Author: AMA Admin

When your numerous calls and letters go unanswered, it’s time to involve a recognized commercial debt recovery firm. An official demand letter from a professional, recognized collections agency shows your seriousness and the potential for litigation if a voluntary pay agreement isn’t reached. At Alexander, Miller & Associates, we will work with you to craft a demand letter that gets results.

Confusing your debtor with a letter that is too long or unclear could hinder successful repayment. Get to the point and write in a concise manner while avoiding jargon. This will clarify the urgency of the situation and hopefully yield a positive result. When sending out an official demand letter, keep in mind the following 5 components:

1. Emphasize that other forms of communication have been exhausted. Underline the frequency in which your business has tried to contact the debtor. You should also have a record of each of these contact points.
2. Make the possibility of litigation very clear. Normally, a debtor is given 10 days from the receipt of the demand letter to resolve their debt. Whatever your terms are, make it unequivocally clear that a lawsuit is imminent.
3. Give them the opportunity of alternative payment solutions. Sometimes businesses are unable to pay due to current financial hardship, but will be capable of payment in the future. Knowing that they have the option for a payment plan could encourage them to negotiate terms, rather than continuing to avoid you.
4. Give them the opportunity to deny the debt. A response, even a negative one, is helpful. It confirms that the person you’re reaching is indeed the right one to speak to about recovery. At that point, a private investigation might be valuable to determine the possibility of successful litigation.
5. Put your deadlines in writing. Support your legal claim with the chronological facts: when the debt was incurred, when you contacted them for collection, etc. Then be sure to give deadlines on when you must see a response before litigation begins.

Alexander, Miller & Associates utilizes a series of legal demand letters and collector efforts to assist in the collection process. Our 60 years of collection agency experience ensures the highest success rate.

 

We already talked about 5 ways to get your not paying customer on the phone and tips on how to collect commercial debt, so, today let’s talk about difference in means of communications for debt collection.

Today, a list of communication means includes a lot of strategies. People call each other, send text messages and emails, use video calls and enjoy other advancements in technology. Individuals have their own preferences about their most comfortable way of dealing with others. The issue of choosing one becomes particularly important when it comes to dealing with debtors. It can be a good strategy to ask your debtor about the way he prefers. This trick helps the debtor keep in touch with you in the way he finds easiest.

Continue reading “Debt Collection Process: Phone Calls vs. Emails”

We have been talking about business debt recovery for quite a while, however, wouldn’t it be much better if you as business owner didn’t have any debt in the first place?! So, we gathered some tips on how to ensure a stable financial future and avoid debt for business owners altogether.

Continue reading “6 Steps How to Ensure a Stable Financial Future as Business Owner”

Alexander Miller & Associates commercial debt collection agency is an expert in fast track debt recovery and onsite investigations. We provide excellent debt recovery services in Houston and nationwide without the expenses and resources needed for tiresome and dragging lawsuits.

Continue reading “Alexander, Miller & Associates Debt Collection Agency: Debts Paid, Money Gained, Budget Saved”

The market of debt crecovery is overcrowded with lots of commercial collection agencies, companies and firms offering their services in the field of debt recovery. Here are 3 more tips to consider when selecting a partner in the debt collection process.

1. Make a study.

Debt collection agencies may vary in size and range from local firms working only within one state to big international companies with an international network of certified investigators and experience attorneys. Choose the right agency meeting your requirements. Alexander, Miller & Associates offer a wide range of debt recovery services in Houston and nationwide using their cutting edge techniques and methods and cooperating with their extensive network of examined professionals.

2. Choose the right specialization.

Your industry may require specific solutions as each field of business differs in its features. If a collection agency specializes in your industry, it has the required experience to deal professionally with the faced challenges. Alexander, Miller & Associates deals with debt collection in all industries, including trucking transportation & freight, heavy equipment rental, restaurant supply, wholesale produce and seafood, staffing and building supply.

3. Compare Contingency Fees.

The most wide-spread payment models are flat fee which is usually quite small and offered in the early stage of debt collection process and contingency. In AMA firm our low contingency rates are only charged once we collect. We offer a no collection, no cost service.

As 2016 comes to an end, many businesses are looking forward to the start of a new fiscal year. A new year brings on different obstacles and growth opportunities, but chances are you don’t want one of those obstacles to be old uncollected debt. This is when a reputable debt collection agency comes in handy.

Statistics show that after the first month of uncollected debt, the chances of recovering debt decreased to 93%. Although that may seem adequate, the numbers take a sudden nosedive; after 3 months, there is a 73% chance of recovery, and after 6 months, there is a 50% chance you will not get paid. Needless to say, if you hit the one year mark of uncollected debt, the odds are stacked against your favor and you face a 75% chance of not receiving any payment.

Time truly is money when it comes to recovering payments, so you want to make sure you are addressing uncollected debt as soon as possible. However, collecting payments can be tricky. Some clients may avoid you like the plague! Others may become defensive and shut the conversation down. You also walk a fine line when dealing with long-term clients who are going through a tough time and do not have the ability to pay for rendered services; you do not want to lose a valuable client when collecting debt.

For situations that require a delicate approach, you will be more successful in recuperating payment when partnered with an experienced debt collection agency.  Through our Customer Assistance Program, we are able to approach your invaluable clients with tactics that will retain your relationship and advance the debt collection process.  

At Alexander Miller & Associates, we have developed debt recovery strategies for different industries and our extensive experience will increase your chances of getting your money back. Our debt collection divisions include: Freight and Transportation Commercial Debt Collection, Seafood and Produce Commercial Debt Collection, and Restaurant Supply Commercial Debt Collection.

Let a skilled debt collection agency help you and contact us today for more information.

One issue that always comes up in the debt recovery process is getting a hold of a customer. What happens when you run into difficulties getting a delinquent client on the phone? It can be easy to rush to judgement when this happens and you can even start believing that the client is purposely avoiding a you.

Sometimes this is the case – and sometimes it’s not.

Most debt collectors know that you shouldn’t start the debt recovery process with this assumption. There can be many reasons for a late payment, so before concluding that the client is deliberately evading you, pause for a moment and consider these five ways to get through to them on the phone:

Continue reading “Five Ways to Get Your Not Paying Customer on the Phone”

Consumer debt may indeed receive a lot of attention from the media, but business-to-business debt receives major amount of the debt recovery market. Of all the different regulatory bodies in the consumer collections market there is actually no de facto regulatory body overseeing the commercial debt collection recovery.

Continue reading “Code of Practice for Commercial Collections”