February 24, 2021 – The Covid-19 pandemic has brought about not only financial distress but core changes in the way industries and businesses operate. In these uncertain times, the debt collection industry is undergoing deep thinking and reflection on how to operate, prioritize and create strategies to serve their clients most optimally. Houston-based Alexander, Miller & Associates has come out with some important advice for industry professionals on what to do and the best ways to proceed with debt collection.
The article on COVID-19 debt collection practices shares the current situation, the questions uppermost in the minds of debt collectors, and the best practices to adopt for good results. The biggest question of course is, ‘what do I do now?’, and how to seek out payment.
Commercial collections in these times are murky water, the agency opines and goes on to share some lending and collection practices for the current times. The tips also include why or when a client can consider suspending collections, how to continue with talks and keep in touch, and planning for the post quarantine times.
“How and when you approach a response to your accounts and the coronavirus impact should be tailored to your particular needs and relationship with each client,” says a spokesperson for Alexander, Miller & Associates.
With bankruptcy common around January and February, the team at Alexander, Miller Associates has promised to support individuals and businesses by working extra hours in this difficult time. They have encouraged people with accounts that are past due for collection by 90 days to contact them for expert help. A member of the company recalled that it is always an ugly experience when the banks send a bankruptcy notice.
Clients who have an existing collections agency should consult their representative for case-specific advice. Those who are new and starting fresh or going to hire an agency should keep in mind several angles and factors, such as whether their client is in a position to pay in the present, or how their relationship might get affected if payments are asked for right away.
“Start by figuring out where you and your partners and debtors stand, figure out what changes state legislation might make for your situation, and go from there,” says the spokesperson.
Dropping the debts isn’t advised either as it will result in a loss. The article suggests nurturing an open line of communication using alternative ways for ensuring that the debt gets paid. Another good strategy is to offer temporary debt relief with smaller or delayed payments.
Read the full article: https://amafirm.com/blog/commerical-collections-news/collections-and-covid-19/
Watch on YouTube: https://www.youtube.com/watch?v=Ott3clsbIPQ&feature=emb_title
Ranking among the top Houston collection agencies, Alexander, Miller & Associates is a diverse financial institution that specializes in fast-track commercial collections and on-site investigations for businesses of all sizes.
For more information, please visit: https://www.amafirm.com/
Company Name: Alexander, Miller & Associates
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