What is Commercial Debt Recovery and Can You Pay Someone to Do It?

If the company you work for or own is owed large amounts of money by other businesses, it is your right to pursue payment.

This can be done by some of your employees, or it can be done by a Commercial Debt Collection service. If you decide to pursue the latter option, it will cost your company money but a service will often be more successful.

What exactly is commercial debt recovery? -- This is nothing more than the term used when one business pursues another business in order to get them to pay debts owed to them.

The recovery part comes in when the original debt has been paid in full.

Hiring a service for recovery purposes -- You will find many different services online for commercial debt recovery. The easiest way to choose one is to check references and then to ask each service for a free quote.

Once you have hired a service to recoup debts, you will need to give them a list of every business owing you money, along with the amount owed and the contact information of the company.

How is the recovery carried out? -- The service you have hired will send a letter to each debtor asking them to pay within a certain time frame. They will also give them several options, just in case payment is difficult for them.

If debtors do not respond, a second letter will be sent followed up by a number of phone calls. You can also give the service permission to threaten legal action if you want to make sure you recoup the money owed to you.