Benefits Of A Debt Collection Agency UK

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Benefits Of A Debt Collection Agency UK

In Bristol, many businesses and individuals experience the yearly issue of being owed money.

It is a fact that no one ever wants to experience problems that are related to finances.

This is unfortunately a financial problem that many cannot simply ignore or avoid.

There are certain precautions that can be put in place to reduce the effects that debts may cause.

Some businesses will have a dedicated credit control team whose job is to chase payments. This is a good system to have in place, however, debtors will still slip through the cracks.

Some of the most common debt owing scenarios include:

  • A client not paying an invoice on time or refusing to pay it at all.
  • A customer refuses to pay for goods or services they have received.
  • A tenant has not paid rent arrears to the landlord and has left the property.
  • A friend or family member has borrowed money but not returned it.

The above are only a few examples of how relentless debtors can be and how they can arise almost anywhere.

Any example of debt collection can result in the damaging of one’s cash flow.

The cash flow is the lifeblood of any business and must remain steady as not to affect longevity.

If you or your business’s cash flow is put at risk, this can create a rather stressful situation for all involved.

Additional stress could be added if the debtor was someone that once had a positive business relationship with you.

This is extremely true for individuals that are owed money by trusted people such as friends or family members.

No matter who you are owed money by, you must take measures to recover this as soon as possible.

Our experts have put together this helpful guide that outlines the various debt collection methods available.

debt collection agency uk

Debt Collection Agency UK Methods

Knowing how to carry out the debt collection process can be a challenging exercise to undertake.

Many people perceive this as something that is time-consuming which results in abandoning the debt.

In reality, it is a case of having the right expertise and training to carry out a successful recovery service. Creditors need to be persistent in the collection process of the money that is owed.

Simply contacting the debtor to remind them of what is owed is enough to produce a payment.

Communicating with your debtor may also indicate why it is owed in the first place and if they intend to pay.

It is normal for setbacks to occur, especially if you have an absconded debtor who is difficult to trace.

Thankfully, the list of methods available to conduct the recovery of money owed is plentiful.

Taking legal action through the county court is an option that a lot of businesses use to collect unpaid invoices.

The threat of court action alone is sometimes enough to resolve the situation. This is due to the fact that the debtor may not want to risk damaging their credit report.

However, a percentage of debtors will still refuse to pay or simply ignore any communications.

If and when this happens, the next appropriate step may be to use a Debt Collection Solicitor.

Law firms and Solicitors are attractive methods due to the historic success rates they provide.

Despite its positive results, the use of Solicitors is a notoriously expensive service to use.

For small businesses and self-employed individuals, this may not be in their best interests.

Spending lots of money (sometimes £200 per hour) to recover what is owed is extremely counterproductive.

One of the most important aspects of a debt collecting service is to ensure it is affordable.

To achieve this, the best method is to use a professional debt collection agency UK.

Debt Collection Agency UK – Bristol

Get In Contact With Our Experts Now!

Our recommended team of Debt Recovery Experts are happy to help with your enquiries.

Local Debt Collectors – Who To Choose In Bristol?

In recent years, private and business debts have become increasingly common across the UK.

Although the number of methods for recovering these have also increased, only one is known to produce the best results.

A debt collection agency UK is designed to provide an affordable and efficient way to recover money that is owed.

In the UK, there are hundreds of debt collection agencies to choose from which can be overwhelming.

At Debt Collection Bristol, we provide the easiest way for our clients to find the best local agencies.

This is achieved by recommending them to agencies that fit the requirements of the debt in question.

Since 2006, we have created a high-quality list consisting of the most trustworthy and compliant agencies in the city.

Our partners perform a service that ensures to not jeopardise any existing relationships between creditor and debtor.

Our Debt Collection Agency UK Recommendations

If the money that is owed to you is by a business client, this is classed as a Commercial Debt.

Our recommended commercial debt collection agency is Federal Management.

Since 2004, they have recovered millions of pounds yearly for businesses that have clients that do not pay.

They are regulated by the Financial Conduct Authority (FCA) to recover debts under the Consumer Credit Act.

The service that they provide is unrivalled in terms of results and cost-effectiveness.

For the money that is owed by an individual, you will need a private debt collection agency.

Frontline Collections are the UK’s leaders when it comes to these requirements, having operated since 2005.

They have collected money in all industry sectors including for Independent Schools, Vets and Dental Practices.

If money is owed by a debtor based overseas, they can also carry out international debt collection.

Both of our recommendations boast an impressive success rate of up to 90% on undisputed debts.

If you are owed money by a business or individual, please contact our experts today.

Debt Collection Agency UK – Bristol

Get In Contact With Our Experts Now!

Our recommended team of Debt Recovery Experts are happy to help with your enquiries.

Debt Collection Bristol – Frequently Asked Questions

Who Are Debt Collection Bristol?

We began in 2006 as part of the UK Debt Collection Bureau network. We act as a referral agency for Bristol’s best debt collection companies.

How Much Does It Cost To Use Your Services?

Our service is free and takes the hassle out of you having to approach numerous debt collection agencies.

Why Should A Debt Recovery Agency Be Used To Recover Money Owed?

When encountering a bad debtor, you will see much success by hiring a debt collection agency UK with expertise in such matters.

Should I Choose A Debt Recovery Company Or A Solicitor?

We think the simple fact that some of the UK’s largest law firms outsource their Debt Collection to our partners provides the answer to that one.

What Success Rates Do Your Partners Offer?

Our partners have recovered as much as up to 90% of undisputed debts. This will maximise the potential for a successful recovery thus guaranteeing a maximum return on your debt.

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