Debt Collection Reading
Situated in the South East of England in Berkshire, Reading is a historic market town with a population of over 342,000. It is located between London and Swindon, and is often referred to as the ‘Commercial Capital of the Thames Valley’.
It has been estimated that Reading produces an average contribution of £70,900 per person to the economy. Not only this, it is ranked as the UK’s top area for economic success and well-being, according to factors such as employment, health, income and skills.
Every year, it also hosts the Reading Festival, which is one of England’s biggest music festivals, further contributing to the economy.
At Debt Collection London, we have provided a dedicated and localised Debt Collection Agency referral service to businesses and private individuals in Reading alike. We are able to carry out our world-class service due to the short journey down the M4 from our head offices in London.
As a result of the large population within Reading, this will contribute to the large possibility of debts to arise for both businesses and private individuals. The larger the population of both people and businesses, the greater the chances for problem debtors to end up owing money.
Below is a list of some of the different types of debtors that could owe you money in Reading:
- Commercial Businesses
- An Employer Who Has Underpaid You
- Someone From Another Country
- Private Individuals
- Partners or Family Members
- Friends
- Absconded Tenants
- Customers
Looking For Help With Debt Collection Reading? Get In Contact With Our Experts Now!
Our recommended team of Debt Collection Experts are happy to help with your enquiries.
This high number of potential debtors may seem intimidating; however, it is important to know what to do when the time comes that one of these owes you money.
If you prolong the recovery of money that is owed to you, this can cause difficulties to your business and cash flow. Cash flow is one of the most important factors when it comes to sustaining a business.
In a recent report by “Bacs Payment Schemes Limited”, it was discovered that around 34% of all UK SME business owners have to rely on overdrafts to help meet monthly obligations. This was a direct result of late payments.
Whether you are suffering from a Commercial, Private or International Debt, our nationwide referral service has been used to support local businesses and private individuals in Reading.
Over our long history, we have put together a large list of compliant and trusted Debt Collection partners, to ensure we provide our clients with the most efficient and effective service possible.
In this article, our expert team of Debt Collection referrers have put together advice on the various types of Debt Collection and the recommended agencies to use.
Debt Collector Reading – Who Should You Choose?
If you are based in Reading and are left in a situation where you are owed money by any of the aforementioned debtors, it is important to remember that you are never alone.
A large percentage of the UK’s businesses and private individuals will be owed some form of debt at some point in their history. It is important to know which agency to choose for the recovery of your debt, as there are three different types of debt, including Commercial, Private and International.
Commercial Debt Collection
It is an eventuality that a business will experience clients not paying their invoices on time, or owing money for services or goods that have been provided. Most accounts teams will have heard the same excuses, such as wrong details on the invoices or financial difficulties meaning they can’t pay.
In recent financial reports, it has been estimated that around 54% of actively trading Businesses in the UK are facing large amounts of unpaid invoices.
Our recommended partner for all Business and Commercial Debt Collection needs is Federal Management, whose team has over 100+ Years combined experience collecting debts.
Over their long history, they have operated across a wide range of sectors, providing the UK’s No1 Commercial Debt Collection service. These sectors have included Government Agencies, Wholesalers, Manufacturing, Media & Marketing Organisations and many more.
They also offer the following, as part of their award-winning service:
- UK’s Lowest Commission Rates From 6%
- Up to 90% Recovery Rate on Undisputed Debts
- No Collection = No Collection Costs to Pay
- Over 15 years of industry expertise in most business sectors
- Authorised by the Financial Conduct Authority (FCA)
- Pragmatic, Pro-active and Professional
Private Debt Collection
If you are hit with customers that are not paying, as a freelancer or self-employed worker, this can make things extremely difficult for what is already a challenging subject. When you are owed money, it is essential that you know how to act as to not prolong the forthcoming payment of the debt.
Choosing the wrong route when it comes to the recovery of unpaid debts can be detrimental to your cash flow. It has been reported by The Federation of Small Businesses that around 50,000 small businesses have to close every year in the UK as a result of unpaid debts.
This is a disappointing discovery, and should show you how dangerous even one debt can be to the sustainability of your business’s finances.
The partner that we recommend for Private Debt Collection is Frontline Collections.
Since 2005, their team of industry-leading experts have collected personal and private debts across a wide range of sectors. This grand portfolio includes sectors such as, but not limited to, Veterinary Practices, Dental Practices, Nurseries and Independent Schools.
As part of Frontline Collections’ No1 service, they also offer:
- High Collection Rates and Low Commission Rates
- On Average 90% Recovery Rate on Undisputed Debts
- Over 15+ Years Industry Expertise Across Most Private Sectors
- Members Of The Credit Services Association
- Gold Preferred Suppliers With The Independent Schools Association
International Debt Collection
Due to the extremely large number of businesses that operate out of Reading, there is no doubt that a large majority of these will work with international companies. This will consecutively present the need for businesses to instruct the service of an International Debt Collection Agency.
Our recommended International Debt Collection Agency is Frontline Collections, who provide the best solution for collecting debts across the globe.
The team at Frontline Collections have global offices tailored to the requirements of each country, ensuring nothing hinders the collection process.
As part of their world-wide service, they offer:
- Fully inclusive low-cost service
- FREE initial assessment & investigation
- Proactive and Professional approach
- High Overseas Debt Collection Success Rates
- International Network of Trusted Agents
When collecting debts abroad, this can be an extremely timely, frustrating and costly exercise. At Frontline Collections, they ensure to carry out the most efficient, cost-effective and hassle-free solution possible.
Debt Collection Reading – What Should You Do Now?
At Debt Collection London, we are dedicated to providing the best referral service for businesses and private individuals in Reading.
We ensure to only recommend partners that share the same practices and ethics as ourselves.
If you have a Commercial, Private or International Debt that needs recovering, do not hesitate to get in contact with our team today!
Contact us on: enquiries@debt-collection-london.com or 0333 043 4417.
Looking For Help With Debt Collection Reading? Get In Contact With Our Experts Now!
Our recommended team of Debt Collection Experts are happy to help with your enquiries.
Sources:
https://livingreading.co.uk/reading-retains-status-as-leading-uk-economy
ukdcnews.co.uk/economy/unpaid-invoices-affecting-54-of-uk-businesses/