Benefits Of Using A Debt Collection Agency UK

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Benefits Of Using A Debt Collection Agency UK

A large number of individuals and businesses in Liverpool experience the issue of late payment every year.

Late payment of invoices is a common part of daily business life, however, some clients may simply refuse to pay.

Liverpool businesses will most likely have a credit control team that deals with the chasing of late payments.

On the other hand, individuals that are owed money may be forced to recover it alone.

The act of recovering a debt alone can be challenging and may result in the individual abandoning the debt.

It is a sad fact that a person that you once trusted, such as a friend, could turn into a debtor.

Clearly, there is a need for a solution in relation to recovering unpaid invoices and owed money.

Late payments can affect the stability of a business’s cash flow and therefore needs to be recovered.

The collection activity of any amount owed should be started as soon it occurs to maximise the success rate.

Debt Collection Agency UK Methods

When a business or individual is owed money, it is recommended to not hesitate to recover what is owed.

This sometimes cannot be helped, as the perception of the debt collection process is that it is a time-consuming task.

In reality, it is a case of having the correct expertise and training required to be successful.

There are a plethora of ways to recover money from a debtor that has refused to pay what they are owed.

Straightforward methods, such as sending a reminder letter to the debtor, can quickly produce a payment. Even making a simple phone call to the debtor has been known to be successful.

If this doesn’t work, many businesses may default to sending a Letter Before Action (LBA).

A Letter Before Action is a document that states the intention of taking legal action if the money is not paid.

This can affect the debtor’s credit reports which may push them to pay what is owed quickly.

Individuals may see the above as a long-winded process, so will gravitate to stronger actions.

Common examples of this include taking the debtor to a court or instructing a debt solicitor.

Whilst these are known to be effective methods, they can be extremely expensive if dragged on.

Some law firms charge up to £200 per hour on top of any court costs that are to be paid.

A high-cost debt collection service is the opposite of productive and may end up exceeding the money that is owed.

The most effective way to recover money owed to a business or individual is by using a debt collection agency uk.

Benefits Of Using A Debt Collection Agency Near Me

There is a large list of reasons why someone may need a debt collection agency uk to recover money.

Businesses and self-employed individuals commonly experience invoices, goods or services that go unpaid.

Other examples include commercial rent arrears, money that is owed to an employee, overpayment arrears etc.

There are many benefits to using a debt collection agency UK instead of the other methods above.

Debt Collection Agency UK Success Rates Are Industry’s Highest

When money is owed to someone, the only resolution is that it needs to be recovered.

One of the main benefits of using a debt collection agency UK is the success rates they produce.

Some of the agencies that we work with have an average success rate of up to 90% on all undisputed debts.

This is an extremely positive statistic for anyone that is looking at recovering money.

Affordable And Low-Cost Solution

Cost is without a doubt the second most important aspect of recovering a debt.

By using a debt collection agency uk, you will be receiving service at a lower price point than other methods.

It is extremely unfair for someone that is owed money to spend a lot recovering what is already owed.

Debt Collection Agencies do not operate on price-drip methods or hidden fees.

This ensures the client receives the most affordable service that does not affect the service level.

Debt Collection Companies Deliver Global Recovery Services

In Addition to the recovery of local and nationwide debts, agencies can also recover debts overseas.

The collection of international debts is one of the more challenging scenarios many face.

The language, time, communication and law barriers that are involved is the reason for this.

Thanks to a global network of experts, debt collectors can successfully recover money from anywhere in the world.

Local Debt Collectors – Who Should You Choose?

There are hundreds of professional debt collection agencies across Scotland, England and Wales.

Using a local debt collection agency is by far the most proactive way to recover what is owed.

At Debt Collection Liverpool, we provide the easiest way for our clients to find the right agency.

Our recommended Commercial Debt Collection agency is Federal Management.

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

If money is owed by an individual, such as a friend or family member, we recommend Frontline Collections.

They are the UK’s leading private debt collection agency and have operated since 2005.

Also, they can carry out international debt collection services for overseas unpaid fees.

It is worth noting that laws related to data protection are adhered to by our partner agencies.

If you are owed money, please contact our partners today to ensure a successful recovery.

Debt Collection Liverpool – Frequently Asked Questions