The Best UK Debt Collection Agencies

The Best UK Debt Collection Agencies

In the United Kingdom, there are around 5.98 million businesses from all sectors that operate there.

As well as this, there are around 66.6 billion people that live across the country.

These are both extremely large numbers which means the UK has one of the fifth-largest national economies in the world.

Despite the attractive number, this means there is more chance for financial problems to occur for businesses and self-employed individuals.

In a recent article by HR news, it was reported that UK SME’s are currently owed around 61 billion pounds in late payments which is a 20% increase from last year.

This is a devastating number, especially as businesses will rely on getting paid to sustain themselves.

Being owed money is an issue that thousands face on a day to day basis in the United Kingdom and has unfortunately shown no signs of stopping.

Here are some of the most common reasons why outstanding debts occur:

  • The client has simply forgotten to pay.
  • Financial issues have put your payment on the back of the list.
  • The accounts team are out of the office.
  • The invoice was wrong and needs to be updated before payment.

Some of these may seem like legitimate reasons why someone may not be able to pay you.

Debts can accumulate from commercial rent arrears that have built up over time to a self-employed individual not being paid.

Problem debtors may try every excuse under the sun to avoid paying you, and when this happens you must take immediate action.

Prolonging the collection process of debt will only leave your finances affected for longer.

If you are wondering who the best UK debt collection agencies are, we have put together this guide for you.

The Best UK Debt Collection Agencies

Got Any Questions? Get In Touch Now

Our team of Debt Collection Experts are happy to help with your enquiries.

How To Avoid Needing The Best UK Debt Collection Agencies

There are measures that businesses can implement to negate these types of situations happening in the first place.

For self-employed individuals, and those who are owed money by friends or family, this can be harder to prevent.

This is due to the lack of paperwork that is involved, as you would not usually lend a friend money and then ask them to sign a contract.

For businesses, however, there are ways to prevent any unpaid invoices from even before goods or services are provided.

An example of this is by creating a payment terms procedure for all works that are to be carried out.

This will indicate how much the client has to pay, when it should be paid and any other caveats relating to price.

Both parties (business and client) should sign this documentation to prove that there has been an agreement made.

This means that if an invoice date is due and there has been no payment made, the company has a contract that says the client will pay.

Internal credit control teams will ensure that these procedures are maintained and will follow up any payments that are overdue.

If you work within a Credit Control Team, it is important that you keep all communications with the debtor as professional as possible.

Provoking a debtor may make them less likely to pay, so all phone calls must be calm and polite.

The best uk debt collection agencies

Who Are The Best UK Debt Collection Agencies?

Businesses should view collecting unpaid invoices as important as data protection or paying their employees wages.

Many may try various methods such as collecting the debt independently or taking the debtor to a county court.

Whilst these methods may have positive outcomes, there is only one true option for debt recovery.

This is done by using professional debt collection companies that specialise in collecting all types of debts.

There are many debt collection agencies in the UK, and we only recommend the ones that are the most trustworthy and reliable.

If you need debt collection services for any amount of money that is owed to you, you will benefit from using us.

Commercial Debt Collection – Federal Management

Businesses will encounter clients not paying them on a daily basis which can cause a very real issue for any organisations cash flow.

A dedicated solution is needed to ensure that the sustainability of a business is not jeopardised.

Federal Management is the UK’s leading debt collection agency for all business to business debts.

Since 2004, they have assisted thousands of businesses to recover money that is owed to them.

There are a plethora of reasons to use Federal Management, including:

  • UK’s lowest commission rates from as little as 6%.
  • Up to 90% recovery rate on all undisputed debts.
  • Affordable and hassle-free debt collection service.
  • No collection = no collection costs to pay policy.

Unlike with collecting a debt by yourself, they will take exclusive care in making sure that no business relationships are tarnished.

This is achieved by using only the most professional tactics to collect the money that debtors owe.

Personal and International Debt Collection – Frontline Collections

Debts have a greater impact on smaller businesses and self-employed individuals due to the lack of resources these have.

If someone who is self-employed is owed money by their customers, who is going to recover the money for them?

The solution to this problem is by using Frontline Collections to carry out private debt collection.

Not only do they collect debts on behalf of individuals in the UK, but also offer an international debt collection service.

Across their long history, they have collected debts from across the globe on behalf of schools, nurseries, dental practices, veterinary clinics and many more.

The calibre of service that is provided by Frontline Collections is demonstrated through its many accreditations and awards.

The Best UK Debt Collection Agencies

Got Any Questions? Get In Touch Now

Our team of Debt Collection Experts are happy to help with your enquiries.

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