In the business sector, the phrase debt results in a situation where the company builds relationships with other businesses that would use its goods or services but would pay later. Now, allowing for such flexibility might aid a company in gaining more business, but the growth of too many debtors ends up being detrimental. Once the process of establishing a company is complete, businesses are required to keep a separate record for each of their distinct creditors. Due to this necessity, Debt Settlement Services were designed, which may relieve a business of the stress of being a debtor.
Being a business owner, you may find yourself making a list of strategies to boost sales and make money, but it isn't the only way to expand your enterprise. Poor Debt Management is one of the key factors that limit a company's ability to expand.
In this article, we will take a deeper look at Debt Management, how effective it can be in business, and how it can greatly benefit any company.
Debt Management is a strategy that uses budgeting and financial planning to help companies gain control of their debt. A Debt Management plan's objective is to employ these techniques to assist in reducing the present debt and work toward its elimination.
The process will be carried out by the finance manager when it comes to implementation, and businesses must go through the following procedure:
When a case is opened for Debt Collection, AW Holding INT’L CRM receives it within two working days, and a skip-tracing expert is tasked with finding the debtor to get further information. The debtor gets an initial demand letter through email and calls are made to advise them of the debt, who we are, and what we stand for. Field visits are then conducted for cases totaling more than 100,000 AED within 10 days of being assigned the case. For instances under 100,000 AED, visits are made based on the case report and as necessary.
Within 15 days after the case approval, the first report is updated and delivered to the customer. By meeting with the debtors and presenting a plan of action to settle the debt, professional negotiation and representation are made. To give the debtor the idea that the matter has been escalated to a higher level, a separate senior collector must conduct a second field visit in cases of violated promises. With the client's consent, we send the debtor legal notice in our final pre-legal collection effort if they refuse to cooperate in paying the amount. If more promises are violated, our attorneys will assess the supporting documentation, the case history, and the overall scenario. If the case has a solid foundation, we advise our client to pursue legal debt collection (LDC) in order to reduce the risks.
With a good understanding of the importance of debt management, unwanted losses may be prevented by implementing an effective Debt Management strategy, regardless of whether your organization is a creditor or a debtor.
AW Holding INT’L is here to assist your company if you want to access cross-border services such as international Debt Management Services. We are among the top debt management experts in the MENA region and have assisted many company owners and investors in realizing their entrepreneurial aspirations. Recognized as one of the best international debt collection agencies, AW Holding INT’L works towards helping corporates reach success.
Make good use of the right expertise and contact us today.
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"name": "What is debt management and its procedures?",
"text": "The process followed in a Debt management plan: Debt management is a strategy that uses budgeting and financial planning to help you gain control of your debt. A debt management plan's objective is to employ these techniques to assist you in reducing your present debt and work toward its elimination."