Engaging a commercial debt recovery company in the debt collection process is not easy for any business. Although, there are no very strict procedures or formalities to complete, but whatever there are, they have to be followed with full precision. In this regards, experts add that the most complicate task is of sharing all the details with the commercial debt recovery company chosen by you. Complexities are there because as a part of the standard process, these companies need a good amount of documents and some of them have been discussed here in this post.
Credit Application or Equivalent
According to the experts, this happens to be the most important document as it will have almost all the information needed by you or he commercial debt recovery expert for debt collection. Generally it would include the following –
- Debtor’s full name and physical address (not just a post office box)
- Debtor’s legal identity, including whether it is a corporation, limited liability company, partnership or proprietorship
- Name(s) and residential address(es) of the owner(s) of the debtor’s business
- Nature of debtor’s business
- Debtor’s contact and telephone number
- Trade references, including exact bank name and account number
- Names, addresses, telephone numbers, birth dates, Social Security number and/or Employer Identification Number, and driver’s license number
Another thing that experts of commercial credit control Sydney recommend in terms of credit application is that it is the most trusted way to make the debtor agree regarding the venue of legal disputes, pay interest, collection fees and attorney fees and so on.
On the top part of the signature there should be a statement that the credit information above is accurate. On the below part of the signature, there should be an agreement to pay the interest and this has to be signed separately along with the mention of the credit information.
Promissory Note
Another very important information is the promissory note and according to the experts, this note is generally an assurance that the debtor had requested your forbearance of the collection process is a good idea. In terms of this promissory note, experts add that legal consideration of forbearance will support a promissory note.
Debt Recovery 