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There are some clear best practices to follow for debt collection letters.

Sending collection letters to past due account holders is a time-consuming process. It’s also a sensitive area; if you create the wrong impression with your letter you will come across as overly aggressive. This could create a backlash that could harm your company’s long-term reputation in the marketplace.

There are laws that you must follow to ensure debt recovery efforts are ethical and protect both the consumer and your business. If you’re attempting a do-it-yourself approach toward collection services, this article will help you understand how to create the correspondence in a way that is ethical and won’t cause more harm than good.

Five Great Tips for Debt Recovery Letters

It can be frustrating to know that your debt recovery efforts must be carefully constructed in order to retain goodwill in the marketplace. It’s a fine line to walk; you need to recover what is owed, but you also don’t want to lose the customer completely. Here are five of our best tips gleaned from our best practices as a collection agency, to help guide your debt recovery letters:

  1. Be Proactive
    The longer the past due balance, the harder it is to attempt debt recovery. That’s why it’s important to send an immediate past due notice before the days in A/R increase. Use this letter to remind the customer that the account is past due and inquire if there is a problem. Perhaps they missed the invoice?
  2. Gradually Increase Directness
    If the past due account holder hasn’t responded, it’s time to consider the second letter. You may change the wording slightly in this letter, in order to create a stronger sense of urgency.
  3. Utilize a Third Party
    At this point, utilizing a third party collection agency helps establish a good cop/bad cop environment for debt recovery. The third party can take over the difficult task of collection services, which will demonstrate to the past due account holder that you’re serious about recovering the debt. It also introduces an element of professionalism to the process and lets the debtor know that all legal steps are being taken to collect on the debt.
  4. Comply with the FDCPA
    All debt recovery must comply with the Federal Debt Collection Practices Act, the guidelines that establish how and when debt recover should occur. Collection agencies such as Rocket Receivables carefully follow this law in order to avoid costly penalties for non-compliance. If you’re not familiar with these rules, it’s probably time to look for help from a collection agency.
  5. Send a Thank You (if payment received)
    When a past due account holder pays; always send a thank you note. It will help heal the breach between the client and your business. It will also elevate your debt collection efforts to a very professional level.

Collecting past due receivables is a tricky, time-consuming process.

Rocket Receivables helps businesses improve their bottom line by helping them collect their delinquent accounts. Our Stage One approach uses a series of 4 letters – the first in your name, which serves as a gentle reminder, followed by 3 in ours, with increasing urgency in tone and explaining the critical need to resolve their account. Once payment is received, an automatic “thank you” letter is sent, helping to maintain your valuable customer relationships.

Our professionalism is unquestioned; we help businesses retain their customer base while at the same time, Rocket Receivables continues to collect millions for our clients. We comply with all applicable laws and our techniques have been honed and fine-tuned to maximize our efforts. Contact Rocket Receivables to see how our Stage One letter series can start boosting your cash flow.