With the consumer society that we now live in, it’s no surprise that household debt is at an all-time high. And unfortunately this means that it’s not just the individual that is suffering, but the businesses as well. This makes the role of debt collection Australia that much more important. Financial trends indicate that bad debt is costing the Australian economy approximately $70 billion annually. So, it’s clear that professional debt collection specialists are more important than ever.
Enter ProfColl. In an industry that tends to be highly competitive, it pays to know the best. It’s no secret that the need for third-party debt collection agencies is higher than ever. And with 23-years industry experience, ProfColl are ahead of the game. With their out-of-the-box thinking and intuitive approach to debt collection Australia, ProfColl have led the industry for the last 23-years.
The need for debt collection Australia
Throughout Australia, it seems that keeping up with the Jones’ has played an important part in how we handle our finances and social lives as a whole. In such a consumer-focused society its no surprise that many have turned to buying and borrowing on credit. This has led to the growing financial trend of high household debt. And unsurprisingly, this is having a severe effect on individuals’ capacities to pay their credit and business invoices on time.
This can have drastic effects on both individuals and businesses. It’s been estimated that on average 38% of small to medium enterprises (SME) have had to dip into their personal funds to keep their businesses running at least once. And for the small start-up businesses just getting off their feet, this isn’t always the best option. This is why debt collection Australia is so important. With these bad debts costing the economy an estimated $70 billion, the need for third-party debt collection is pivotal.
ProfColl is the debt collection agency you need
As a professional debt collection agency with 23-years of experience under our belts, ProfColl have proven we know the industry. With over two decades of experience and success behind us, we know how important personalised and affordable debt collection Australia is. Our knowledge and skills have allowed us to help Australians recover their hard-earned cash. It’s believed that on average, each Australian business is owed more than $38,000. We’re here to help get some of this cash back where it belongs.
Debt collecting is an old industry and for the most part, hasn’t evolved with the times. This is where we stand out from the rest. Rather than stick to the archaic processes of snail mail and phone calls, we have established and perfected a personalised and assertive service that allows for a high level of success. There’s a reason we stand out in the industry. If you want creative, out-of-the-box thinking to get those tricky debt files sorted, ProfColl is your solution.
We have offices located throughout Australia, including debt collection Brisbane, debt collection Perth, debt collection Sydney and debt collectors Melbourne. We’re well-situated to help out any Australian business, big or small, no matter where you’re situated.
We cover all manners of debt related services, including collection, hardship services, insolvency, legal action and investigations. We’re so confident in our debt collection services that we won’t charge you unless we have a successful resolution of your debt files.
Why ProfColl is the industry leader
ProfColl is all about improving and maintaining cash flow for local Australian businesses. We have tailored our services with this goal in mind.
At least 90% of small and medium businesses have customers who don’t pay their invoices on time. ProfColl aims to help these clients out throughout Australia, both locally and nationally. We believe that no matter where you are in Australia, you should be able to access expert debt collection services.
We’re well aware that in many cases you will need to maintain a good relationship with your clients. ProfColl has revolutionised the archaic practices of debt collecting. We not only keep up with the industry but far outstrip them in terms of thinking outside of the box. Why is out-of-the-box thinking important? It allows ProfColl to stay ahead of the industry standards by tailoring our services and adapting to all scenarios. This intuitive thinking allows for a high success rate.
We’re also firm believers that dedicated case managers are the way forward in the debt collection industry. By encouraging a creative and forward-thinking approach, our experts are able to think outside of the box when it comes to tricky debt files. If our 23-years of experience has taught us anything, it’s that debt collection Australia is most successful when employing resources that allow us to adapt to all scenarios.
ProfColl understands the importance of flexibility in the debt collection business. In an industry that can be particularly confronting for many individuals, it’s important to provide your debtors with multiple ways to make repayments. Providing ease of repayment encourages your debtors to actually make those repayments and increases the chances of getting your delinquent debt resolved. With this in mind, ProfColl offers multiple repayment options for your debtors. This flexibility is essential.
What is debt collection Australia and how does it work?
With the staggering estimation of unpaid invoices by Australian customers, debt collection Australia is the process of pursuing this bad debt by a professional third party collections service. Some larger companies will have in-house collections teams or specialists, but it is much more common for businesses to outsource their bead debt to third-party collection specialists.
There is a significant amount of legislation surrounding what a debt collector can and cannot do during debt collection proceedings. This legislation is important as it provides clear guidelines for both collectors and debtors.
Once an invoice has been overdue long enough with no successful resolution, it can be handed over to a debt collection agency as a final attempt to get it settled. From this point, it is up to the collection agency to liaise with the debtor and organise for resolution of the invoice.
