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When collecting debt, it’s important that debt collectors follow the correct procedure from start to finish to ensure that the process remains ethical and legal.
However, as a consumer, are you aware of the fact that debt can prescribe (become written off) after a certain time period, depending on the type of debt and other specific conditions?
When we talk about a debt collection period, we are referring to the amount of time on average that it takes for a business to collect its debts.
If a business has an increased collection period, it can become a major financial liability and focus should be directed at improving it.
However, small businesses often do not have the resources necessary to spend time and energy solely on collecting debts.
Businesses and individuals can benefit from outsourcing their debt collection to registered debt collectors.
Below we share just a few of these benefits.
In this article, Able Tracers and Debt Collectors South Africa outline when it may be necessary to institute legal action against a debtor and how this process works.
Even in cases where debtors are in hiding - debt collection is possible.
With over 53 years of experience as Debt Collectors in South Africa, our team has gained extensive experience in debt collection and the many processes involved in successfully collecting debt.
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