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Choose the Right Debt Collection Firms For Your Business

If you’re looking for a debt recovery solution then you’ll want to make sure you choose a company that best suits your individual needs.  With more than 400 debt collection agencies in the UK, finding the registered debt collector that’s right for you can seem like an insurmountable challenge.  There are so many to choose from that you could spend hours researching and making comparisons when all you really want to do is collect the monies owed to you with as little hassle and inconvenience as possible.  You may even be surprised to learn that there are still illegal debt collectors operating here in the UK – they use threats, intimidation and even resort to violence as a means of collecting outstanding debts.  If you’re a business owner and associate yourself with one of the disreputable agencies, it could have a detrimental effect on your brand and your business. 

Business owners may find that a lot of their time is spent chasing up payments from clients or customers when that time could be much better spent on other activities such as dealing with trusted clients, attracting new clients and growing their business.  Chasing overdue payments and unpaid accounts are detrimental to business activities and can have a seriously negative effect on your cash flow. 

So, you must be wondering just what to look for when you’re trying to choose a debt collection agency that can help you resolve your problem.  We have some tips and advice you can use to make sure that you choose the right solution for you.

· Firstly, you’ll need to choose a debt collection agency that has the relevant licences and behave in an ethical manner when representing you. 

· Make sure that you choose a Limited Company that has been trading for at least five years and has the expertise and experience necessary to offer a successful outcome.

· Check the reviews – most debt collection agencies will publish client testimonials on their website or on independent review sites like Reevoo and TrustPilot. 

· Choose a company that operates a “no hidden fees” policy that will include all of the actions necessary to recover the debt. 

These actions may include:

o Pre-action due diligence

o Letters

o Emails

o Faxes

o Phone calls

o Accountancy fees

o Credit Checks

o Investigations

o Insolvency demands

o Visits from a Debt Collection Officer

o Pre-sue report

·        

Look for a debt collection agency that offers a “no win, no fee” service – this way you don’t have to pay for a service that does not collect the money owed to you.  Paying for a debt collection solution then still not receiving the money owed is just an added expense for your business.

It’s now actually easier than it has ever been to ensure that you receive any monies owed to your company, whether the debt is owed by an individual or a business.  It’s just a matter of finding the right debt collection agency to deal with your matter for you.