Total debt* levels around the globe rose to $296 trillion at the end of the second quarter of 2021 according to IIF, Considering the magnitude of the situation, debt recovery is becoming top of mind for the lending industry. Besides stimulus packages and moratoria, a more forceful approach will be needed to rise to the occasion. More specifically, with debt recovery considered by creditors, they can ensure that not only debt will stop soaring, but it will eventually start shrinking in the coming years. Managing debtors and chasing overdue payments can be a time-consuming business. If your finance team is over-stretched, it could be time to seek external debt recovery support. Let me introduce you to Candor.
Most people think of instructing a debt collection agency as a last resort. However seeking professional support via debt recovery at an earlier stage can be a smart move, particularly if you have limited internal resources. By ensuring that your credit control processes are managed effectively and efficiently, you could prevent a debtor from becoming a serious defaulter, saving time and expense later down the line. Prevention is always better than cure. Working independently, but also as an extension of your finance team,
Candor can handle all aspects of credit control on your behalf, from issuing statements and reminders to escalation through various stages until monies are recovered. This service can be delivered as a 'white-labeled' or revenue cycle management (RCM) solution. Tried and tested processes By putting debt recovery in the hands of Candor, you can take advantage of extensive professional expertise and practical knowledge of the best ways to achieve positive results. There's a simple rule to bear in mind: effective credit control is all about staying on top of things and having an in-depth understanding of how and when to take things to the next level. Simply continuing to send statements or reminder letters is unlikely to cut the mustard if you're dealing with a debtor who is unable or reluctant to pay. Telephone follow-up or a carefully drafted letter referring to potential legal action is the obvious next step, followed by more stringent measures if one of those doesn't do the trick. Escalating to legal measures If standard credit control processes are not enough to recover a debt, the next step is legal action. That's when it really pays to have professional expertise and experience on your side. Candor knows what options are available to you and how to proceed. In some cases, simply instigating legal proceedings is enough to persuade a debtor to settle their overdue account. For example, many businesses will be anxious to avoid the stigma of having a County Court Judgment against them, which can have a negative effect on their credit rating and seriously impact their ability to do business.
Choosing Candor Specialist Team As well as our proven ability to get the job done, the most important thing to consider when choosing Candor to handle debt recovery for you is that they will safeguard your reputation. Candor takes the time to understand your business, your customers, and the trading environment in which you operate. We act with professionalism and integrity, ensuring we reflect your values and protect your reputation. We will keep you fully informed with regular reporting on the status of debtors to feed into your management information flow At Candor we're committed to delivering results, while also being unwaveringly focused on the needs of our customers. That means offering a professional debt recovery service that's designed to be proactive and highly effective, recovering monies you're owed, but also reflecting positively on your brand and, wherever possible, maintaining good relations with your valued customers. With our support, your business can Grow Stronger. Contact Candor today