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The Benefits of a "No Win, No Fee" International Collection Services

We’ve all come across the term “no win, no fee” – it’s usually an offering made by solicitors to attract clients who need to make a claim for compensation and may not have the necessary funding to cover the costs of hiring a solicitor and taking their claim through the court system.  There are several benefits to be enjoyed from using a “no win, no fee” service, including the fact that the costs are linked to the outcome of the case – if you lose, you don’t pay the solicitor.  The correct term for a “no win, no fee” arrangement is a Conditional Fee Agreement (CFA) and it’s suitable for many types of legal claims other than criminal or family matters.

This type of “no win, no fee” agreement is on the increase when it comes to debt collection services which is a win-win situation for creditors everywhere.  With the advent of the internet, we now tend to trade with people from all over the world and while this has the benefits of allowing businesses to reach much wider audiences than ever before, it also means that many of us are entering into financial arrangements with people we’ve never met and are never likely to meet. 

We’re living in an age of a global marketplace which has so many benefits that we often overlook some of the disadvantages.  One of the major downsides to trading online is that we’re dealing with people in different countries where there are different legal systems and different ways of doing business.  When clients or customers don’t pay up, we’re sometimes left in a quandary as to how to handle this and so many traders or service providers end up writing off the debt as a loss, figuring that collecting the debt will not be cost-effective.  After all, who wants to get tangled up in a costly legal battle to recover a debt when in many cases the amount of money spent collecting the debt could end up being much more than what is owed?

This is where a “no win, no fee” debt collection solution comes in.  Imagine being able to engage the services of an international debt collection agency that will only charge you if they recover the monies owed to you.  This helps to level the playing field, especially for SMEs and sole traders who depend on a steady cash flow and don’t have money to waste on a service that may not deliver. 

When it comes to debt collection, a no win, no fee service operates on a conditional success basis.  If the debt is not collected, then you don’t have to pay a fee which means that you’re not wasting time or money on an unsuccessful venture.  There is no risk involved to you at all, the debt collection agency will actively work in order to collect the monies owed to you without you having to risk a penny.  Now that is an attractive option, whether the debtor lives in the UK or overseas – you can try to recover the money owing to you without having to spend a penny, instead of throwing good money after bad when trying to claim what is rightfully yours.