The Benefits of Debt Collection ServicesLast modified: October 22, 2021
The Benefits of Debt Collection Services
If someone owes you or your business money, it is critical that it is recovered as quickly as possible. There are many ways to collect debts and a great number of debt advice solutions are available.
With this in mind, it can often be difficult to choose between those companies that provide debt collection services UK.
Whilst it is true that there are a great many options available, there are certain factors that you should consider. The best choice for you may depend on whether you are a private individual or acting as a business.
In many cases, a professional debt collection agency can provide the best services possible. We asked our expert debt collectors what the main benefits of professional debt collection services are.
Debt Collection Services – Choosing a Good Debt Collection Plan
Choosing to use a company that provides debt collection services is a good decision. Rather than chasing the debt yourself, the organisation you pick will ideally perform this task effectively and at a low cost.
Many businesses choose to collect a debt alone, with credit control departments chasing clients for payment. Whilst this can be effective, your staff’s time should be being spent on value-based tasks that grow your business. Instead, those providing a debt collection service will perform all phone calls and face to face meetings required.
Choosing the right agency is a big decision and one which must be made carefully. Performing a quick web search for “Debt Collection Services” will provide you with thousands of options. Knowing what to look for can save you time, money, and help you to recover your debt faster.
Many agencies will draw in clients with promises of “no win no fee” pricing models. In reality, this is often a way to lock customers into contracts.
Whilst the cost is a very important factor, it should not be the main thing to consider in your decision making. Instead, you should look for companies that are both cost effective and also regulated by an official body. An example of this would be a company regulated by the Credit Services Association (CSA).
You should also look for debt recovery companies that have a proven track record of successfully recovering debt. A good way to find information on this would be to look at review websites such as Google and Trustpilot. Also, any company that has won awards for good business practice should also factor into your decision making process.
For example, Frontline Collections has hundreds of 5-star reviews from its clients. This is in addition to awards such as the Independent Schools Association’s “Gold Preferred Supplier” status.
Debt Collection Services – Instructing a Professional Debt Collection Agency
Historically, it has been common for people that are owed money to take their case through a county court process. Whilst this has been effective, it can be very expensive, and therefore may not be an option available to everyone.
Instead, debt collection services are now more accessible to both businesses and private individuals through a recovery agency.
Frontline Collections is regarded as the UK’s leader in private debt collection. For more information on how you can recover money owed to you, speak to our friendly debt collection experts today.
Debt Collection Services – Frequently Asked Questions
What is the Cost of Using Professional Debt Collection Services?
As with any financial matter, there are many factors to take into account when looking at debt recovery. Every case of owed money is unique, and the debt collection process may be different depending on the situation. The best agencies operate on a commission basis, for example, Frontline Collections has the lowest commission rates starting from just 8%.
How Long Does it Take to Recover a Debt?
Again, this very much depends on the circumstances of the case. For example, debt owed from credit card bills outside of the UK may require one specific process. Whereas setting up a payment plan with a debt management company in England and Wales will require another.
Frontline Collections will perform a free debt appraisal when you first contact us. This assesses the debt and provides our clients with an informative estimation of the recovery outcomes.
Can Businesses Benefit from Debt Collection Services or Just Private Individuals?
Both businesses and private individuals can use the services of a professional debt collection agency. A specialist option is always better, and Frontline Collection specialises in debt solutions for businesses and private collections.
Do Agencies Provide International Debt Collection Services?
There are many specialist debt collectors that can provide international debt collection solutions. Frontline Collections offers this and has helped to recover money owed from both businesses and people overseas since 2005. We have a global network of trusted debt collection partners, enabling us to collect money from virtually anywhere in the world.
What is Considered a Good Success Rate for Debt Collection Services?
The success rate is one of the most important factors to consider when choosing debt collection services. A success rate of 90% or above is an excellent measure, and Frontline Collections achieves this for all undisputed debts.