When you are seeking a debt collection solution it is essential that you apply due diligence.
There are over 400 Debt Collection Agencies in the UK so it pays to be diligent when seeking a debt recovery solution. You will find that only a small percentage are actually suitable to assist you or your business with the collection of a debt.
The priority should be results! Results matter and it is common sense to understand that not all Business Debt Collection Agencies will achieve the same results. Failure to adhere to this principal could cost you thousands in debts that are not collected as a result of the half hearted efforts of the Debt Collection Agency in question.
Many Debt Collection Agencies have certain niches or specific types of debt they will recover. For example, if you have a Rental Arrears debt but approach a debt collection agency that specialises in recovering utilities and credit card debts, they will not be able to assist you.
Debt Collection comes under different guises and it is important to know who your dealing with. ‘Illegal’ debt collectors still operate in certain parts of the UK, using threats, violence and intimidation as their means to collect debts. Not only is this illegal but can put the instructing person at risk of prosecution and retaliation from the debtor. A licensed registered debt collector is the only option if you want to stay the right side of the law.
Proving the pedigree and professionalism of a firm of Debt Collectors is quite easy. You should check the company have the relevant licences and are ethical in their approach. More often than not they will be a Limited Company and you will want to ensure they have at least 5 years trading under their belt to prevent yourself becoming part of elaborate fraud. Choosing the wrong Debt Collection Agency can be a very costly mistake to make.
Here at Federal Management, we are a fantastic example of a highly professional debt collection firm. We are approved and regulated by the Financial Conduct Authority and have company accreditation’s by way of ISO9001 and Investors in People. As a certifiable debt collection company we are also part of the Credit Services Association. Choose the professionals used by the professionals, choose Federal Management.