First, you need to recognize what is happening. The holiday season is NOT like the rest of the year. An unholy trinity of dynamics come into play amidst all the cheer, generosity and brotherly love | Credits to Met Credit Blog
Many businesses have reduced employees in the months before and after Christmas, and there could be a general loss of efficiency and inspiration.
To start on the right foot after the holidays, you need to start planning early. Many collection companies avoid making calls during the holiday season, so if the debt is important to you, be extra proactive.
It might not be the ideal time to take a collection action, but many people have the numbers they need to hit before the end of the year.
Be proactive
Start by evaluating all pending receivables and monitoring them right away.
Note that the longer your money sits in collections, the poorer your odds of being paid back. Think of ways where you can expedite transfers that are overdue by sending a messenger to pick up a bill or a prepaid overnight shipping envelope.
If you move fast to identify those accounts that may suggest a bad debt, you might have enough time to send those accounts to the collection agency and get the money back by the new year.
Act immediately
If you evaluate that the account is in a lot worse condition than you expected, it’s time to take immediate action.
Waiting for the holidays to be over, doesn’t make things any smoother, because it’s a business decision rather than a personal one.
If you wait until January to start collecting, you will find that your account is now at the back of the line along with several others. The consumer will now have much less funds to pay off loans, so it’s crucial to move quickly.
Be flexible
When trying to collect a debt, the collector must be flexible with payment options, payment schedules and other accommodations. Working with the borrower to work out how to repay the loan and provide options will go a long way.
