What is Debt Recovery?

Debt recovery is the process of collecting payments from individuals or businesses that owe money to a creditor. This can be a time-consuming and difficult process, and often requires the use of specialised knowledge and techniques.

There are several ways that creditors can go about recovering debt.

 

One common method is to send a series of letters or make phone calls to the debtor, reminding them of their outstanding balance and requesting payment. Contacting debtors is through multichannel conversational AI messaging is a proven method of customer engagement that produces high response rates and increased debt recovery.

If this does not work, the creditor may hire a debt collection agency to handle the debt recovery process. If all else fails, in some cases, creditors may also take legal action against the debtor in order to recover the debt. This is a last resort and is not the preferred method.

Debt recovery helps to ensure that creditors are paid for the goods and services they provide. It can be a complex process, but it is important to maintaining financial stability and ensuring that businesses can continue to operate.

More About Debt Collection

CONTACT US

Tell us your challenge and let us
help you tackle it

If you want to improve your customer communications, take advantage of our experience and let us show you what we can do.

DEMO REQUEST

Register for a personalized demo where our team will review how Webio's intelligent customer engagement solutions can positively impact inbound and outbound customer engagement in your business.

METRICS WE’VE ACHIEVED

52%
Uplift in Payment Arrangements
42%
Increase in Agent Productivity
57%
Decrease in Operational Costs
48%
Increase in Customer Engagement

YOUR DETAILS

WhatsApp Contact Button