Tips for Collecting Debt – Part 1

Welcome to a new, series on smart steps to collect a debt.  As debt collection attorneys, we find ourselves at the end of the collection process, typically when all else fails.   We have discovered that a well coached client tends to be better at collections, and that when a debt has to be turned over to a collection attorney, there is a higher probability of not only collecting, but collecting quicker, when our client is coached.

So, with that in mind, welcome to the new series – Tips for Collecting Debt.

Today’s Collection Tip is “Document Everything”

Write it down!

Documentation has two primary goals.  The first is to things from falling between the cracks of a busy day.  When did the debtor say they were sending in payment?  What did you have to send?   The other reason to document all of your interactions in debt collection is that your documentation may eventually end up in court as evidence to secure a Florida Judgment.

You should be making notes on the debtor’s last date of payment.  What the debtor has agreed to, and when.  When you next follow should be.  When to expect receipt of payments.  A call log is very appropriate, as is a separate file for each client, and a calendar based system where your future activities for all past due accounts are kept in one place.  Obviously, if you deal with any volume of collections, a debt collection system that helps you track these things is very appropriate.  If you are only tracking a few past due accounts – chances are a few spreadsheets will make you far more productive, almost instantly.


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