Choosing a Debt Collection agency for you or your Business is an important consideration. Whether it is a Business Debt or a Personal Debt, Debt Collection Agencies can help.
The UK’s Debt Collection industry has boomed over the past twenty years. There are now many companies purporting to offer Debt Recovery services but which are the best.
Using such services can certainly bring financial advantages. In decades gone by, Legal action was the only option. This well-trodden path was costly and often ineffective.
These days most large organizations have a Recoveries department. For Small Businesses and individuals, there are many solutions too.
It is important to compare apples with apples when recruiting such services. Not all Firms are the same. This comparatively speaking will be on the point of cost, professionalism, and success.
We have compiled some expert tips to help you. This can be to help with the collection of unpaid business invoices or personal debt.
These days it will pay to use the right Collecting service. All that glitters is not gold and there are Laws to obey. That is why it is imperative that smart decisions are made.
Our Top 5 tips for choosing a Debt Collection agency
1. Choose the best fit agency.
Every Agency has its specialisms and expertise. If you have unpaid business invoices you will need a business debt recovery service. Likewise, if you are owed from an individual – you will need a private or consumer recovery solution
2. Only use a Professional and Legitimate Company
You should only consider using a Professional licensed service. It is also essential they are members of the Credit Services Association. Using Unlicensed, Aggressive Debt Collectors could land you in serious trouble.
3. View their reputation and history
Use google to research the Agency’s reputation. See what people online are saying about them. There are many review platforms starting with Google itself. It is also worth checking their credit rating too.
4. What actions will they take to collect what is owed?
There are many different actions that can be taken. You need to be aware of what this company is planning to do on your behalf. You will ultimately be responsible for their actions if unlawful. This is why you need to ensure you are using Professionals.
5. Know the cost
Get a clear understanding of the cost involved. Some claim to be No Win No fee but that is often not the case. Or if it is, there can be expensive hidden charges. Make sure you read the terms and conditions clearly and ask any questions via email so you have it documented.
It is said that only a Quality company will deliver quality service. This applies to the Debt Collection Agency industry too.
Never be fooled by ‘too good to be true’ claims. Something that claims to be ridiculously Cheap is never cheerful. Something that is too good to be true usually is.
Notable UK Debt Collection Companies
There are over 400 Companies in the UK that purport to be Debt Collection Agencies of some descript. Of that group, only a few will be suitable for your needs. It is highly advised you apply your own due diligence. Here are two highly regarded solutions to kick start your research.
A respected name in the field of Personal and Private Debt Collection. If you are owed money by an individual then this is an educated selection.
They operate a Professional and low fixed fee service. Frontline Collections collects millions every year on behalf of Small Public serving Businesses. They also help Sole Traders and people that have personal debts owing to them.
A Famous name in the field of UK Business Debt Collection and B2B recoveries. This Company has collected monies on behalf of some prestigious names over the years. An Award-Winning service that is a pioneer in its field.
The clear benefits of using this company are that they have expertise in every Business niche. First-class results delivered on a budget price. A no brainer for most Finance Directors.
They are the choice of Collection Agency for Law Firms and even Premiership Football clubs. We think that speaks volumes itself.
Choosing a Debt Collection solution can be as easy or as hard as you wish. Choosing the right is a different matter. It is important to state - Choosing the wrong solution will be worse than choosing none at all.
Using our Expert tips should set you on your way. Do not wait till it is too late to collect what is owed to you. Hindsight is a wonderful thing but you can take steps to make smart choices.
A pragmatic strategy to bad debt will only boost your profits.
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