How To Choose a Debt Recovery Agency in Birmingham

Find the Right Debt Recovery Agency in Birmingham

As Birmingham continues to dominate and grow, individuals are looking to save time and money when it comes to the problem of recovering debts. Instead of the expensive and prolonged processes of legal action, many businesses are now looking to professional debt collection agencies.

With this economic growth, there are a number of professional and licensed debt collection agencies in Birmingham. Some have achieved their reputation accountability by getting their work done quickly, professionally and by conducting themselves in an ethical manner.

When it comes to procuring a professional agency for debt collection in Birmingham, you need to be sure you are dealing with professionals. Only use a licensed, accredited and debt collection agency.

Federal Management Ltd – Midlands Office Address: Office 1, Izabella House 24-26 Regents Place, Birmingham B1 3NJ – Tel: 0333 043 4423

The Need for Business Debt Collection Agencies in Birmingham

Birmingham is not only the largest and most populous British city outside London, but also the economic powerhouse of the West Midlands. Home to the largest employment centre in Great Britain, Birmingham has experienced a remarkable increase in businesses. According to the Birmingham City Council, the total number of businesses in the city rose from 4,585 to 44,395 in 2017.

Today, Birmingham’s economy is dominated by the service sector, and economic growth accelerates each successive year. Birmingham City Council plans to make 2018 a city of inclusive growth where the opportunities and benefits of progress and investment are felt by all.

With immense growth comes a greater need for credit control measures. Not staying on top of invoices and letting them default can cause major challenges for growing businesses.

Key Features of a Reliable Debt Collection Agency in Birmingham

While it may seem like all debt recovery companies are here to help, there may be the odd company solely focusing on profits. For the legal safety of your business and the successful recovery of your debts, it’s important to carefully vet your options.

Here are some key hallmarks of a potentially good debt collection agency.

Financial Conduct Authority (FCA) Regulation

Many people have misconceptions surrounding debt collectors, but this should not be the case anymore. Modern specialised debt collection agencies in Birmingham run under the guidance of the Financial Conduct Authority (FCA). Every day, these companies are helping businesses control their credit and cash flow so they can keep trading.

While solicitors have their place, they may not be the most cost-effective option for collecting payment at the onset of a debt issue.

Plodding down the well-trodden legal route is also a time-consuming way to go about it. A reputable debt collection agency can provide support throughout any necessary legal processes.

Results Driven Approach

The effectiveness of a debt collection agency is measured by its results. Some debt collection firms work on a ‘No Collection – No Costs’ basis, but this isn’t always the best approach. Federal Management stands apart with its upfront, low-cost fixed fee structure, offering a smarter and more transparent choice for debt recovery.

Low Commission Fees

The commission fee for a debt that has been paid is usually around 10-20%, with an average of 15%. Any variation will be based on factors such as the value and age of the debt in question.

Companies like Federal Management offer industry-leading commission rates, starting from as low as 6%. This ensures you receive exceptional value without compromising on service quality. The aim is to recover your debt without leaving you further out of pocket, and low commission rates and fee structure reflect this.

Free Debt Appraisal

A reputable debt recovery agency should conduct a free appraisal of your debt before taking action. Companies like Federal Management do this to save clients time and money, as they don’t want to leave clients further out of pocket. By providing a pre-instruction assessment, we can measure the realistic prospects of a recovery. Also, we advise you on the basis of the findings.

Professional Conduct

Debt collectors should always act in a professional manner. Normal methods of contact will be via email, phone or letter. Staff should be trained to listen, find a solution or determine if the debtor has the capital to pay the remaining debt. Harassment of a consumer is against debt collection guidelines and is also ineffective. Using an unprofessional and unlicensed debt collection agency could well land you in trouble with the law.

Always make sure the agency is licensed by the Financial Conduct Authority (FCA) and is a member of the Credit Services Association (CSA). It is acceptable to ask for a copy of the agency’s licence.

Among the top-rated debt collection agencies in Birmingham is Federal Management, known for its award-winning service.

If your business is encountering cash flow issues as a result of non-paying customers, there is recourse. Debt collection agencies are becoming increasingly the most viable option for companies across the United Kingdom. From providing debt recovery services for the football industry to small businesses, we can help any type of company.

Federal Management: Award-Winning Debt Recovery Solutions

Federal Management is the UK’s most accredited debt collection agency in Birmingham. As well as being authorised by the FCA, Federal Management is the only agency to be awarded accreditation by the National Skills Academy for Financial Services. Additionally, we hold accreditations from Investors in People and the Credit Services Association.

We also hold ISO:9001 accreditation for our high level of internal performance.

Our low-cost service has been used by thousands of businesses in Birmingham. Federal Management is second to no other in terms of cost, service and professionalism.

Take action today to reclaim what you’re owed. Contact our expert team on 0333 043 4423 to discuss how we can help you recover your debts efficiently.