When Should You Refer a Bad Debt to a Debt Collection Agency?
A common dilemma for business owners worldwide is when to stop chasing bad debts in house and hand them over to a debt collection agency. On the one hand it’s tempting to hold on to your debts in order to avoid upsetting customers as well as avoid paying collection fees and commissions. On the other hand the older a debt becomes the less likely you or anyone else are going to collect it. speed reading test What’s more, if these creditors are like most businesses, they lack any sort of system to quickly identify and subsequently deal with professional debtors. So while those businesses continue to sit on their backsides and drag their heels.