Recovering a personal debt? – 3 Simple TipsLast modified: April 21, 2022
Recovering a personal debt? – 3 Simple Tips
Being owed money by friends, relatives or customers can put a lot of pressure on you. It is important to not jeopardise the relationship between yourself and the debtor whilst recovering a personal debt.
Our personal debt collection experts have put together a simple 3-step guide which will help when it comes to recovering money owed to you.
It is extremely important to take the right steps when it comes to recovering a personal debt, as taking the wrong approach can sometimes be worse than doing nothing at all.
Before exploring the steps, below we have outlined all the typical debt collection scenarios that are usually related to recovering a personal debt.
Your situation could be that a friend has not paid back a loan. It could be a relative that has not paid for something you bought on their behalf, or even something as simple as not being paid for services you have carried out.
There are many reasons why somebody can owe you money, some more serious than others, but at the end of the day, this is still money that is owed to you and is rightfully yours.
Personal debt collection must be handled in the most professional manner possible, and the best choice which provides the most benefits is to use a private debt collection agency, such as Frontline Collections.
Doing so will save you time and money, and is the best way to recover your debt in the fastest manner possible, at a low cost.
1 – Try to Resolve the Matter Amicably
The first step in the process of recovering a Personal Debt is to first contact the individual who owes you the money.
This can be through conventional means such as text messages, emails or even by using direct messages on social media networks.
Contacting the debtor in this manner creates a friendly and more comfortable atmosphere between you and the person who owes you money.
The aim of the message, whichever way you choose, is to politely remind the person that they have still not paid you.
If it is easier to do so, you could always give the debtor a phone call. It is much easier to ignore a message than it is a phone call, and can usually show signs of positivity within the communication chain. Phone calls are always the recommended approach over messages.
Past experience has shown that this method usually works well, as the person who owes you the money could have simply forgotten. It is your right to remind this person that they have to pay you, as at the end of the day it is your money.
2 – Send a Recorded Delivery Letter
If you have tried the first step and the debtor has still not paid or if the individual is ignoring you?
The next step in the process is to send a letter via recorded delivery to the debtor. In the letter, you should mention that they now have 7 days to pay which will hopefully compel the debtor to at least contact you.
You may advise that if payment is not made then a personal debt recovery action could be taken.
This should also give you some indication as to whether the person is intending to pay you, as if they ignore this, then they are probably not going to.
Always remember to keep all communications professional throughout this process, regardless of how close the individual is to you. This is to maintain a professional high-ground and prevent the conversation from becoming argumentative.
3 – Speak to a Professional
If all points of prior communication have failed to produce any payments, then it is time to seek advice from a Professional Private Debt Collection Agency such as ourselves.
Court action is not necessary when it comes to collecting an unpaid personal debt where there is proof.
There has to be a burden of proof to support all debts. Our expert team of Private Debt Collectors will listen carefully to your problem and advise on the best solution.
If you are wanting to recover a personal debt then there is a remedy for your problem. Navigating the legal waters when recovering a personal debt is complex.
There are direct routes to recovering debt that reduce the cost to you. All actions taken should be lawful to get a positive outcome.
Instructing a Professional Debt Collection Agency
At Frontline Collections, we have over 15+ years demonstrated industry experience and have worked across a wide array of sectors.
Not only that, but we have recently been awarded “Gold Preferred Supplier” status by the Independent Schools Association, a reflection of the calibre of the debt collection solutions we provide.
We can help with recovering a personal debt where it is financially viable to do so.
This is normally for owed personal debts of £500 plus. We can also help with smaller debts dependant on the situation.
Some of the reasons to choose us to undertake recovering a personal debt are:
- 90% Recovery Rate on undisputed debts.
- Local, National and International Coverage
- No Collection – No Collection Costs to Pay!
- Localised Debt Recovery Officers to Visit Debtors
- Cost-effective, Professional and Pro-active
We are able to provide a truly nationwide service, as we have strategically located collection offices up and down the UK. If you are owed money by a customer and the debt is legally valid and collectable, we can collect it.