Debt Collectors UK – Money Owed In London

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Debt Collectors UK – Money Owed In London

A large percentage of businesses in Scotland, England and Wales will experience the owing of money at one point.

This is true for people based in London due to the population and the large amount of business that occurs there.

Business debt recovery in the UK can be a stressful subject for anyone who is owed money.

A key element of keeping a business afloat is steady cash flow, which is something that debts can have an impact on.

Knowing how to successfully recover any amount of debt is a common challenge that many faces.

Due to the anxiety that such a situation can cause, this leads creditors to abandon the debt.

This is commonly due to the perception that debt recovery can be a time consuming and expensive task.

Whilst some debt collection services/methods can be costly, there are lots of beneficial ones available.

You should never have to spend a lot of money to recover what is already owed to you or your business.

Our experts have put together this guide with information on the best debt collection processes.

Debt Collection Process For Small Businesses & Individuals

Sadly, the owing of debts is something that cannot be easily avoided or stopped. This is especially true if your debtor never had intentions of paying in the first place.

Many businesses or individuals may set up payment terms, which states that money must be paid back within 30 days of invoice.

These tactics are used by most business credit control teams to ensure payment is made on time.

Whilst these precautions can be put in place prior to any goods being provided, some debtors may still slip through the cracks.

If this happens, don’t worry as there is a list of debt recovery processes that can be used to collect money.

Sometimes, simply making phone calls or sending letters/emails to the debtor can prompt payment.

If and when this fails to produce any form of payment from the debtor, many small business owners resort to stronger methods.

Examples of this are resorting to legal action or taking the person that owes money to the court.

This can be done by the person who is owed money or by a Solicitor on behalf of said person.

If legal action is done by an individual, they may do this by sending a Letter Before Action or a County Court Judgement.

Both of these documents are known to assist in the recovery of money due to their importance.

Solicitors have been used for hundreds of years and are notorious for providing good success rates.

Although this is true, this method is extremely expensive and could end up costing more than the debt is worth.

Some Solicitors can charge up to £200 per hour for their services, which is expensive given the circumstances.

The most affordable and hassle-free way to recover money that is owed to you is by using a professional debt collection agency.

Debt Collection Agency Costs – Choosing The Best Agencies

Using a debt collection agency is by far the most cost effective way to recover any money that is owed.

Although there is a perception that debt collection agency costs are high, this is incorrect.

At Debt Collection London, we provide the easiest way for our clients to find the best agencies in the city.

Since 2006, we have collated a list of the most efficient debt collection agencies in London.

Our partners ensure to provide the most compliant and professional service to ensure no relationships are damaged.

The recovery of debt should not have to be a stressful exercise and this is where our expert team comes in.

Debt Collection London’s Recommended Agencies

If you are owed money by a business client, you will need a commercial debt collection agency.

Our recommended debt recovery service for debts of this nature is Federal Management.

Since 2004, they have developed a high calibre portfolio of clients resulting from their expert business debt collection services.

They are also authorised and regulated by the Financial Conduct Authority (FCA) to recover debts under the Consumer Credit Act.

If you are owed money by a private individual, we recommend using Frontline Collections.

They are the UK’s leading private debt collection agency, having recovered debts since 2005.

As part of the specialist service they provide, they can also carry out international debt collection.

For clients that have debtors based overseas, this is an impressive service to provide.

Debt Collection London – Frequently Asked Questions