In this episode, host Jon and guest Ronda Jackson explore effective strategies for handling bad debtors and ensuring timely payments in the architecture industry. They offer advice on how to prevent bad debts by knowing your client and conducting due diligence upfront, including using a new customer onboarding form, running credit checks, and regularly updating customer financial reviews. Ronda emphasises the importance of maintaining open and friendly communication, utilising reminders and direct communication for overdue invoices, and considering legal steps like charging interest, sending a letter before action, or moving to small claims court if necessary. Ronda also describes the role and operation of debt recovery agencies, including their no-win, no-fee model.

Today's Guest...

Ronda Jackson is passionate about helping you collect all money owed to you or your business. As the Director of Jacksons Credit Recovery Services, Ronda is a qualified credit manager and experienced negotiator. She helps business owners resolve conflicts and maintain a positive working relationship with their debtors to achieve the result we all want - your debtor paying you what they owe.

Episode Highlights...

00:00 Introduction

01:31 Who are Ronnie and Reggie?

03:14 Strategies for Getting Paid on Time

03:41 Preventive Measures Against Bad Debt

06:20 Steps to Take When an Invoice Becomes Overdue

08:55 Escalating Debt Recovery Efforts

12:44 Navigating the Small Claims Court

18:39 The Role of Debt Recovery Agencies

21:00 Final Thoughts and Advice

22:59 A Personal Favorite: Travel and Places

24:36 Closing Remarks and Contact Information

Key Takeaways...

👉 Importance of Due Diligence: Ronda emphasises the importance of knowing who you are dealing with, understanding their legal identity, and collecting all necessary contact details upfront to prevent bad debts.

👉 Communication is Key: Keeping communication open and friendly with clients, checking in regularly, and establishing multiple streams of communication can help in early detection of payment issues.

👉 Taking Preventive Measures: Conducting credit checks, looking at company accounts, and being proactive in preventing bad debtors can save time and effort in the long run.

👉 Escalating Debt Recovery Efforts: Steps such as sending reminder emails, making polite reminder phone calls, considering legal actions like letters before action, and proceeding to court if necessary can be effective in recovering debts.

👉 Working with Debt Recovery Agencies: Understanding how debt recovery agencies work, the no win no fee structure, and the importance of transparent pricing can be helpful when considering external assistance for debt recovery.

👉 Persistence and Principled Approach: Ronda highlighted the importance of persistence in debt recovery efforts, taking a principled stance on getting paid for the work done, and not being afraid to escalate actions if necessary.

👉 Navigating Legal Processes: Understanding the process of the small claims court, the responses expected from defendants, and the timelines involved can help in navigating legal avenues for debt recovery.

Links Mentioned In The Episode...

https://jacksonscrs.co.uk/

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