Debt recovery is certainly not the most exciting process to develop for your small or medium business. However, it is important. If you have piles of unrecovered debt, it could crush your business. We certainly don’t want that. That’s why we want to give you an idea of a debt recovery process.

To help demystify the debt recovery process we’ve mapped it out in a handy flowchart. Our simplified debt collection process flowchart covers the early stages of recovery, fieldwork and legal action. We’ve also provided an overview of key debt recovery steps below the diagram.

Debt collection process flowchart

Debt Collection phase

The first stage of our debt collection process begins when we take on a new debt (you can submit a debt using the form here).

We then attempt contact with the debtor to negotiate a swift payment, endeavouring to work with them to resolve debts efficiently. This usually involves a combination of formal letters, phone calls, text messages and emails. Download our free Collection Letter Templates to enhance your own internal collection process.

Early debt collection can involve skip tracing, information searches and field calls to confirm a debtor’s address, phone number and other relevant information. This data helps to get debts paid, and is also essential for personally serving notices or supporting any legal action required down the track.

Field Agents can also be used to perform field calls, serve documents on an individual, or repossess assets to resolve your account. Find out more about the role of field agents in debt collection here.

Legal Action Phase

If the debt is not resolved through routine debt collection techniques, it may be necessary to instigate legal action. In this instance, a Statement of Liquidated Claim is often the first step to mechanising a court case. At times, the imminent court case will motivate debtors to pay.

If the debtor fails to pay or respond in writing, and no dispute is received, a Default Judgment can be obtained. Once secured, this can lead to a number of resolutions through enforcement action, where some form of payment is the typical outcome.

Next steps

Take our 2-minute quiz to find out if your debt is likely to be recovered through the above debt collection process. Click here to get started.

And if you need any help with your debt collection, don’t hesitate to get in touch with us using the form here.

Why collecting unpaid debt is important

It may seem obvious, but unpaid debt can cripple your business. It’s important to keep track of your cash flow and that can be difficult when you have missing cash. If you find yourself stuck with unpaid debt, then you turn to a debt collection agency. A debt collection is here to help you handle unpaid debt that just want go. It can be difficult navigating the field of debt collection, there are a lot of legal challenges to work through, so if you feel yourself overwhelled, that’s fine! Call a debt collection agency now, and we happen to know just the one (it’s us!).

Why choose Prof Coll?

Prof Coll is an expert in debt collection. We want to bring your money back to where it belongs, in your wallet! We apply our 23 years experience in every client. We assign our expert debt manager to each case, so your account receives the attention it deserves. Your debt file is in safe hands with Prof Coll. We also don’t we should get paid if you don’t. So, if we fail to recover your debt, then we won’t charge you. It’s that simple.

We aim to deliver fast results, combined with quality work. Ultimately, we want the same thing as you, to collect those pesky debts, so you can get back to what you do best. We want to help everyday Aussies recover their cash. We specialise in everyday small business. We’re a debt collection agency for the little guy. Now, you may be thinking, I have debt that needs to be recovered, but where do I start? Well, you can start with Prof Coll by filling out our enquiry form here. After you submit your enquiry, we do our best to act on your debts within 1 hour of receiving instruction from you. Our approach is assertive, not aggressive; and we utilise our extensive paid database and external agencies to locate debtors. We remain professional in the face of debt collection. The final step is giving the debtor a variety of payment options, and any debtor submissions or payment plans are discussed with you before an agreement is made. We share our advice but you have the final say. At Prof Coll, we like our clients to have the power – after all it’s your debt!