Based on the most lazy of research sessions, I'd probably just sell the debt to a debt collector, and accept the minor cost which appears to be around 10%, rather than go though all the time wasting grief of doing it myself. One, programming time is worth a lot more than debt chasing time. Two, the emotional side some people feel when chasing debt can impact on the programming (whatever), and personal time. I don't work or function that well when I am all annoyed about something. Better to have the 90% and move swiftly on. Let some one else who job it is deal with it.
I suppose, it a personal decision, depending on what we are prepared to do and accept. Some people may be quite happy to chill out and wait, some need the money asap.
I guess it depends on a lot of factors, but the collections agencies I've worked with take a lot more than 10%. But you pay nothing if they are unable to collect. So if you were ready to give up on a client and write off the debt anyway, there's little to lose.
At my old company, we hired a stern-voiced hourly contractor to call clients with outstanding debts. She much more than paid for herself. Some invoices she couldn't collect on we sent to an agency, but honestly at that point they were quite old and the agency had a pretty low success rate.
I suppose, it a personal decision, depending on what we are prepared to do and accept. Some people may be quite happy to chill out and wait, some need the money asap.