Prevention is better than cure – Avoid running after debtors

Healthy business relationships are built on trust, and trust is earned. One might consider a person trustworthy as a result of their being a long-standing acquaintance, their perceived friendliness, or their appearance as an honourable person. This perceived trustworthiness is unfortunately not always manifested. More often than not trust is broken by the last person one would expect.

When it comes to debtors’ control, the old saying that prevention is better than cure rings true.

Whether debt finds its origin in the service industry or in sales, there are steps creditors can take to avoid situations where they are forced to run after debtors. Some of the steps are as follows:

Step 1 – Contract is Everything

Firstly, and most importantly, always endeavour to have a written contract. The contract must be clear, unambiguous, and clearly understood by all parties involved. Devious intent thrives on uncertainty.

Step 2 – Avoid Out of Sight and Out of Mind

Do not be afraid to remind your debtor of the fact that they owe you money and that you expect payment by a specified date. The longer a debt is allowed to remain outstanding, the lower the prospect of a recovery being made.

Step 3 – Keep Records

Time erases all, including the memory of facts surrounding a transaction. Ensure that proper records are kept of all telephone calls, letters, and meetings, as this will greatly improve the prospects of success if a matter proceeds before Court

Click here to see some of the pitfalls which may await you in the event that a debtor fails to perform in terms of an agreement.

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Cindy-lee Payne
Cindy-lee Payne
2018-10-15T10:50:14+0000
would like to thank Kaylee and Cathleen for an awesome service. friendly and very professional. would definitely recommend their serviceread more
Chandre Greeff
Chandre Greeff
2018-01-22T17:54:57+0000
Geraldine Bruce
Geraldine Bruce
2018-01-21T14:46:21+0000
Mervyn recently assisted me in a case against one of the largest financial institutions. I had really run out of options and Mervyn's knowledge and expertise convinced me right away that he was the one I wanted on my side. Mervyn and his team worked tirelessly and professionally to conclude the matter and I am extremely grateful my 3 year nightmare is finally over. I would definitely recommend Vermeulen Attorneys.read more
Christopher Evans
Christopher Evans
2018-01-14T10:09:01+0000
I am very impressed with Mervyn's professionalism, and willingness to go the extra mile. Vermeulen Attorneys have really outdone themselves in assisting me in a very trying time.read more
Cathy Foster
Cathy Foster
2017-05-18T11:06:03+0000
I have been using Vermeulen attorneys for more than 3 years in my business. I have had nothing but excellent service and regular feedback on all my cases. I highly recommend them.read more
Liyana Van Heerden
Liyana Van Heerden
2017-04-05T12:58:04+0000
Excellent feedback and Results. Vermeulen Attorneys handle all our outstanding accounts and have always proven themselves worthy of settling payment in the shortest of time frames. Their rates is affordable from small to big operating companies. The give excellent feedback so you always know where your case is standing. Glad we started working with them as they are saving us a lot of trouble and money.read more
Rina Snyders
Rina Snyders
2016-09-14T07:57:34+0000
WOW! Vermeulen Attorneys is nothing short of AMAZING. They handled my case so professionally and made sure justice was served. I am so grateful to have a lawyer like Mervyn represent me. Thank you. Your work is exceptional.read more
Daniela Pucci
Daniela Pucci
2016-08-02T14:22:30+0000
Cannot thank Vermeulen Attorneys enough for the wonderful services delivered from start to end. Due to your attentive & professional advice received on the matter, this created a preferred environment for ones difficulties in any situation. Thank you! this ensured a we underwent kept every attribute to the situation.read more
Pieter Van Rooyen
Pieter Van Rooyen
2014-02-09T17:09:33+0000
Lorraine Sigasa
Lorraine Sigasa
2014-02-04T23:49:12+0000
Bianca van Heerden
Bianca van Heerden
2014-02-04T11:36:33+0000
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