The Benefits Of Using A Private Debt Collection AgencyLast modified: November 20, 2023
The Benefits Of Using A Private Debt Collection Agency
Are you facing difficult customers, friends or relatives that owed you money and have shown no payment forthcoming?
Being owed money is one of life’s most frustrating scenarios and when faced with such situations, it may be difficult to know which option to take to get that money back to you.
If you find yourself with people who are not paying for work you have carried out, you are not alone in this. Recent research has shown that there has been a 23% increase in individuals not being paid over the last year.
This is, unfortunately, a very common problem for self-employed, freelance or independent professionals and can extremely affect the cash flow of the organisation, which in the current economic climate is very problematic.
Taking the RIGHT steps to get the money that you are owed back is imperative, as making the wrong decisions or choosing the wrong approach can be worse than leaving the debt.
There are certain approaches to debt collection that are still commonly used, which are not recommended by ourselves when compared to a dedicated solution. This includes using traditional methods such as solicitors or trying to recover amounts of money independently.
Solicitors are notoriously very expensive, don’t communicate well with their clients and take a long time to produce any form of result.
When it comes to recovering debts independently, there are several disadvantages to this such as:
- There are no guarantees that you will get your money back
- If you are a business, you could waste a lot of time and resources that could be spent doing value-based tasks
The process of recovering debts independently each include steps and approaches which a professional Private Debt Collection Agency will carry out. Instructing an agency is the best course of action for when you are owed money, and it is important to know why.
Our team of experts have put together this article to outline the core benefits of using a Private Debt Collection Agency as your primary source for debt collection.
What Are The Benefits Of Using A Private Debt Collection Agency?
Procuring the services of a compliant, experienced and highly professional Private Debt Collection Agency is the only way you should get your debts recovered, and there are a plethora of benefits to using an approach like this.
When using a Private Debt Collection Agency, it is the speciality of the organisation to collect money from those who have not paid their suppliers.
At Frontline Collections, we have over 15+ years of demonstrated industry experience, and we have over 100+ years of combined knowledge and skills.
Our expert and specialist staff have experienced every possible scenario and have the resources to deal with all situations in a professional and diligent manner.
Allows You To Grow Your Business
One of the major benefits of using a Private Debt Collection Agency is that it allows you to continue to focus on growing your business.
Passing all details of the debt in question over to the experts means you can carry out value-based tasks, such as bringing in new business, whilst knowing your debt is being looked after elsewhere.
Growing your business and cash flow is one of the most important attributes when it comes to sustaining an organisation and is especially vital when you are a private individual working for themselves.
High Recovery Rates
As mentioned above, there are no guarantees that a successful recovery will be made if you recover a debt independently.
Recovery rates from a Private Debt Collection Agency such as ourselves are far superior, and we have the industries best recovery rate at 90%.
Alongside our high recovery rate, the speed in which we can recover debts is extremely quick and in some instances, we have recovered debts for our clients within 48 hours.
When owed money it is only normal to want the money back as soon as possible, so a high recovery rate is without a doubt one of the large benefits of using a Private Debt Collection Agency.
Low Commission Rates
Using the services of a Private Debt Collection Agency is by far the most cost-effective solution when it comes to recovering money and costs a fraction of the price of using traditional methods such as solicitors.
Frontline Collections work off a “No Collection = No Collection Costs To Pay” policy, which essentially means the client will not pay anything in the unlikely event there is not a successful collection.
As well as this, Frontline Collections provide a free debt assessment to every customer, regardless of whether they are a business or private individual. This analysis assesses the viability of recovering a debt, and we only take on debts which can be recovered.
Solutions provided by a specialist Private Debt Collection Agency are specifically geared to operate in a pro-active, efficient and cost-effective manner to ensure the maximisation of results and the minimisation of costs.
Customer Relationships Stay Intact
When it comes to recovering money from a customer, ensuring a professional manner is imperative to keeping the relationship between parties the same.
When using the services of a Private Debt Collection Agency, a prioritisation is that relationships between the client and customer are not jeopardised.
This will allow for future working opportunities which are especially important for self-employed or freelance professionals.
How To Get Your Private Debt Recovered – Frontline Collections
Now that you have been educated on the benefits of using a Private Debt Collection Agency to undertake the recovery of your money owed, it is time to put the knowledge to use and get in contact with our New Business department.
At Frontline Collections, we have all the tools, assets, industry experience and knowledge available to ensure the maximisation of recovery at a cost that is effective to you.
There are many reasons why we have been rated the UK’s number one for Private Debt Collection including:
- 90% Recovery Rate on Undisputed Debts.
- We Operate the UK’s Lowest Commission Rates Which Start from As Little As 8%.
- 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.
- Strategically Located Collections Offices to Provide A Truly Nationwide Service.
Frontline Collections are the solution for whatever problem you may be facing. We deliver a Low-Cost Debt Collection service that is used by thousands of companies & individuals across the UK.
Did you know? We were recently awarded the “Gold Preferred Supplier” title by the Independent Schools Association, showcasing the calibre of the solution that we provide.
Since 2005, Frontline Collections have been recovering debts on behalf of private schools. With this in mind, if you are responsible for finances within a school, you can be assured that we have a wealth of experience in recovering unpaid school fees.
Contact our expert team today as to not prolong the recovery of money owed to you.