The debt collector will attempt to get into contact with the debtor via phone and email. If they are unable to contact the debtor they will then contact friends and family. This is done to confirm that the details they have on file for the debtor are up to date. The debt collectors are not allowed to provide specific details as to why they are contacting the friends or family, but they are allowed to make contact to confirm contact details.
On the small chance that they haven’t managed to resolve the debt yet, collectors can also utilise the services of a private investigator to find the debtor. The final step in the process is to lodge a claim with the courts. This is always a final resort and is only taken reluctantly if all other avenues have been exhausted.
ProfColl offers tailored solutions to debt collection Australia
In a society where it is normal to have at least some level of household debt, the need for third-party debt collection Australia services is ever increasing. The modern-day debt collection industry needs its experts to not only keep up but offer flexible, tailored solutions as well. With this in mind, ProfColl offers professional, tailored services that always go above and beyond.
Drawing on our 23-years in the industry, our expert case managers analyse each debt file to determine the best course of action. We adapt our modern approach and tweak our services to your case files to offer individualised debt collection Australia services. With the resources and know-how to attain a successful resolution, ProfColl is the right choice for your debt collection Australia needs.
As is often the case with small and medium businesses, you need to maintain a good relationship with your clients, regardless of this bad debt. With this in mind, ProfColl has the capacity to act as an extension of your own accounts teams and help to maintain this relationship.
ProfColl is ahead of the pack when it comes to having dedicated case managers to make the debt collections process smoother. Our dedicated case managers will be with you from the beginning to the end of your debt collections journey. You’ll have an expert who knows your case files inside out and will be able to answer all your questions. Want to know the status of your files? Wondering what costs have been incurred or amounts collected? Your case manager will be able to tell you. They’re here to make the process as smooth as possible for you.
Who can make use of debt collection Australia?
With a staggering estimate of 90% of small and medium businesses having unpaid invoices at some point in their trading, most businesses will need to consult a debt collection agency. The need for third-party collection services is higher than ever. This is why ProfColl caters to each and every business that needs a helping hand. ProfColl understands just how the impact of unpaid invoices can affect small businesses. Cash-flow is key and could be the difference between continuing to operate or not.
We’re here to help the small guys out, not just the Fortune 500’s. Don’t let a cash-flow problem due to unpaid invoices be a pain-point for your business. Let us handle the gritty details while you continue to carve out your niche in the market and prove that you don’t have to be massive to be successful.
Starting a business from the ground up is no small feat. In the beginning, every spare cent you have will likely go into the running and maintenance of your fledgeling business. So, if you have unpaid invoices, this is going to be a huge problem. Cash-flow is key in the business world. It stands to reason that if some of that cash-flow is not coming back into your business, there are going to be a few problems. For every invoice that goes unpaid, that’s money that isn’t going back into the running of the business.
And for every file that remains outstanding, there is a cumulative effect. Think of it as a snowflake. It starts off small but eventually can turn into a devastating problem. Don’t let this happen. Get in touch with ProfColl and get the collections process started. Every dollar counts.
How long do you have to pursue bad debt?
There is a significant amount of legislation in Australia that governs how long you have to pursue bad debt.
The length of time you have varies from state to state. Usually, you have up to 6-years to pursue the bad debt; this time-frame begins with either the date of the right of action occurred or the date that the debtor last acknowledged the debt. This acknowledgement of debt can include the making of a payment or the debtor stating that the debt is theirs.
So, as an example, if you’re attempting to collect on an open debt file that a debtor last made a payment on 4-years ago, you have 2 more years to pursue the debt before it becomes barred by statute.
In the Northern Territory, this time frame varies; the statute of limitation is 3-years from the time of last acknowledgement.
Once these periods have expired the right to pursue repayment or further court action ends and the debtor legally doesn’t have to repay their debt. This is why it is important to follow up on your debt files as soon as you can. The more time a debt collector has to work, the more chance they have for a successful resolution.
So, why choose ProfColl for your debt collection Australia needs?
ProfColl have been the leading industry experts in debt collection Australia for the last 23-years. We got to this spot by being flexible, intuitive, adaptable and supportive. In an ever-shifting climate where debt is skyrocketing, the need for a supportive yet forward-thinking agency is more important than ever before. The need for experts that are willing to adapt to the current climate and not stick to archaic practices is clear. Trust in 23-years of experience that has focused on helping all manner of Australian businesses out.
This extensive experience coupled with the guarantee that you won’t pay a cent unless your debt files are successfully resolved has made ProfColl the leader in the industry. If you need an affordable, professional, forward-thinking agency that will take care of you from day 1, then ProfColl are the debt collection experts for you.