Debt collection comes into play when the goal is to collect payment from a debtor who has not settled a bill by its due date. Collection can be done through what’s known as voluntary collection or letter collection, as well as through legal collection, which involves preparing a summons to the competent district court. To ensure that the collection process is as efficient and swift as possible, it’s advisable to contact a professional as soon as the bill becomes overdue. We can handle the entire collection process as needed.
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Usually, the customer is initially contacted with a collection letter, commonly referred to as a payment demand, after which the debt cannot expire. In the payment demand, the debtor is required to pay not only the overdue amount but also accrued interest, late fees, and collection costs. If the debtor still doesn’t pay despite the payment demand, legal action can be taken. After a judgment is obtained, the debt becomes enforceable, and the bailiff can potentially seize the debtor’s income or assets to satisfy the debt.
When a professional handles the matter, debtors typically pay their debts more promptly. This allows business owners to focus on managing their business, while the professional takes care of collecting the customer’s overdue invoice. Professional assistance is especially crucial if the customer has disputed the debt or if there’s a possibility that non-payment is due to reasons other than insolvency.