trends to Hit the Industry

A new report has emerged that makes one thing clear: the accounting industry has about five clear trends about to hit. From the largest of corporate accounting ventures to the simplest, key industry trends are set to arrive and pose opportunity for those who pay attention, and hazard for those that don't. [ Read More ]
10/29/2014

Accounting Firm Receives $100,000 in Consulting through University Competition

The Harvard vs. MIT Case Competition takes place every year to pit graduate students and postdoctoral fellows against each other to solve a real-life business challenge. Students from both universities generate answers to problems that affect an actual business; this year's chosen business was the accounting firm, Cloudsource Accounting. [ Read More ]
10/29/2014

Clayco Selects DataServ to Automate, Streamline AP Process

Clayco Inc., a full-service real estate, architecture, engineering, design-build and construction firm, has selected DataServ for accounts payable (AP) automation. [ Read More ]
10/24/2014
FREE Accounts Receivable Management enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!


Weekly Live Demo
CaaS Small Center

Register Today!