Accounts Receivable Bad Debt

 

It is virtually impossible for a company to ensure that every account will be paid by its clients and for this reason they have to make an allowance for accounts receivable bad debt. This basically means that the money in that account is owing to the company but is not able to be collected and that all reasonable methods of collecting it have been exhausted.

Of course no one really sets out to find their account part of a company’s accounts receivable bad debt allowance. One may open an account with every intention to make the monthly payments when some sort of financial stress presents itself, thus rendering this intention impossible. If you are faced with the danger of being handed over, being unable to afford your monthly instalments or being black listed then it is certainly time to discuss your options with the professionals in the field. You will find that an experienced and qualified debt counsellor will sit down with you and address your financial issues with you.

They will use a professional debt calculator to determine exactly what your outstanding debts are, what your monthly payments amount to and for how long you will be expected to pay these. They will even make contact with your creditors to advise them that you are undergoing debt counselling and to negotiate possible reduced monthly payments and interest rates. Once all your creditors have been negotiated with, a debt management profile will be set in place and you will be required to settle your monthly debts directly with your debt counsellor.

If you are worried about your credit record and your financial future then don’t take a chance. Give yourself the best opportunity possible to gain control of your finances. Book a consultation with a local debt relief company and get your options explained to you.

Contact Debtcor for more information and advice on accounts receivable and bad debt. Take control of your finances today.

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