The debt collection techniques adopted by Alexander, Miller & Associates are perfectly in line with the legal requirements of the Fair Debt Collection Practices (FDCP). The initial step is to establish the evidence of debt and get the approval of payment from the debtor. This phase requires planning. You need to dig into the old books of accounts and prepare the list of pending invoices on the basis of financial years. Deduct the payments received so far and prepare the reports for the net outstanding payments. The collection agency might help your company in preparing this report based on the nature of service you have opted from them.
Alexander, Miller & Associates – Reconciliation
Preparing the reconciliation statements is one of the primary tasks you need to complete. The experts from Alexander, Miller & Associates will be able to create the analytical charts based on the data. You need to prepare the invoice wise pending payments and calculate the net for all the financial years passed so far.
- Debtor Approval: – Getting your debtor to accept the validity of reports is the first task of Alexander, Miller & Associates. They do it by interacting with the accounting and finance departments of the debtor company. Their aim is to receive an official acknowledgement from the management which is legally valid as a debt acceptance document. In many instances the agency sends a demand letter as the first step with the supporting reports related to books of accounts. Then they can enter into negotiations and sign the agreement for repayment according to the mutually agreed schedule.
- Debt Investigation: – If the debtor company refuses to acknowledge the debts or pay the debts, Alexander, Miller & Associates appoint a private investigator for establishing the repaying capacity of the debtor company. In this process he explores the past business transactions, income and expense statements, assets and liabilities and other related financial statements. This procedure will enable him to prepare a detailed report about the financial and asset status of the debtor. He makes sure these documents have the legality and validity from the debtor’s perspective.
- Debt Collection: – Armed with all the data, the certified collector from Alexander, Miller & Associates makes the first attempt to get the outstanding balances from the debtors. This is where the negotiating skills of the agency play their critical role. The agency is able to strike a deal with the debtors for agreeing to repay based on a mutually agreed schedule. Of course the agency might offer certain basic sops like extension of schedule, reduction of overhead charges and so on. They take all the decisions on your behalf after consultations with your company management. They convey these decisions to the debtor company and finalize the repayment agreement.
Alexander, Miller & Associates – Rapport Building with Debtors
The experts at Alexander, Miller & Associates have the reputation of building and sustaining a friendly rapport with your debtors. They use the power of their influence for making the debtors realize the importance of settling the outstanding balances to keep their business up and running.