How Can a Money Recovery Agency Boost Your Debt Collections?
1st September 2023
Chasing debt can be a particularly tricky situation if not handled correctly. Thankfully, this is where a money recovery agency such as DCBL can help you recover bad debt.
Getting paid on time, especially with personal debts, can be extremely important. When the owed money is not paid, your cash flow may suffer as a result.
There will be times when individuals and businesses find themselves entangled in disputes involving outstanding debts and unrecovered funds.
These situations can be both distressing and complex, often requiring specialised intervention to resolve.
The pursuit of recovering these funds can often be time-consuming, energy-draining, and detract from your core activities
As such, Commercial debt and personal debt collection agencies are widely used for collecting debts as they boast impressive success rates.
DCBL are the leading heavyweight from the long list of UK debt collection agencies, specialising in effective debt recovery solutions.
We have successfully collected millions of pounds worth of UK debt for our clients for over 20 years.
In this article, we explain the importance of using a money recovery agency such as DCBL to recover money owed to you.
Understanding Money Recovery Agencies
Money Recovery Agencies play a pivotal role in collecting the debt owed and restoring financial stability from unpaid invoices and overdue payments. This type of business can also be known as a debt collection agency or a debt collector.
These agencies serve as intermediaries between the creditor and the debtor, working to negotiate, mediate, and legally recover the outstanding amount.
For many years, using a debt collection agency in the UK has become a successful way of getting the debtor to pay the debt. The collection process can sometimes be tiresome, which makes these agencies a great alternative.
Their primary objective is to facilitate a fair resolution for both parties involved while adhering to legal guidelines and ethical practices.
DCBL’s recovery practices are ethical yet effective, focusing on client satisfaction and excelled recovery rates.
The Process a Money Recovery Agency Will Take
In an urgent act to try and find a recovery solution, many people will resort to issuing legal proceedings or court action as a first step.
Whilst the money recovery process may seem long and drawn out, this is not the case when using specialists such as Direct Collection Bailiffs Ltd.
The journey towards recovering unpaid debts involves several distinct steps. Understanding these steps at the onset will allow you to see what you are getting into before instructing a money recovery agency.
Assessment of the Debt Owed:
When you contact a money recovery agency, they start by assessing the debt that is owed to outline the chances of a successful recovery.
Some debts, depending on size and circumstances, may be more difficult to recover than others.
All relevant information is gathered, including the debt amount, the debtor’s contact details, and any supporting documentation.
From here, they will outline the debt collection process and should your debtor be avoiding you, they can offer debtor tracing as part of their service.
Communication With the Debtor:
Once the debt recovery process has been established with you, your agency will contact the debtor. This is usually through the process of sending a letter to the debtor.
This stage aims to inform the debtor about the outstanding debt and explore potential reasons for non-payment.
Negotiating Payment of the Debt:
Late payment may have resulted from financial difficulties, or the debtor may have simply forgotten about the payment. A reminder from a professional is usually enough to produce payment of commercial debts and personal debts.
If direct communication does not yield these results, negotiation comes into play. Trained professionals engage in discussions with the debtor, aiming to find a settlement that both parties can agree upon.
Successful Money Recovery:
In most scenarios, the debt will be successfully recovered following the diligent process performed by the agency.
DCBL are proud of our debt recovery rates and, as a result, has created an impressive client retention rate.
Introducing DCBL: Your Money Recovery Agency
Now you know what a money recovery agency is and the process they carry out, it’s time to choose an agency.
Despite there being a large list to choose from, DCBL can provide you with one solution: debt recovery made simple.
The “one solution” we mention refers to the partnering of DCBL and our sister company, DCB Legal, to ensure clients do not have to look elsewhere.
For example, if you instruct us for private or business debt recovery and the debtor refuses to pay, we can commence legal proceedings.
If you were to choose an alternative agency, you would have to look elsewhere for legal debt recovery actions.
Our high court enforcement specialists can assist you if you have a county court judgment ccj that needs enforcing or if you need us for commercial rent arrears recovery. We provide many services to our clients, further highlighting the “one solution”.
With years of proven experience and commitment to excellence, we offer a tailored solution designed to optimize your cash flow.
Preservation of Relationships:
We strive to maintain amicable relationships between creditors and debtors. By employing tactful negotiation and mediation, they reduce the chances of relationships turning adversarial.
Expertise Across Industries:
Our Money Recovery Agency boasts an impressive track record across diverse sectors. Whether you’re in retail, services, healthcare, or any other industry, our adaptable strategies cater to your unique needs.