What Is the Debt Collection Process? | I Am Owed Money
14th March 2023
Do you have outstanding amounts of money or invoices yet to be paid? This may leave you wondering what the most effective debt collection process is.
A build-up of unpaid debts can be costly to you, your business and its finances. This makes collecting any debts as soon as possible vital to avoid cash flow implications.
DCBL are the UK’s leading Debt Collection Agency and offers a one-solution collection process.
From initial instruction to the successful recovery of your debt, our debt collection process is unrivalled.
We successfully recover tens of millions of pounds each year whilst maintaining a 98% client retention rate.
If you want answers to “what is the debt collection process?”, continue reading our helpful guide.
Instructing DCBL – Debt Collection Process
When you contact DCBL, we will ask for all details relevant to the debt. This can include how much is owed, who owes the money, evidence etc.
After the details relating to the money owed are provided, we will assess the chances of recovery.
For example, we would never continue with recovery if we believe this will cost more than the debt is worth.
If we believe your debt is enforceable, an account manager will be assigned and start the debt collection process.
DCBL Letter to the Debtor
We begin our debt collection process by sending a debt recovery letter to the debtor stating what they owe. As a result of our unique brand awareness, our letters produce a 25% higher collection rate than our competitors.
If you don’t know the debtor’s address, we utilise our advanced debtor tracing software to locate them. We will then send a letter to the debtor once we establish a reliable whereabouts.
Sometimes, the letter alone is enough to make the debtor pay. Any DCBL letters will allow them to pay before matters escalate further.
Face to Face Debt Collection Visits
If the debtor ignores letters, the next stage in our debt collection process is to visit them face-to-face.
Our highly-trained agents will visit the person that owes money to get them to pay the debt.
They have the skills and experience to ensure any visits are conducted professionally while protecting your reputation.
Nobody wants a knock at the door from a debt collector, which usually is enough to get them to pay.
In some cases, further enforcement may be needed to gain a successful result for you. Thanks to the unique group structure, our sister company DCB Legal can assist should the recovery process escalate.
Contact DCBL today!
What can you do if someone owes you money, and what is the debt collection process? Speaking to a debt collection agency is the only answer to this.
DCBL are expert within the debt recovery industry, providing a trusted one-solution service to our clients.
Need help and advice on how to recover money and what the process is? Contact our specialist new business team today!