Hi Everyone! I have lots of debt collection pending. Now I am getting pressurized as how to collect it? I have put all my efforts to collect the debt amount but still not able to recover it at all. I also don’t want to go with hard recovery. Please suggest any help to recover the debt amount.
Everyone has debt and everyone has problem... make your own way to survive... all of us wanted to make money that's why we are here...
Work very hard. Get a second job if need be until it is all paid off. The only way to get ahead is to rid yourself of that debt. So work hard to get past it.
Work very hard or very smart. Or borrowing money from somebody/somewhere and paid your debts out then do this again, again and again. Sell something at ebay.
Get a second job, try some freelancing - I've managed to resolve some of my moneyproblems now by doing regular translating jobs and are getting good payment each month. Or sell some things - Many got things they don't use.
I can't tell if I'm reading this wrong or not, but are you IN debt, or are you trying to collect money from someone that is indebted to you? Judging from everyones response it would seem to be the former, but that's just not the way i read it maybe?
Now that I read it again, I think you're right - It looks like he's looking for advice on how to COLLECT debt from other who owes him. So then ignore my reply, it won't be much good to you If this is debt you have in writing, you can contact a firm to do the claim for you...?
Well from what I recall from my accounting classes what you do is you sell product on credit and create an account receivable out of that. The contract of repayment needs to be in writing with payment terms listed. To collect you simply have to call and question about when they are going to pay up. If they don't pay up then you just write the debt off as bad debt expense and sell the note to a collection agency. You have to read up on it really there is a lot involved to it and it can get complicated if it is your first time. My word of advice is to not use accounts receivable until you have a long trust of the other person or you get a professional to assist you. Either they pay now or they don't get the service. Simple as that.
As someone who has made calls about amounts owed greater than $1million I found this EXTREMELY funny; obviously killer has never made one of these calls. Tom
I have never found the first call they got regarding the debt to be a good time to joke. I usually was the bad guy boss that they had to eventually talk to before their case went to the attorneys. I have gotten to the point where I felt jokes were appropriate, but I don't think this was ever in the first couple calls, it was only after we had developed some kind of working relationship. Tom
What kind of debts are you collecting? How long have you tried to get in touch with the person who owes you money? Have you kept track of the number of times and the ways and means that you tried to contact him/her? I ask these questions because paper trails and a good, solid documentation of the leeways you've given that person will solidify your efforts to really get the money. If things get worse and you need to elevate the matter to court, then you have good proof that you have done all means necessary to collect the debts.
How much? If it's over $50k. I'll collect it for 50% I'll give you a tip. Follow the cheap ass punk with a bull horn and call their clients.