The Benefits of Using A Professional Debt Collection Agency

Using A Professional Debt Collection Agency

For businesses and private individuals in the UK, the occurrence of unpaid debts has increased in recent years.

Problem debtors are coming up with more and more excuses as to why they cannot (or will not) pay their invoices.

In a survey that was conducted by BACS, around 43% of SMEs experienced late payments. A large percentage of overdue payments were more than 2 months late.

Statistics like these highlight the issues posed by debtors that choose not to pay their invoices. They also show the impact this can have on one’s finances.

When a business or private individual is owed money by someone, this can severely affect their cash flow.

A domino effect can occur if cash flow is impacted, with other areas of the business having to suffer.

In regards to the act of collecting money that is owed to someone, there are a variety of options to choose from.

Many creditors still use outdated methods such as trying to collect debts independently or by using Solicitors.

Both of these options can be expensive and can waste a lot of time in resources to provide ANY form of result.

Remember – you are never guaranteed a successful recovery if you try to collect a debt independently.

The best and most efficient way to perform the recovery of a debt is by using a professional debt collection agency.

This recommendation may leave you to wonder what the benefits of using a professional debt collection agency are.

Our team of experts have put together guidance on what makes a good and bad debt collection agency. This will ensure you get the best service possible.

The Benefits of Using A Professional Debt Collection Agency – The Good and Bad

Whilst most of these agencies are good, there are so-called ‘cowboys’ within the industry that you will need to watch out for.

Unlike our trusted partner agencies, there are those that will get away with providing an unjust service to their customers.

Many businesses have had good experiences with a debt recovery partner. Working with Debt Collection Agencies in Glasgow, for example, has helped thousands of businesses in Scotland recover what they are owed.

Agencies like these are able to blend in due to the large number of businesses that provide the same service.

The Bad – What Should You Look Out For?

The traits of a bad debt collection agency that you should be wary of can include:

• Unnaturally high commission rates.
• Little or no example of high recovery rates.
• A lack of accreditations.
• Price drip fees.
• Charges to the customer even if the collection is unsuccessful.
• Bad or low reviews.

Why should companies be able to operate a disappointing service like this when you are already owed money?

If a business or private individual is caught in the net of an unfair debt collection agency, this can be extremely costly to them or their business.

Regardless of the type of debt, you should never have to experience a bad debt collection process.

What Makes A Good Debt Collection Agency?

Whilst there are bad agencies out there, it is a positive fact that the majority operate to help their customers in the most effective way.

At UK Debt Collection Bureau, our partners only ever operate in the most professional manner possible.

Some of the characteristics of a good debt collection agency are:

• A large amount of positive customer reviews.
• High recovery rates.
• Low commission rates.
• A large team of experts, with regional offices to help across the UK.
• Accreditations with industry organisations.
• Polite and professional.

Debt collection agencies that provide a good service are always polite and professional when dealing with your case.

Being owed money can be a stressful time, so the helpful nature of such businesses should help alleviate this.

The Benefits Of Using A Professional Debt Collection Agency

Based on the information provided, you should now be able to apply this when searching for an agency to collect your debt.

Using the services of a pro-active and pragmatic Debt Collection Agency is the only way you should be collecting your debts.

What Are the Benefits of Using a Professional Debt Collection Agency?

There is a plethora of benefits towards yourself and your business that come from using this method.

Debt Collection experts have all the resources required to efficiently collect unpaid fees. This includes expertise, training and time.

As well as this, they often have collection offices based at strategic locations in the UK. Examples could be London, Manchester, Leeds, Birmingham and Glasgow.

This will no doubt give you peace of mind, which is vital in a stressful situation such as this.

By passing your debt onto a team of professionals, this will allow you to focus on value-based tasks such as growing your business.

This is due to the amount of time and resources you will save by not collecting the debt yourself.

In turn, this will also contribute to the amount of money you will save as your core focus will be on continuing and bringing in more work.

Another benefit of using a debt recovery agency is that the relationship between yourself and your debtor will not be jeopardised.

We have experienced clients that have shown distress by thinking they will lose their client or customer if they try to recover a debt.

No one has ever lost a client simply because they were required to pay!

The Benefits of Using A Professional Debt Collection Agency – Our Partners

Now you are aware of The Benefits of Using A Professional Debt Collection Agency, which means you can choose an agency to collect your debt.

At the UK Debt Collection Bureau, we are dedicated to helping those that are owed money by providing a list of the top Debt Collection agencies in the UK.

No matter your situation or type of debt, our expertly trained partners can assist in collecting your debt.

For Commercial Debt Collection requirements, we recommend Federal Management.

If you have a Private or International Debt, our recommended partner is Frontline Collections.