Debt collection agencies are experts in understanding the law relating to debt and in applying it correctly. The OFT has laid down rules relating to debt collection and debt collection specialists will make sure those rules are followed.
If you choose the right debt collection company your business will run much more effectively particularly if you have an ongoing relationship with the agency and don’t just use them for debt collection, as most agencies can also help you to prevent debt occurring in the future.
Debt Collection Agencies can help with Commercial Debt Collection, Consumer Debt Recovery, Tracing & Investigation, Legal Recovery, Insolvency management, Asset Searching.
By using Trusted Collections you will receive advice and quotations from Debt Collection Agencies that match your requirements and profile.
Debt Recovery
Debt Recovery is easier if you already have a judgment in your favour, some companies will offer to collect the moneys owing under that judgment on a 'No Collection No Fee’ basis. Tracing and investigation is sometimes important in debt recovery because it basically means searching for debtors who have gone missing. Some debt recovery companies will offer an advanced skip tracing service. Skip tracing is an industry term known for the searching of missing persons. In relation to debt recovery, the need to trace debtors who have ‘skipped’ arises on a regular basis. Some debt recovery companies advanced skip trace is a thorough and in depth investigation performed by highly skilled and experienced team of locators utilising every avenue, lead and database available within the law. Searches for Companies/businesses, directors are quite common within debt recovery. Company/Business Name/Director/ Property searches can be used to ascertain crucial debtor information needed to recover a debt. Information that can be gathered from these searches include corporate history, director details, registered addresses, information regarding debtor assets and more. Credit reports can also be a good way to assess the debtor, debt recovery companies can provide you with a credit report on any customers or potential customers to help you adequately and accurately assess the risks involved in dealing with that customer. Credit reporting can also be conducted on debtors and used as valuable tool to ascertain crucial information for the purpose of debt recovery. Some debt recovery companies credit report will compile information regarding litigation and adverse listing history (such as judgments or default listings against the entity or director), corporate structure, relevant charge details, asset ownership and more. This report will give an overall risk score and recommendation. Within debt recovery filed calls can prove very effective, most debt recovery companies can draw from their established network of licensed agents to conduct debt related field calls, which are an effective tool for debt recovery.