There are 5 questions you should ask yourself about those accounts so that you can make a good decision:
- Is the debt undisputed?
- Is the customer local?
- Does the customer have assets to cover the debt plus legal costs?
- Is the debt significant enough to warrant the cost and hassle?
- Are you extremely patient?
If you answer YES to all of those questions it is still not a guarantee you will get paid. The sooner you take action the better your chances of collecting any of the money that is due to you.
Check out Collections & Credit Risk Magazine for helpful articles, tips and advice when you are deciding how to handle a large commercial account that just won't pay.
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