We offer here some guidelines to help you to create your own debt collection policy manual.
Policies are in place to improve clarity and limit confusion. This means that debt collection policies can be an effective tool that holds value. Collecting a debt is not something that is done in uniform fashion, which means that a written policy has the ability to remove subjectivity. All credit decisions that are made will be based on policy that has been thought out and approved by all parties involved. This makes the job of a debt collection attorney in Florida much easier. Policy simply allows for protocol to be followed and gives guidelines.
Why a Written Policy is Best
A written policy is the only way for debt collection procedure to stay structured and not change over time. This means that continuity will stay in place no matter what happens within your business structure. This is due to the fact that staff will change, but procedure will remain unaffected. Now all decisions in reference to debt will be consistent and fair, because no biases will be used during the decision making process. Collecting a debt should be a uniform procedure that does not vary greatly. All customers being treated equally in relation to debt is the ideal outcome that a written policy helps to achieve.
Up To Date Policies Are Most Effective
When it comes to a written policy on debt collection, it is important for updates to occur regularly. The way that debt is collected changes over time slightly, so policy will not stay exactly the same forever. Minor changes that are made regularly will allow for the most effective debt collection results. It is also important to keep all employees up to date on all changes to procedure to ensure that all parties are on the same page. This will limit confusion and possible mistakes.
What Should a Written Policy Contain?
The type of information that should be included in your debt collection policy varies, but there are a few guidelines to follow. You should make it clear the type of credit application that is required and if a personal guarantee is applicable. It should also include information regarding financial statements and if these are a requirement. The terms of sale and extended dating procedures should also be outlined to remove any confusion that may exist in reference to these topics. A written policy is the best way to make sure that debt collection is most effective.
Marcadis Singer, PA
Florida Collection Attorney
5104 South Westshore Blvd.
Tampa, Florida 33611
info @ marcadislaw.com
(888) 547-1881
(813) 288-1881
New Clients
Ext. 247 Gil Singer
Ext. 240 Ralph Marcadis
Existing Client Client Liaison
Ext. 242
To Pay a Claim
Ext. 245
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