Debt Collection Companies in the UK
Debt Collection Companies in the UK are usually Agencies who specialise in the collection of debts on behalf of a creditor who has not been paid for a variety of reasons. There are many different types of Debt Collection Agencies in the United Kingdom, each with their own levels of service and resources.
Some Debt Collection Companies are very small and quite often will be one man bands with limited resources. At the other end of the spectrum, some debt collection companies are very large and will operate call centres to deal with large volumes of blue chip debts. The Larger ones are normally administration based operations exercising third party intervention.
Every Debt Collection Agency in the UK has its own modus operandi and every debt collection organisation will have its own areas of specialism. There are also a small number of Companies who provide overseas and International Debt Collection services.
The three main types of Debt Collection in the UK fall into three main categories. These three sectors are Commercial, Consumer and Private Debt Collection and they largely represent the face of modern day debt collection activities. Again, there are niche sectors within the 3 main categories such a specialist debt collection for small businesses etc
The process of Debt Collection usually works in one of two ways:
- The Creditor still owns the Debt and is using a Third party Debt Collection Agency to recover payment on their behalf. In return, the Debt Collection Agency will likely receive a small administration fee and a percentage of what is recovered.
- The original Creditor assigns or sells the debt to a Debt Collection Company. This is normally within the blue chip sector and the customer/debtor will have agreed to it within the provisions of any agreements they have signed.
Debt Collection Companies will have varying degrees of power to collect debts and some will be able to instigate Legal Action and enforce it on behalf of their clients.
The governing body for consumer debt in the UK is the Financial Conduct Authority and the only major Trade Association for Debt Collection Agencies is the Credit Services Association. The CSA helps to ensure that Professional standards in the UK are constantly increasing year by year.
If you are considering using a Professional Debt Collection Company for the collection of Private or Commercial Debts then Frontline Collections have been trusted by thousands of companies and individuals in the UK for the collection of unpaid debts.
We have a wide varying expertise when it comes to all things Debt Collection and cater for most sectors requiring Private Debt Collection such as:
- Unpaid Dental Fees
- Unpaid Vet Fees
- Debt Collection for Small Businesses
- Unpaid Fees for Nurseries and Private Schools
- Freelancer that has not been paid
- Personal Loans
If you are seeking a Professional Debt Collection Agency in the UK that provides the best in Fully comprehensive Private Debt Collection services then give us a call today for a confidential chat on how Frontline Collections can help you or your Business.