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Sometimes the misconception with overdue debts ,is “EC Credit Control or the courts will collect my money, no problem. I just send them a debt and they work their magic and I get paid”. If only it were true, credit reporting agencies such as Veda would be obsolete. The truth is there is no magic wand in debt collection and what may appear simple may in fact be quite complex. Therefore a lot of what you do at the outset as a creditor can have a big impact on the likelihood of a positive collection should a debtor renege on an invoiced payment.

How Do I Help EC Credit Control Help Me:

When submitting a debt for collection, the more relevant information we receive at the outset, the better. If a contract is held, send us a copy. Tell us if you hold a personal guarantee and provide a copy of that also. Invoices/statements/court judgements along with relevant correspondence that assists in proving the debt should all be provided with your debt for collection. This is because the onus of proving a debt lies with the creditor and debtors more often than not will at first deny knowledge of a debts existence or that they have signed or seen any documents of proof. Our technology is so fluid that if we already have this information scanned to the file we can provide same to the debtor at the push of a button while we still have them on the phone, thus denying some delay in having to come back to you to seek such documentation. The invoices you submit should add up to the amount you are seeking and should be made out to the correct debtor. If not there will be delays in processing your debt for collection. It is important that you ascertain who the correct debtor is at the point when the debt is incurred. This is particularly important when dealing with tenants/landlords and for subcontractors where there is a trend of issues arising as to who ordered or was responsible for the work. Remember if you cannot prove the debt when the debtor challenges it, we are less likely to collect the debt

How Do I Help Myself:

A signed contract will always be king. It does not stop a debtor disputing a debt but it does clearly show that they signed agreeing to your terms of trade which should include the ability to load a default, add interest, recover legal and collection costs amongst other important specifics. The timing of disclosure and acceptance of that contract is also important. Terms are only enforceable if they have been disclosed and accepted on or before the date the debt was incurred. You might have the perfect contract and terms, but if you disclose same after the debt is incurred, (i.e on the back of an invoice 30 days after provision of goods and services) the terms will not pertain to that debt. You can still pursue payment for the invoice concerned but there can be no costs/interest added and the debtor cannot be default listed.

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