WHEN IS THE BEST TIME ?
When is the best time to give a collection agency debt(s) to collect?
If your customer has repeatedly promised payment, ignored calls, or starts to make excuses about the account. Generally this is not a good sign.
Generally if your customers exceeds your credit terms and you have contacted them more than 3 times or if you have customer(s) over 90 days plus and have had no response or payment. If your customer(s) are refusing to pay your account and they have exceeded your credit terms – Act immediately. Debt collection industry experience has taught us “The faster the account is handed to a collection agency … the better the result”!
Remember!!! “The longer you wait for your money the less chance of recovery. You only have six years to legally collect your accounts.”
PROTECT THE VALUE OF YOUR MONEY
The longer you wait for your money the less chance of recovery.
Not only do your chances of collecting an account diminish with time, so does the real value of the money you collect.
Industry figures say that the collectable value of overdue accounts reduces to 67 cents in the money after 6 months past due, further reducing to 45 cents in the money after 1 year.
The value has been reduced by:
- Interest charges on your own overdraft to finance the sale;
- Extra administration costs to monitor the account;
- Opportunities lost from the extra profits that could have been made if you had the money;
Hidden costs of telephone calls, letters, your time, should all be added to the debt to reflect the true cost to your business.
ONLINE FILE ACCESS
TG ASIA MANAGEMENT has continually strives to be at the forefront with technology and meet the changing needs of its clients.
Through our website we have developed an interactive on-line service tha allows you access to the following services:
- Lodge new accounts on-line;
- View the progress and current status of your accounts;
- Provide us with feedback in relation to your accounts;
- Print a progress report to your printer;
We have endeavored to make the debt collection process as simple and easy aspossible, by providing all clients with access through the internet to their debts. Easy online access to the Client Access System enables clients add new debts at any time and see activity on all files.
Throughout the legal process you will have regular contact from the legal team to offer advice and feedback, and full information will also be available on Online File Access.