Debt Collection in London
London Debt Collection
The recovery of monies owed to London based individuals and commercial enterprises has gone through something of a polar shift in recent years. Companies are now choosing an alternative route to the expensive and long drawn out legal path that used to be the only recourse to unpaid creditors.
Financial Conduct Authority
Under the guidance of the Financial Conduct Authority (FCA), specialised debt collection agencies have become a viable choice for companies looking to avoid lengthy retrieval processes and expensive solicitor fees.
The image of the debt collection industry has changed and the stigma that once existed in employing one has long since disappeared. This process has not occurred by accident either, as firms in the industry have made a concerted effort to become much more friendly, professional and more mainstream.
The fees involved in instructing a debt collection agency compare extremely well with the traditional litigation route, as they are performance related. Most reputable debt collection firms will work on a ‘No Collection – No Costs’ basis so they represent a much more efficient way to recover owed monies.
Once the debt has been paid, a commission fee of usually around 5-20% will be asked of the client, with any variation being based on factors such as value and age of the debt in question.
Capital of Commerce
London is not just the capital of England, but also one of the largest centres of industry and commerce in the world. As you would expect, there are a number of professional and licensed debt collection agencies in London and they have achieved this popularity by getting their work done quickly, professionally and by conducting themselves in a customer/debtor friendly way.
No Agency staff member of a reputable Debt Collection firm would employ unlawful or scare tactics in the course of their work or any action that would bring a client’s reputation into question. Actions such as these have no place in the modern marketplace in any industry and certainly not in the debt collection sector. Most collections officers are certainly ‘to the point’, but are also friendly, reasonable people who understand that anyone can fall on hard times.
Leading Debt Collection Agencies in the UK hold high levels of accreditation. When choosing a Debt Collection Agency, you should be applying due diligence as a firm that appears to be good to be true usually will be.
Typically the Number One choice for Business Debt Collection in London would be the award winning Federal Management. For Private Debt Collection matters, peoples first choice is Frontline Collections
If you or your business is encountering cash flow issues as a result of non-paying customers, you could do a lot worse than employ a quality debt collection firm. They are quick, efficient and increasingly the most viable option for companies across the United Kingdom.
A Professional Debt Collection Agent will always provide a pre-instruction assessment to measure the realistic prospects of a recovery and advise you of the basis for their findings.