What is debt recovery?
Debt Recovery is a process of making people or companies pay the money that they owe to other people or companies, when they have not paid back the debt at the time that was arranged.
These days, debt recovery is the main hurdle in any business growth. Therefore, the process of debt recovery management is needed which ensures that the debtor pays all their bills and loans on time. The management of debt recovery is a set of policies, laws, advisories, legal actions which includes the following: –
- Analysis of debtor profile
- Aligning the policies of debt recovery with other debt recovery policies
- Discussion with the opposite party
- Preliminary investigation of the third party
- Debt Execution
- Before Sales Analysis A proper understanding of the aforesaid activities would result in complete debt recovery.
