There is increasing the demand of debt recovery between individuals and organizations. The following advice to past-to-now debt collection methods to be consider will become the good solutions for your decision.
Traditional Debt Recovery Method
Traditionally, a debt collection service will send a 'letter of demand' to the debtor on its letterhead, demanding that the debt is paid by a particular date or legal action may be taken. Most commission rates for debt collection services vary between 5 and 30 per cent of the debt value.
In some cases, you can sell the debt to a debt collection service for a small percentage of the debt amount. The service will then pursue the debtor to recover part or all of the money owed but you will not be entitled to any of the money if recovered. You may wish to consider this option when you have written off a debt.
Some debt collection services or lawyers provide online debt recovery services. Usually, these services require you to type in the information about the debt you want to recover (such as the hirer's business name, address, amount of debt, what the debt was for). The service then generates a letter of demand for a fee that you pay online. The letter is usually sent to the hirer for you.
Advantages of Above Debt Methods
• It's fast and easy.
• It's relatively cheap (often a fixed fee paid by credit card online).
• The letter is usually on the letterhead of a lawyer or debt collection service so it may have more of an impact than an ordinary letter.
• You have little control over what is written.
• You probably won't get advice as part of the service.
• There are the usual dangers of using internet services, such as fraud and insecure payments.
• It could damage your future business relationship with the creditor.
Having high experience in debt collection services in Vietnam, you just look under 'debt collection services' in the below websites of Dragon Law or direct call to us for more detail at:
Dragon Law Firm - Hotline: 1900.599.979
Hanoi Headquarter: FL14.6, VIMECO Bldg, Lot E9, Pham Hung Str., Trung Hoa Ward, Cau Giay Dist., Hanoi
Hai Phong Office: FL4.6, Khanh Hoi Bldg, Lot 2/3C, Le Hong Phong Str., Ngo Quyen Dist., Hai Phong