The beginner’s guide to debt recovery
As any company owner, sole trader or legal professional knows, it’s very easy for customers and clients to get into debt, but it can be pretty difficult to then recover that money. In this blog post we introduce a few ways you can carry out the debt recovery process, and avoid any serious issues down the line.
Assess the situation
There are a few early warning signs that will indicate a customer is having financial problems. If they consistently pay you late, or fail to meet the amount specified, it’s likely that at some point they will end up amassing debt on their account. As a business, you are likely to know more about this particular client or customer than a debt recovery service, so the first thing you’ll need to do is work out exactly how you are going to approach the situation. For example, do you need a debt recovery service that will act under your company name, or with this particular client might it be better to use a collection service that appears as completely independent of you and your company?
Do your research
Before you put a debt recovery plan into action with the first collection service you see, it’s a good idea to do some research. Check their history online by reading through online appraisals, or carrying out an internet search to check they haven’t got themselves into any legal hot water previously. The last thing you want is to find yourself entangled with a collection service that doesn’t follow UK law!
Choose a company that are experts in their field
The easiest way to begin the debt recovery process is to seek out an external collections agency offering reliable services that meet your business’s particular debt collection requirements. First Capitol Collections have been specialists in debt recovery services and outsourced credit control for quite some time now. We offer assistance with everything from debt recovery and tracing, through to door step collections and process serving.
If you’d like more information about any of the services we provide, get in touch with a member of our team today.