How Do I Recover Unpaid Consultancy Fees?
How Do I Recover Unpaid Consultancy Fees?
The consulting industry in the UK is worth around £12.5 billion and contributes a large amount of money to the economy. So much so, in 2020, the industry grew by 2.5% in spite of the Covid-19 pandemic.
In a time when many businesses faced closure due to financial challenges, consultancy firms flourished.
Small businesses and freelancers rule the industry, with job roles such as:
- IT consultants
- Medical consultants
- Sales consultants
- HR consultants
- Management consultants
- Legal consultants
It is no secret that each one of these relies on customers paying on time in order to continue as a business. The non-payment of consultancy fees results in cash flow being jeopardised.
Do you provide consultancy services to businesses and individuals? Are your customers refusing to pay for the services you deliver? If so, then you need to know how to recover unpaid consultancy fees.
Consultancies help firms become more efficient, increasing growth and reducing costs by changing how the business operates.
Why should your business be instructed to help a customer grow their business, only to then not be paid for this in return?
Unpaid consulting fees are something that many businesses and freelancers within the industry experience on a daily basis.
Frontline Collections have a demonstrated history of experience providing debt collection for unpaid consultancy fees.
The Process of Recovering Unpaid Consulting Fees
If you have customers that fail to pay your invoices on time, you will need to know the process to correct this.
Whilst it is not uncommon for customers to pay after 30 or 60 days of the invoice date, there are many that will take advantage of this. The customers that have no intention of paying you will make every excuse under the sun to get out of this.
No matter how strong your relationship is with them, leniency should be avoided during the recovery process.
For example, if the only plausible way of getting paid is to take stricter action, you should do it.
Sadly, many business owners share the view that debt recovery is a time-consuming and often resource wasting task.
Collecting unpaid fees should not have to feel like a chore, especially when there are many options available.
You may think about taking legal action or going through the small claims court, however, there is a better solution.
Instructing a debt collection agency is the best way to recover unpaid consultancy fees from a customer.
What are the Benefits of Debt Collection for Consultancy Fees
In recent years, the use of debt collection agencies has become widely known as the best option to recover money that is owed.
Frontline Collections, for example, are the UK’s leading private debt collection agency and have operated since 2005.
Our specialists have produced a list of the key benefits of using us to recover your outstanding consulting fees.
For business owners, price is one of the most important parts of any debt collection process.
We believe that those who are owed money should not have to spend a lot to recover this. As such, we provide our clients with a low-cost service, allowing as many people to benefit from this as possible.
Frontline Collections’ cost-effective solution is achieved by providing commission rates at an industry-low of 8%.
The small cost of our services should not be confused with how effective our outcomes are.
Since 2005, clients requiring consultancy fees recovery have enjoyed an average recovery rate of 90% and above.
The high calibre of our success rates has gained us the reputation of being the UK’s leading debt collectors.
Demonstrated Experience in Debt Recovery
When searching for a debt collection agency, it can be a challenge to find one that has both demonstrated experience and expertise in this field.
Frontline Collections have a long history of proven knowledge and skills required to successfully undertake debt recovery.
We are experts in the industry and can give you the correct debt and legal advice related to your case.
If you are owed money by a customer for consultancy fees, contact our expert debt collectors today.
How to Recover Unpaid Consultancy Fees – FAQ
I have not been paid consultancy fees, what should I do?
When consultancy fees are unpaid, this can cause a lot of stress for your business. It is important that you stay calm, as there are many options available.
How do I recover unpaid consulting fees?
The best way to recover any unpaid consultancy fees is to contact a professional debt collection agency, such as Frontline Collections.
What information do you need to provide to a debt collection agency?
If you are going to instruct a debt collection agency, you will need to provide all relevant documentation. This can include statements, invoices, contracts, emails etc.
What are the success rates of using a debt collection agency?
Frontline Collections provide the most successful solution for recovering money owed to consultancy firms. Our debt collection success rate is an average of 90% and above.
How long will it take to recover a debt from a customer?
The time it takes to recover unpaid consultants fees depends on the circumstances of the debt. Frontline Collections recover debts for our clients as quickly and efficiently as possible.