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handycap: all the consumers were notified to pay voluntarily, and many did so, but the systme didn't allow to. Some of the debts have short deadlines. conditions: Budget isn't done and most defintely will be close to zero. No outsourcing will be allowed. Project will be run in mixed matrix with executive supervision.
start by legal notifications
Make sure that you limit collection cost and effort. You need to structure collection items by age, reason for non-payment and amount.
It is more than likely that10% of that16.ooo people owe90% of the1million so you might want to focus on those. You can review the remaining portfolio and decide the most economical way to manage. For example, outsource to a collector, write off if you cannot recover or sell to a collections agency.
If everybody owes you the same amount (62.50) than you need to find an automated approach because a manual approach would cost you more than you could gain. Could give people a reason to pay you? For example10% less if paid within14 days?
Good luck. If they are bad debts, I don't believe you will collect them, but it would be good to see at least60% of the money coming. But, you need to realise, this project cannot be timebounded, as there are many different unforeseen and unplanned scenarios that will happen, we have seen it in a project that was intended to be for3 months, and that team is still working on this project (it has been almost a year now).
Connect your debt recovery with a bonus system. Obviously, bonuses will be in applying discount.
Give high bouses for debts with short deadlines and wait for Gods mercsy
Cash recovery is a process not a project
The best solution is to partner with a comprehensive cash recovery firm that focuses on your entire spend and at the same time enhances the mutual relationship you have with your suppliers
Which industry are you refering to?(Banking?)
You need to implement a calendar and be prepared to advise one strategic action which will allow to recover this debt.
And also list, for yourself, in priority as per compliance policy what you can do legally or intend to do in order to get this debt recovered.
