6 Practical Tips for Effective Debt Collection

23 Apr 2018

Debt Collection

  1. Do your investigations (e.g. credit searches, Landgate searches) into the financial ability of the debtor to pay. Be realistic.

  2. Secure your position, then chase. Review your contract / terms and conditions to ensure you can take security (e.g. caveats, PPSR).

  3. Speak in specifics. Agree specific dates for payment, and specific amounts. “I’ll make a payment soon” is meaningless.

  4. Confirm conversations in writing, and in detail. Better still is to require written acknowledgement from the debtor; it makes proving the debt in Court much easier.

  5. Include payment details (e.g. bank details) in writing, every time. Make it easy for the debtor to pay the debt.

  6. Do what you say you will do. Follow up immediately if a deadline for payment is missed.

Murfett Legal has a busy and successful debt collection team.  We assist clients with:

  • security;

  • negotiations;

  • investigations;

  • court action;

  • insolvency action; and

  • reviewing and amending contracts / terms and conditions (including security clauses, guarantees, interest, and recovery of legal costs clauses).

Contact Jason De Silva for a no-obligation meeting, in person or by telephone.

Effective Debt Collection

Download PDF
Back To Articles
legal health check

Get the latest business and
legal advice straight to your inbox.

Sign up for the Murfett Legal newsletter by providing your detail below.

[Error loading the WebPart 'On_lineForm' of type 'BizForm']

Contact Us

Customer satisfaction is the benchmark of success here at Murfett Legal. Contact us today and our lawyers will be in touch to fully understand your situation in order to provide clear cut solutions for your needs.