How can irrevocable debt be stopped in a business

[cherry123]

Businesses sell alot on credit which isn't bad but the problem is always that of bad debt. You can't recover the debt. How can this be stopped

 

[Bisolami]

Businesses sell alot on credit which isn't bad but the problem is always that of bad debt. You can't recover the debt. How can this be stopped

The moment you realize that some people do not always their debt on time, make sure that you stop selling on credit to those people

 

[cherry123]

The moment you realize that some people do not always their debt on time, make sure that you stop selling on credit to those people

But the problem they might be owing you huge before you even realised this

 

[Hate2Wait]

It's tough but it can be controlled if we can follow up with the customers as soon as the payment is due after the credit period is over

 

[cherry123]

It's tough but it can be controlled if we can follow up with the customers as soon as the payment is due after the credit period is over

Some people needs a good followup. Because they don't mind claiming forgetfulness

 

[Hate2Wait]

Some people needs a good followup. Because they don't mind claiming forgetfulness

And if the amount is higher then we can take the help of court

 

[Bisolami]

But the problem they might be owing you huge before you even realised this

That's true
Some people will act like saints and at the end of the day, they will disappoint you. It is very bad

 

[cherry123]

That's true
Some people will act like saints and at the end of the day, they will disappoint you. It is very bad

Debtors are always sweet when they need money but turned monsters with time.

 

[Bisolami]

Debtors are always sweet when they need money but turned monsters with time.

I even regret borrowing some people money. And they will keep on ignoring you and act like they are the ones who borrowed you the money

 

[cherry123]

And if the amount is higher then we can take the help of court

Exactly but that will be spending more money as well too.

 

[Hate2Wait]

This is the last step although most companies are able to get their dues and when they supply on credit they should see if the company has good repayment reputation

 

[Starmix]

It can be stopped by disallowing the person to purchase thru credit her or she must write a compromise letter.

 

[Hate2Wait]

They need to contact the company and let them aware of the possible legal action and that may help in getting our money back

 

[Shavkat]

It will be stopped if they know how to maximize their resources. They do not need to overspend if it is not needed.

 

[Hate2Wait]

We need to see if the company asking us to sell on credit is a good and established one because this way we can make ourselves ensure of getting payment

 

[Niyi Briggs]

I believe debts should be stopped entirely. It doesn't help a business to grow. It holds down the business in so many ways.

 

[nomad]

High running costs is one of the main reasons for business debt.

 

[eldavis]

This can be stopped by you refusing to give out your goods and services on credit. Set a standard for your business at the early stage, giving out credits would not make your customers stay loyal to you.

 

[Springtime]

Check the company's background before selling products to them on credit. If payment is not made on due date, send payment reminders and contact the customer to find out the reason. Let the customer know that legal action may be taken if payment is not received by a certain date.

 

[Niyi Briggs]

You should learn to know the limits you can do when it comes to debts. Don't go overboard in debts. I know the amount I can give credit to each and every customer because I know their capabilities.