Debt Collection Process
When clients ask what is debt collection process, it refers to the steps taken to recover money owed, starting with informal reminder notices or phone calls. If these efforts fail, the debt recovery procedure becomes more formal, potentially involving the services of a professional debt collection agency or even legal action.
STAGE ONE: In-House Debt Collection Process
The in-house debt collection process refers to the steps an individual or organisation takes to recover outstanding payments directly. The debt collection process Australia typically begins with an initial reminder including phone calls and emails to resolve the debt amicably. Followed by escalating the communication with a formal letter – utilize our FREE letter of demand template. If payment remains overdue, that is where our professional recovery team can step in.
STAGE TWO: Expert Debt Recovery Procedure
Our team of professionals are highly trained in the effective debt recovery process Victoria, NSW, QLD, WA, SA, and throughout all of Australia. With over 30 years of experience in the industry, we have developed and refined efficient practices and strategies for how to collect debt from customers. The process begins with a thorough discussion of your specific case, where we review all relevant details. Based on this, your dedicated account manager will recommend the most appropriate course of action, which may include sending a Macquarie Demand Letter, Solicitor’s Letter, or making a Telephone Demand. By engaging a professional collection agency, we apply pressure on the debtor which prioritises your invoice/s for prompt payment.
STAGE THREE: Legal Debt Collection Process Australia
The legal debt recovery procedure in Australia follows a systematic approach to recovering overdue debts while ensuring full compliance with Australian laws and regulations. The process typically begins with the filing of a Statement of Claim or Summons, which details the specifics of the debt owed. In many cases, once the Statement of Claim is served, debtors are more inclined to enter negotiations to settle the debt. If no defence is filed, no request for further particulars is made, and no dispute arises, a default judgment can be obtained 28 days after the Statement of Claim is served. This judgment can have a significant negative impact on the debtor’s credit rating. Once a default judgment is granted, several options are available for recovering the debt. Your account manager along with our in-house legal team will advise on the most effective course of action to pursue within the debt collection process to ensure the best outcome.
Navigate the Debt Collection Process with Confidence – Start Now!
If you’re wondering how to collect a debt from a business, our experienced team is here to guide you every step of the way. We understand that recovering overdue payments can be challenging, but with our expertise, we can help you navigate the complexities of debt collection efficiently and effectively. Whether you’re facing an unpaid invoice or a more complicated dispute, we’ll provide tailored solutions to help you recover what’s owed. Contact us today to discuss your case, and let us help you take the right steps toward securing payment while protecting your business interests.
EMAIL: INFO@MACQUARIECOLLECTIONS.COM.AU
PHONE: 1300 645 080