Top Expert Debt Recovery tips & advice for Businesses
Over the past couple of years, there have been many instances where both criminal or civil cases have been brought against companies for wrongful actions when trying to recover their own debts.
High Street Banks, Utility Companies, Payday loan firms and Mobile phone companies are just a few of the sectors that have seen a clampdown by authorities. that have been hit with fines or warnings over their practices. Couple this with the massive surge in consumer compensation schemes and your internal ‘debt recovery’ processes could well land you with a massive fine or at the very least see you in court.
Debt Collection Agencies and their processes are now being heavily scrutinised by the FCA (Financial Conduct Authority) and these legislative measures also cross over into the mainstream Business sector. As one of only a few Debt Collection Agencies in the UK to have been given full authorisation by the FCA, we at Federal Management are fully aware of the laws that prevail.
As a result of the aforementioned, Companies across the UK need to exercise caution in how they go about their own internal ‘Debt Recovery’ procedures or they could face serious penalties and/or actions. need to be very careful in how they go about recovering debts or they risk serious penalties from authorities.
If you are unsure if your business is seen to be acting in a compliant manner then watch our quick video providing lots of helpful tips and Debt Recovery advice for businesses in the UK.
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If you are experiencing difficulties with non paying clients or customers, please feel free to contact our friendly New Business Team who will be happy to help. Call us now on 0333 043 4420 for FREE advice and assistance.
Federal Management remain committed to helping local and National Companies recover monies owed to them in a cost effective manner.