The earlier you begin following up a late payment, the higher the chance that you are going to get your money back.
TIt doesn’t matter the amounts involved, always document any credit you forward to anyone if you intend to successfully recover it. It is usually very easy for people to deny owing you anything when you have no proof, so make sure your documentation is recognized by Singapore laws.
When calling and following up on your debts, always be clear to your debtor that you want what is owed to you paid back. Many debtors will want to engage you in long talks about their problems and reasons why they are not able to pay you. Listen, but don’t be swayed off the path to recovering your money.
Changing the payment plan that you have with a debtor who is having difficulties paying you might make it easier for them to clear the debt. You can decide to have them pay in smaller weekly or monthly instalments until they are done.
As soon as an invoice becomes overdue, hold that client’s credit line and do not advance any more credit to them before they have cleared that debt. In the event that your client is in need of more products or services from you, they will be pushed to pay what they owe you first.
When following up on a debt that has been long overdue, make sure you speak with the owner of the business or the person in charge. Insisting on dealing with this person shows urgency and seriousness of the matter, resulting in a push towards payment.
Separating business from friendship and other similar relationships will certainly go a long way in avoiding situations where your debtor will want to take advantage of you, which can greatly decrease the chances of successful debt collection.
When everything else fails, or you simply don’t have the time to follow your debtors, get help. For best results, always enlist the services of a licensed Singapore debt collector.