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Debt Recoveries Australia
We Can Increase Your Cash Flow Through Debt Collection
We Can Increase Your Cash Flow Through Debt Collection
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How to Retain Customers Through Good Debt Management

Hi, my name is Adam Stewart, Debt Collection Expert and owner of Debt Recoveries Australia.

Many of our clients feel that once an account has entered the debt management process it is time to start terminating the relationship. However, I believe clients can use the debt management process as a great excuse to get closer to your customer.

In good times, you may be able to rely on new customers coming through the door and have no need to worry about customer retention. It is the bad times that you have to worry about. In the good times the market is full of ‘good’ potential customers looking for new credit and the customers that end up in debt management are few and far between. However, as the economy slows down, these ‘good’ customers stop borrowing and so new sales slow and more customers find themselves in the debt management process.

It is during these tough times, that I believe clients should bed down with their customers who may be going through a tough time financially. It is a great way to get to know them, work with them and find out a bit more about what makes them tick, why they use your services, what they may need and how you can assist them in the future.

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#debtcollection #automated #future
Is Automated Debt Collection the Future?

Hi, my name is Adam Stewart, Debt Collection Expert and owner of Debt Recoveries Australia.

Following the recent debacle of Centrelink’s controversial new automated debt recovery methods, I thought it might be timely to consider if this is really the way to go in the future? Or should we still be going for the personal touch?

The answer for you, in your current role, will depend on such factors as the volume of debts you have, how complicated they are, whether they are disputed and the size of your debts.

My feeling about whether or not automation is the future, is resoundingly yes! Using the Centrelink example again, Social Services Minister Christian Porter, says that the automated debt collection system put in place raised well over $300 million, from 169,000 letters sent.

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@debtcollection #Tips #preventiveaction #bettercreditcontrol
Do You Want to Prevent Bad Debts? Here’s How!

Hi, my name is Adam Stewart, Debt Collection Expert and owner of Debt Recoveries Australia.

Cash is King as they say, so the two most important elements of maintaining good cash flow are credit control and debt collection.

Here are some tips on preventative action you can take for better credit control and hopefully avoid debt collection altogether. It can be used as a starting point that your organisation can use to develop a framework for preventing bad debts in the first place.

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#debtcollection #legalaction #lumpsum
Reduced Lump Sum vs Legal Action

Hi, my name is Adam Stewart, Debt Collection Expert and owner of Debt Recoveries Australia.

One of the biggest struggles that many of our clients have when it comes to negotiating a settlement with debtors, is whether to accept a reduced lump sum or simply issue proceedings.

Many creditors are impatient and want to get paid immediately. They are out for blood and refuse to even consider ever settling for a dollar less than the full amount they are owed. However, this often ends up costing those creditors even more in the long run.

It is sometimes difficult to put personal feelings aside in order to make a decision that will be based in reality. This is where the creditor needs to put trust in the debt collection expert. They are going to have a much better idea about whether to accept a deal or go legal.

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#creditmanagers #sevenhabits
The Seven Habits of Highly Effective Credit Managers

Hi, my name is Adam Stewart, Debt Collection Expert and owner of Debt Recoveries Australia.

Since forming a debt collection company many years ago, I have had the opportunity to meet many small and medium enterprises (SME’s) and company owners and see how they manage their accounts receivable internally. Some are good, some, not so good. I have seen some companies doing nothing to manage their receivables, and letting thousands of dollars written off as bad debt. Others have such well-managed internal systems; they have little or no bad debt.

Prevention of bad debt is the ultimate goal for better cash flow and profitability. However, as I have seen on many occasions, clients could have recovered their money if they had only taken a few precautionary steps in the beginning, or recognized the warning signs and acted sooner. Therefore, I thought I would summarise some of the best options for better credit control and accounts receivable by highlighting the seven habits of a highly effective credit manager.

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#debtcollection #Steps #lifeafterdebt
Life After Debt

By: Mark Serrano, Account Executive at Debt Recoveries Australia

A quote from Dave Ramsey says “There are no shortcuts when it comes to getting out of debt”. In life, we sometimes strive for material assets and spend way over our income, getting into all sorts of trouble, but there is life after debt.

To find peace we need to find a remedy. The same goes with our debt. This is a part of life that we need to find a remedy for, before it brings us down to our knees.

Steps to Get Out of Debt:

1. Know your debt. If you learn how to face your debt, you would be aware of its situation. Don’t be afraid to talk to your creditor or debt collector. Debt is a liability but it can also be a milestone. You can look upon it as a turning point in your finances and use it as a sign to begin afresh with a new financial outlook. Exploring a positive outcome with your debt collector allows you to get on top of your finances, instead of ignoring them. Don't run or hide, it may add to your stress because it will not fix the problem. Ring your creditor or debt collection agency and talk about the debt.

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#debtcollection #Tips #debtcollectionagent
10 Tips to Become an Awesome Debt Collection Agent

Hi, my name is Adam Stewart, Debt Collection Expert and owner of Debt Recoveries Australia and ADC Legal Litigation Lawyers.

I started in debt collection in the insurance business. I hated it; I did not want to do it and would have given anything I have someone else do it. I do not like confrontation and am not, by nature, an outgoing person.

So how was I ever going to do the debt collection side of my job?

Once I started, I realised, you do not need to be outgoing, or even confronting. Debt collection is all about listening and empathising. It is about negotiation and working together with the debtor. This was a revelation for me and I found I was good at it.

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#debtcollection #Tips #whattodo
What to do When the Debt Collector Calls

Hi, my name is Adam Stewart, Debt Collection Expert and owner of Debt Recoveries Australia.

Following on from my previous blog: “Don’t be Afraid of Debt Collectors”, we can now talk about some practical things you can do to prepare yourself to deal with your debts. Remember, there is always a way out and your debt collector is actually there to help you. However, there are other tools you can use to help you negotiate with your debt collectors.

So here are some more tips on what to do when the debt collector comes calling:

1. Preparation

Have all your facts and figures available and ready, so you can begin your negotiations. Get everything in writing. If you have signed any contracts, read them again and make yourself aware of exactly what the debt is about and what the penalties are for late payment. Check any interest and penalties that have already been added.

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#debtcollection #dontbeafraid# #dontbeafraidofdebtcollectors
Don’t be Afraid of Debt Collectors

By: Michael Lising, Account Executive at Debt Recoveries Australia.

People sometimes misunderstand the purpose of a debt collection agent. They sometimes feel harassed, fearful, annoyed, unsatisfied or worried. But let me take you on a debt collector's daily journey to give you an idea of what we do and how we do it. Hopefully, you won’t be too afraid if and when we call you.

What does a Debt Collector Do?

Debt collectors gather data from the clients about the debtor and then analyze it to see the best approach to collect the debt. Then, if the information is sufficient, we contact the debtor right away. If not, we may need to gather more details to try and locate the debtor. Try to imagine looking for a specific person in a place with a population of over 24 million! Sometimes, it's like a needle in a haystack.

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Debt Recoveries Australia (DRA) can help you recover debt from clients. We use credit management, accounts receivable, risk management and debt minimisation to maximise your profits. You can email us at email@debtrecoveries.com.au at or call us directly at 1300799511. You can visit our website http://www.debtrecoveries.com.au/

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