The importance of using a Professional Debt Collection Agency
Professional Debt Collection Agency
A Professional Debt Collection Agency has a very important role in the current day to day world of Business commerce in the UK. The Debt Collection Industry has boomed over the past decade, developing its own sub-sectors and specialist niches and areas of expertise.
Choosing the best Debt Collection Company for your businesses needs has never been more important with very important factors to consider.
A Professional Debt Collection Agency will effectively become an extension of your company and/or credit control department so therefore it is only natural you should be looking to procure the services of a professional collection agency with the relevant professional accreditation and authorisation.
It is of paramount importance that you choose a professional and ethical recovery agency.
Selecting an unethical and unprofessional Agency can have catastrophic effects and could well prove to be a major liability both financially and in terms of the reputation of your business.
Results driven service
Results should also be top of the agenda when it comes to sourcing a Debt Recovery solution. It is amazing how many people think ‘Debt Collection Agencies are all the same’ – Well, that is like saying all builders are the same, all architects are the same, all accountants are the same.
Quite clearly that is not the case at all and the results, or in this case, the money collected will vary massively depending on which choice you make.
The cost of recovering debt can be minimal. Once again, it comes down to making the right selection of agency at outset. A Debt Collection Agency that is simply a marketing front for a law firm will have very different strategies and pricing policies than the conventional Debt Collection Agency.
They may not be as expedient and there will be a very different ‘carrot and stick’ scenario as quite clearly they would profit from the protraction of a case.
The importance of a Professional Debt Collection Agency is something that really should not be underestimated. Choosing the right one will very much affect the trajectory of the amount of debt recovered.
The effectiveness of an efficient Debt Collection Agency and its value can be a very beneficial element of your company’s ability to maximise its profitability.
Underestimating the value of a Debt Collection Agency can be very much to your detriment both in economical and brand reputation terms.
Sourcing a proficient Debt Collection Agency that has ethics and integrity will very much become a valued partner of your business.
To discuss the benefits of using our Award-winning Debt Collection services, call our New Business Team free on 0333 043 4420 for confidential advice and assistance.
Common questions asked about Professional Debt Collection
What does Professional debt collection mean?
Professional debt collection means that a Debt Collection Agency is used to collect overdue debts or invoice payments. The Professional service will mean that all dealings and communication are dealt with in a business-like manner. They will likely be authorised and approved by the Financial Conduct Authority.
What makes a Professional Debt Collection Agency special?
A Professional debt collector will be mindful of your Company’s brand as well as their own. Their actions and demeanor will be consistent with that of a proficient and ethical company.
The agency would use its own financial and legal resources, as well as those of the debtor’s to ensure that all steps are taken in order to recover the money owed. They may also provide advice and support on how best to handle any difficulties with customers and resolve outstanding
Are Federal management a Professional Debt Collection Agency?
Yes, Federal Management are a Professional Debt Collection Agency. We are authorised and regulated by the Financial Conduct Authority and adhere to the strict requirements set out in their handbook. Our staff are trained on best practice debt collection techniques which comply with UK Law.
We use our own financial and legal resources, as well as those of the debtor’s to ensure that all steps are taken in order to recover the money owed. We provide advice and support on how best to handle any difficulties with customers and resolve outstanding issues.
We also employ legal remedies where necessary, including CCJ enforcement, charging orders or third-party debt orders. Our goal is to achieve a swift resolution for both parties, so our clients can receive the payment they are due without further delay.
Our professional approach also helps to protect our clients from any legal repercussions or potential reputational damage. We understand the importance of maintaining a good relationship between our clients and their customers, even when circumstances are challenging.
What are unprofessional debt collectors?
Unprofessional debt collection companies can often be too aggressive in their approach, using abusive language or making threats to intimidate the debtor. They may also not pay over monies recovered to their clients, in full or in part.
This type of behaviour is not only unacceptable but also illegal, and Federal Management ensures that all our staff adhere strictly to the rules and regulations set out by the Financial Conduct Authority. We work hard to ensure our clients get paid promptly, without compromising on quality of service.