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Debt collection is the process by which an outstanding debt is actively recovered after payment has failed despite reminders. The process can be either amicable or judicial. In the case of out-of-court collection, an attempt is made to reach payment through summonses and contact without the intervention of the courts. If this does not lead to a result, judicial collection can be initiated. The goal of debt collection is to collect the claim while maintaining proportionality and complying with legal frameworks.
Within accounts receivable management, debt collection constitutes the escalation phase after dunning and possible payment arrangements. The choice of internal follow-up or outsourcing depends on policy, scope and risk. Timely deployment of debt collection increases the chances of collection.
When an invoice remains unpaid after multiple reminders, the file is transferred for collection.
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Jimmy Kok | Barentz
“CreditDevice is the only one with a well-functioning PolicyManager…
Jimmy Kok | Barentz
“CreditDevice is the only one with a well-functioning PolicyManager…
