Every business has debt collection process. Many businesses are stand with fact of collecting debts from their customers. Otherwise they have no reason to standing in any environment. When a customer is not ready to pay his debts, a collection agency is hired economically to get their money. Many debt collection agencies are too expert to get debts from customers. Every industry uses all hard and soft rules to collect their debts.
Debt collection may differ from person to person. So, there are some types for debt collection which are:
- Personal debt collection
- Consumer debt collection
- International debt collection
Personal debt collection
Debt collection is not about for business improvement. Sometimes there is debt collection between two individuals. They may be friends, relatives or any other. For getting your money from your friend or relative, you may follow some of the points:
- Promise note
- Must be polite while asking for your money
- You may also write a letter for requesting your money
- If someone is not ready to pay debts, call them or contact them at their places.
Consumer debt collection
For getting owe money from consumers, many organizations hired debt collectors. You may ask for your money from some of your consumers. Some example of consumer debt collection service is:
- Banks and other financial departments
- Credit card debts
- Educational institutes
- Medical organizations
- Mobile telecoms and others.
International debt collection
Collecting debts from your customers those are situated in different countries, known as international debt collection. Company hires agencies that have contacts among all over world and get back your money to you. Debt collector contact to debtor by phone call or email. If debtor does not give any response, collector tries to contact him by his postal address or by web. Debt collectors may take any legal action regarding any customer who does not have interest to pay debts. It is debt collector’s responsibility to get back money as soon as possible. All industries are not included in international debt collection by all agencies. TCM group is international debt collection agency and it includes some of industries which are listed below:
- Consumer and commerce
- International trading
- Insurance and banking
- Medical healthcare
- Media and all telecoms among all over world
- Government organizations
In future, there will be more debt collection agencies and in India, its scope will be on top within few years.