Following much economic uncertainty in the UK following the ‘Brexit referendum’, the country’s Debt Collection Agencies are playing a important role in ensuring the economy remains stable. The current daily world of Business commerce in the UK has changed since the referendum and cash flow is more important than ever to its SME’s.
Late Payment is a major problem for British companies with 40% of companies stating they have received a late payment in the past month according to an article in the Industry news website, UK Debt Collection News.
The UK’s Debt Collection Industry has boomed over the past decade, developing its own sub sectors and specialist niches and areas of expertise and this has helped support the flourishing of the economy as a whole.
Debt Collection Agencies effectively become an extension of a company’s credit control process and companies are always advised to procure the services of a professional collection agency with the relevant professional accreditations and licences. It also has to be said that it is of paramount importance that companies are using a professional and ethical Business Debt Collection 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 a business.
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 construction companies are the same, all teachers are the same, all doctors 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 dependant on which choice is made.
The cost of recovering UK debt can be minimal. Quite simply, it comes down to making the right selection of Debt Collection Agency to use at outset. A Debt Collecting company that is a veneer for a law firm will have very different strategies and pricing policies than the conventional Debt Collection Agency.
Under estimating the value and effectiveness of a Professional Debt Collection Agency can be very much to a company’s detriment. Sourcing a proficient Debt Collection Agency that has ethics and integrity will very much become a valued partner of any business.
The UK’s Debt Collection Agency is very much broken down into 3 sections. There is Commercial Debt Collection for Business to Business transactions. The Consumer sector which is more for credit cards and utilities and then there is the Private sector.
The highly reputable and Award winning Federal Management are seen to be the UK’s leading Commercial Debt Collection Agency offering a professional and inclusive solution.
There are a number of companies that operate ‘call centre’ debt collection services for the blue chip sector whilst Frontline Collections are heavily revered for their pioneering work in the Private Debt Collection sector, recovering millions of pounds every year.
The Financial Conduct Authority are largely responsible for regulating the work of most Debt Collection firms in the UK whilst the major trade Association is the Credit Services Association.
David Smith is a contributor to the UK Debt Collection News website, the UK Debt Collection industry’s only dedicated news portal. David has a vast wealth of expertise within the Debt Collection industry specialising in all aspects of modern day debt collection in the United Kingdom and is well versed on International Debt Collection affairs also. He is a well respected advocate on all debt collection matters.
Company Name: UKDC News
Contact Person: Mr David Smith
Country: United Kingdom