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Send a reminder letter. The debtor may have come across circumstances that cause tardiness in loan repayment. If you have already sent a letter or notice, follow-up with a past due notice using colorful paper and strong, but professional language explaining the consequences for not repaying. - 2
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Phone the debtor. A simple and effective method for producing results is through conversation. Be polite and professional and do not make threats. Calls should be made during normal business hours, and you should speak only with the person(s) responsible for the debt. - 3
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Send a demand letter. Give the debtor 10 or 20 days to repay or make payment arrangements. State in the demand letter that the matter will be passed to a collection agency or attorney should there be no response and/or payment. - 4
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Hire a collection agency or retain an attorney. Choose a collection agency that has a clear, demonstrable track record and maintains professionalism or, alternatively, hire an attorney. While a collection agency may be less expensive in the short term, an attorney can take the matter to litigation if necessary.
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