The amount of debt in the United States has increased significantly over the past 10 months. Individuals and businesses alike have been affected by the negative economic impact of COVID-19. Companies that rely on recurring financial agreements, this rising amount of outstanding debt can dramatically impact their business operations. Even with these pressures, however, many businesses still hesitate when considering whether or not to retain the services of a Commercial Debt Collection Agency like HF Holdings, Inc… While HF Holdings understands this hesitation, they advise that the older debts become, the less likely they are to be collected which is why individuals and companies should hire a commercial debt collection agency ASAP. Internal collections can be difficult for many creditor’s staff and frequently, these employees do not have the skills or knowledge needed to collect debts from unwilling parties. This is where HF Holdings, Inc as a collection agency for small businesses can help; the experienced staff at HF Holdings help companies track down debtors and regain payments in a civil and professional manner so your business can continue uninterrupted. For those considering hiring a commercial collections agency, the following signs are indications a debtor is unwilling to pay and a small business collection agency’s services are needed.
How Much Time Has Passed?: When it comes to debt collection, time is of the essence. The Older a debt becomes, the more difficult it is to collect.. If three months have gone by without payment, you should strongly consider a collection agency for small business as after 120 days, the chances of collecting drop significantly.
How Many Chances to Pay?: Many businesses with outstanding debts will work with their debtors to create a payment plan. However, this can often be a timely mistake if your debtor does not follow through. If your debtor continues to break their promises to pay or always “kicks the can down the road”, this is almost always a sign that they have no intention of paying their debt. In this scenario, it is essential not to wait for action from the other party and take steps towards hiring a small business collections agency.
Lack of Communication: Frequently, communication will fall apart or stop altogether when one party is indebted to another. When calls, emails and letters are being unanswered, it can be challenging to know how to proceed. If a debtor will not return your calls, emails or texts, it is time to hire HF Holdings, Inc. for your commercial and small business debt recovery solutions.