What Are the Benefits of a Debt Collection Agency?
31st March 2023
What are the benefits of a debt collection agency? That is one of the main questions people ask when someone owes them money and are looking for help.
If delinquent debts owed by individuals are dragging you down, we recommend that you attempt to collect this as quickly as possible.
The best way to successfully coerce debtors to pay is by using a debt collection agency such as DCBL. We are specialists in recovering debts for individuals and businesses across the UK.
Continue reading this article which outlines the benefits of using a debt collection agency to recover your unpaid debts.
What Are the Benefits of a Debt Collection Agency? – Contents
- Benefits of using a Debt Collection Agency
As an individual, it is important to collect payments if someone is in debt to you. Debts that you ignore can hurt your finances, and you may end up in debt yourself.
Similarly, it is important for businesses to keep operating to collect timely payments for services and products. This ensures cash flow is not impacted and business operations can run smoothly.
It is no secret that chasing debts by yourself can be a lengthy process. This can also impact your business due to numerous phone calls and emails to debtors chasing the payment.
Lengthy collection processes have the ability to eat into time which could be spent on projects which will develop the company and bring in more cash flow.
There are many advantages to using debt collection agencies, and in many cases, this can increase the chances of you reclaiming your money.
As the UK’s leading debt collection agency, DCBL has compiled a list of the key benefits of using a debt collection agency.
Benefits of using a Debt Collection Agency
1. Industry expertise
One of the most beneficial reasons to use a debt collection agency to collect debts is that they are specialists.
As an industry expert, DCBL has been recovering debts for over 20 years whilst maintaining a 98% retention rate.
They are aware of all of the do’s and don’ts when it comes to recovering debts. This will result in a larger success rate when it comes to collection.
Agencies with training in debt recovery and the industry knowledge to back it up are your best shot at getting the money back.
2. Get paid quickly
Another benefit of hiring a debt collection agency is that, in most situations, the debtor will pay faster than simply asking them yourself.
When a debt collection agency contacts the debtor, it shows them you are serious about collecting the money they owe. After all, why would you contact a debt collection agency in the first place if you weren’t serious?
You may waste hours of your time trying to chase a debtor by yourself, which is why people pay faster when you choose a recovery agency.
As a business owner, getting paid quickly is at the top of your agenda, increasing your odds of collecting debts.
3. Ethical and Effective
Unbeknownst to some, there are actually many laws that govern the debt collection industry.
As a result of working in the industry, debt collection agencies will know how to properly abide by these laws while ensuring a successful debt recovery.
These laws ensure that debt collectors do not negatively affect a debtor and provide legal protection against an agency collecting unpaid debts on your behalf.
Whilst there are legal risks involved with recovering debts, this is one of the benefits of choosing an agency to recover money on your behalf.
4. Protects relationships
It can be unfortunate when the person or business that owes you money is classified as a friend or acquaintance. The last thing you would want is for your relationship to turn sour due to the owed money.
A specialist agency can conduct the debt collection process compliant and ethically, ensuring no damage to your relationship.
Contacting the debtor professionally yet calmly is one of how they will achieve this. After all, someone who owes you money KNOWS they owe the money and should be willing to pay this without hostility.
To get a free debt recovery quote, click here.