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Myths about Debt Collection

Debt collection can conjure up a bunch of different images. I for one thought that debt collectors showed up at your house armed to the teeth with weapons and blades ready to repossess your money or something of equal value. Debt collection in reality is nothing like that, and the closest you get to assaulting someone is if they are being particularly unlikable on the phone. Debt collection is a little bit of a mysterious industry, so we thought that we could simply talk about it in this article and dispel some of the myths that surround it.

Some people think that debt collection is a very hard thing to do, and fair enough to the untrained professional it certainly can be. Debtors can certainly be very unlikeable when they are screaming at you in displeasure over the line, but you can also identify instances where debtors simply forgot about the debt, or maybe they were in dire financial straits. One thing is hard about it, however, and that is the amount of time it takes to recover debts. If you are a business owner and want to simply do your best to improve your business and not worry about the annoying affair that is debt collection, go ahead and call commercial debt collecting Brisbane. They are some of the most professional debt collectors out there and they will usually stop at nothing to ensure that you get the money that you deserve.

So, what are some of the myths that surround the process of debt collecting? Well for starters, debt collecting is sometimes perceived to be expensive. Good debt collection agencies will only work on a success-only commission basis, this means that you can hand them a whole list of debtors, and of that list if only one debtor pays up, you will only have to pay for that one debtor. This is an extremely convenient and fair process. If you really consider it, you’re getting a massive steal, and the amount that the debt collection agency is charging is pretty nominal compared to how much you would lose if you were to write the debt off completely.

Another myth is that customers won’t like it. This truly does depend on the customer, yes, it’s definitely true that some people don’t like to be bothered when they are at work; but let’s bear in mind that these people borrowed and then didn’t pay. In all honesty, it shouldn’t matter what they think at a certain point. Sure, they might be annoyed when the debt collectors come calling, but the debt collectors are becoming increasingly more democratic. Once they explain to the debtors why the business owner decided to hand their contact to the debt collectors’ agency, they understand the error in their ways and are a lot more willing to cooperate with you and pay the loan back. So, there we go, just a few of the myths that surround the art and science of debt collecting.

Donte Sutton
the authorDonte Sutton