FAQS – DEBT COLLECTION

What makes Cash Flow Doctors different as a debt collector?

We take a holistic approach to debt collection. Our first question to a debtor is ‘what are we going to do about this overdue account?’ This is because in a lot of cases we are only reopening the lines of communication and by taking an immediately aggressive approach the chances of collection are reduced rather than increased. We do get more confrontational each time a debtor is less than economical with the truth.

Because we are a small debt collection agency we are much more flexible in the way we deal with each debtor. Whilst we have a process we do not treat a debtor as just another number to be pushed through the sausage factory.

Where it is physically convenient, and the debt is of sufficient size, we do undertake site visits if we feel it would be beneficial to a collection.

Because we specialise in the Hawkes Bay, Manawatu, and Wairarapa markets we are familiar with what is going on in those locations – which names pop up with regularity and where they are based.

What’s the difference between soft & hard collection?

Soft collection is where the initial approach taken by Cash Flow Doctors is to negotiate a settlement with your client. It is designed to recover your outstanding money, educate your client, and maintain your relationship with your client.  Hard collection is more confrontational.

When will I get my money?

Payments made to our trust account are paid out to our clients within seven days of the beginning of the following month. Manual payments outside this cycle can be made by arrangement.

What happens if my slow payer requests a payment plan?

If we feel that the arrangement is unreasonable we will seek your approval first before confirming any arrangement with your client. All payments are made through our trust account so we administer the arrangement.

What happens if my slow payer disputes a debt is owed?

Debtors are entitled to dispute a debt. We require the debtor to put the dispute in writing so that you can decide if their concerns are genuine or not. If you do not think their concerns are genuine we will try to negotiate a settlement agreeable to both parties. Disputed debts cannot be listed as defaulters until it has been taken through the legal process. Because you have the dispute in writing then your argument via the disputes tribunal is much easier (we can help with preparing your case).

When should I submit a debt for collection?

As soon you are unable to communicate with your debtor in a meaningful manner. Find out more on our Blog Page

FAQS – TERMS OF TRADE

How do I get clients to sign terms of trade?

A big part of how we look at terms of trade is how you will use them in practice.  This is why we have a number of form templates available for to use.  Would a credit application form suit you or would a work authority form be better? We also look at how you operate you business currently and work out the most convenient way for you to disclose your terms of trade.

I don’t like a whole lot of fine print. What can you do to help?

We look at your requirements and draft our terms of trade to give you the maximum coverage with the minimum amount of words. This helps in keeping fonts as big as possible, making less ‘fine print’.

All you do is cut and paste clauses. Why shouldn’t I do this myself?

We see many clients who have gone down this path. Unfortunately in most instances they have cut and paste the wrong clauses, or not enough clauses. Because we see many issues in the debt collection side of our business which could have been nipped in the bud with correctly drafted terms of trade we know what clauses are required for your terms of trade.