Debt Collection Services by CCS

Complete Corporate Services assisting with debt collection services

Often your business can have a record sales month, but these figures are not reflected in your cash flow, or bank balance. Why?

This is because your clients (Debtors) are either:

• Slow at paying;
• Are not paying; or
• Are not going to pay.

Managing Debtors correctly is a difficult task and requires discipline and constant attention. Often businesses are only equipped to provide their own services and do not have the resources or efficient processes to collect their accounts. When this happens, your Debtors build and your chances of receiving the money diminish.

It is also common for many business owners to become overwhelmed by outstanding debts, particularly when the agreement for work occurred some time ago and the work has been going on for some time. It can often be difficult for business owners to know how to manage a debt situation where they want to continue gaining business, but the client is slow to pay. The problem is, the longer you leave the debt for collection, the harder it may be to collect. It's important to be efficient when seeking to collect a debt to give yourself the best chance of collecting the money while it is still there.

What is debt collection, and what do we do as debt collectors?

As a debt collection agency, our primary goal is to recover unpaid debts on behalf of our clients, who are the creditors. When a creditor is unable to recover an unpaid debt, they may hire us to try to recover the debt on their behalf.

To do this, we first try to contact the debtor and negotiate a payment plan or settlement to pay off the debt. This may involve offering the debtor options such as setting up a monthly payment schedule or agreeing to a one-time settlement for a reduced amount.

If the debtor fails to pay the debt or refuses to make payments, we may take legal action to recover the debt. This may involve suing the debtor in court or garnishing their wages.

In some cases, we may also purchase debts from creditors for a reduced price and then attempt to collect the full amount of the debt from the debtor.

Overall, our role as a debt collection agency is to work with both creditors and debtors to find a solution for unpaid debts and help facilitate the payment process.

What are the laws in relation to the collection of debt in Australia?

In Australia, the laws governing debt collection are primarily the Privacy Act 1988, the Australian Securities and Investments Commission Act 2001, and the National Consumer Credit Protection Act 2009.

Under these laws, a debt collection agency in Australia is allowed to:

• Contact the debtor and discuss the unpaid debt
• Send letters or emails to the debtor about the unpaid debt
• Take legal action to recover the debt, if necessary

However, a debt collection agency in Australia is not allowed to:

• Use physical force or threats of violence against the debtor or anyone else
• Make repeated or harassing phone calls to the debtor
• Use abusive or threatening language when communicating with the debtor
• Disclose the debtor's personal information to third parties without the debtor's consent
• Make false or misleading statements about the debt or the consequences of not paying it

It's important to note that these laws apply to all debts, including personal, business, and credit card debts. If you believe that a debt collection agency is acting illegally or unfairly, you can report them to the Australian Securities and Investments Commission (ASIC) or the Australian Competition and Consumer Commission (ACCC).

An example of a business hiring a debt collection agency like CCS to collect a debt

Here is a scenario where a debt collection agency is successful in collecting a $20,000 debt on behalf of a business in Australia:

• The business contacts the debt collection agency and provides them with information about the unpaid debt, including the debtor's contact information and the amount of the debt.
• The debt collection agency contacts the debtor and explains that they have been hired to collect the unpaid debt. They may also send a letter or email to the debtor outlining the details of the debt.
• The debt collection agency tries to negotiate a payment plan or settlement with the debtor. This may involve offering the debtor options such as setting up a monthly payment schedule or agreeing to a one-time settlement for a reduced amount.
• The debtor agrees to a payment plan and works with the debt collection agency to set up the payments.
• The debtor makes the agreed upon payments on time and the debt is paid off in full.
• The debt collection agency returns the funds to the business and closes the case.

Complete Corporate Services solutions for debt collection services

At Complete Corporate Services, we are frequently engaged to take over the problem of debtor management and debt collection. We have a variety of industry and problem specific solutions to assist businesses in collecting their outstanding debtors.

If you hand this problem over to us, you can rest in the satisfaction that we will be collecting for you, as efficiently and quickly as possible. We specialise in:

• Analysis and management of debtor books.
• Identification of the most pressing debts.
• Locating hard-to-find debtors.
• Handling all communication with debtors on your behalf through courteous and professional correspondence.
• Developing mutually agreeable repayment plans.
• Process Serving.
• Developing systems to avoid non-payment and promote pre-payment wherever possible.
• Debt Collection including Court process.
• Bankruptcy and Winding up proceedings.
• Asset Liquidation and Recovery.

We don't take the approach of banging down doors to collect money. We communicate with the Debtor and try to work with them to set up a plan that allows all parties to leave the situation in a positive manner. The Debtor is able to pay the funds and you collect your money owing. When Debtors are uncooperative, Complete Corporate Services is skilled in managing the debt collection through legal processes and working with legal professionals.

We are familiar with Court process and legal procedures with respect to conducting debt collection matters and have a history of working with law firms to perform investigations that identify parties and debt collection. We are familiar with the legal requirements of performing debt collection, investigations, effecting service of documents, providing affidavits and giving evidence at court.

Whatever your matter, CCS understands that each matter is unique and provides a tailored service to match the client's needs. We place an emphasis on building long-term relationships with clients and have proven success in delivering desirable outcomes that meet and exceed client objectives and expectations.