Hiring a Debt Collection Agency in the UK

If you are a Business or Creditor with a Debt in the UK then it can be of real use to consider hiring a debt collection agency in the UK. There comes a time for most importers into the UK where an account does not get paid or an invoice is not discharged so action needs to be taken, protecting your financial interests should come at a minimal cost.

It is essential you take action if you are owed money and the options to do this in the UK satisfy the requirements of many businesses in South Africa. A Professional Debt Collection solution can recover your dues whilst keeping things lawful and in good standing.

A professional and accredited debt collection agency will have a good reputation and be mindful of your reputation also. They will adapt their strategies to mirror what is required. You have to compare apples with apples and remember that not all debt collection agencies operate the same way.

What different types of Debt Collection Agencies are there?

There are a few different categories for debt collection agencies in the UK. Primarily these usually fall into three categories. Consumer, Private and Commercial.

Consumer Debt Collection tends to be focused on large volume debts that are used by mass consumers. Examples of this would be credit cards, telecoms, and utilities.

Quite often these debts might have been purchased from the original creditor. The consumer debt collection agencies involved in these operate call centers across the globe and have no interest in maintaining customer relationships.

Their sole focus is to collect as much as they can and are hoping that the law of averages makes their enterprise profitable.

More interesting is the Private Debt Collection sector. These can be small or medium-sized debt collection companies where the focus is to help people and small businesses collect what is owed to them. The UK’s best Private Debt Collectors are Frontline Collections who collect millions every year in unpaid private debts.

Commercial Debt Collection is as described. It covers Business to Business transactions that have gone unpaid. Federal Management is regarded as the leading debt collection company that delivers this service in the UK.

Tips for choosing a Debt Collection Agency

You will need to identify which sector your debt falls under. For example, If you have a large portfolio of consumer accounts then you will need a call center type debt collection service.

Always check out the credentials of any UK Debt Collection Agency you are considering. The debt collection industry is heavily regulated in the United Kingdom. This includes England, Scotland, Wales and Northern Ireland.

You will need to ensure they are appropriately licensed and ideally have accreditations.

The cost of using the service should also be clear. The Premium Debt Collection solutions may charge a small placement or instruction fee then a small commission from collected monies.

Research any company that you are considering using and ensure they have a healthy trading history. You can also view online reviews of the debt collection company to help with your search.

Harper Harrison

Harper Harrison is a reporter for The Hear UP. Harper got an internship at the NPR and worked as a reporter and producer. harper has also worked as a reporter for the Medium. Harper covers health and science for The Hear UP.