London Businesses are turning to Debt Collection Agencies to help boost their financial fortunes. Coronavirus hit many London companies in terms of their cash flow. Unfortunately, this has had a knock-on effect and payments chains have slowed. A recent survey estimated that half of all SME’s (Small and medium enterprises) have unpaid invoices owing to them.
Once upon a time, expensive solicitors and the protractive legal route were the only viable option. Those days are well and truly gone much to the glee of millions of Business owners. This is due to the emergence of highly Professional Debt Collection Agencies.
Should I use a Debt Collection Agency?
The key benefits of working with a Professional Debt Collection Agency in London can vary. The industry is governed largely by the Financial Conduct Authority. It is worth noting that whilst the Financial Conduct Authority administers legislation in respect of personal debt collection, it does not cover all aspects.
The leading Debt Collection Agencies offer very digestible solutions to unpaid invoices and overdue accounts.
A Professional Debt Recovery service will save you time, money and massively reduce stress. Being owed money in whatever guise can create unwarranted duress for the creditor. The feeling of being disrespected and duped can badly affect a person’s psyche.
When choosing a debt collection agency in London, it is worth doing due diligence. You should only ever consider partnering a Professional Company that holds the appropriate licences and authorisations.
Comparing Debt Collection Agencies
There are different types of Debt Collection Agencies in London that offer specialist niche services. The most common are Personal Debt Collection services and Commercial Debt Collection Agencies.
International Debt Collection has grown massively over the years due to the increase in global trade networks.
The most important factors when comparing debt collection services should be the reputation of the company. This should be closely followed by depth of service, the cost and the expected results. When it comes to those key indicators, apply due diligence.
Understand what each company is offering. Is their service comprehensive? Or will there be costs to pay for each stage? Also, what commission will they charge you upon recovered funds.
Notable Debt Collection Agencies in London
For Private and Personal Debt Collection, Frontline Collections are the stand out name. For nearly 20 years they have helped Businesses and Individuals recover monies owed to them. They are highly revered and have a fantastic reputation.
They provide a professional straight forward solution to collecting unpaid debts. A quick search of Frontline Collections reviews tells potential clients that their reputation is second to none.
Possibly their biggest accreditation is the fact that they are the Independent Schools Associations Gold Approved supplier for Private Schools Debt Collection. They also are recommended by respective industry authorities such as the Dentistry.co.uk and Days Nurseries.
For Commercial Debt Collection, Federal Management hold rank as the UK’s best Debt Collection Agency. They were formed in 2004 and have represented some of the UK’s most prestigious organisations collecting millions in the process. From Mayfair Casinos to Premiership Football clubs, this is the go-to standard for Professional Debt Collection in the UK.
Despite boasting a high-level portfolio of past clients, they open their books for Businesses of all sizes. From Sole traders and Small Businesses to PLC’s and large group, Federal Management come highly recommended from all quarters.
As well as Commercial Debt Collection, they also specialise in cross jurisdictional debt recovery. Federal Management’s International Debt Collection services are regularly used by exporters in the UK. One of the key benefits of Federal Management’s services is their transparent low fixed cost policy. They also provide a free consultation for every enquiry which gives peace of mind.
