Best debt collection agency/debt purchaser?

[StuckInABit]

Hi all,

I was just wondering if anyone had good experiences with collection agencies and/or debt purchasers?

FYI I'm not looking for any services (yet!) so please no PMs about what you can offer, but am interested to see who's best to go to, taking into account commission, fees and success rates.

Many thanks

 

[Lancelot]

Have you tried to send "Letters Before Action"?

They cost only around £2+VAT at Lovetts (www.lovetts.co.uk) or Thomas Higgins (www.thomashiggins.com) and they are highly effective as they are send with the solicitors letter head on them. If the debt is still unpaid, you don't need to go with them, you can go straight to the small claims court and send the customer a CCJ.

 

[termsandconditions]

There's some solid guys on this forum who can collect for you but no debt purchasers to my knowledge (they normally operate at the high volume level).

You might also consider the merits of prevention rather than cure as well as the possibility of a free collection service whichever collector you choose.

Best Regards

 

[Geoff T]

You might also consider the merits of prevention rather than cure

This is the best solution, that John mentioned... was worth both highlighting AND mentioning again!

 

[StuckInABit]

All sound advice, thank you guys.

We do have our own in-house collections team, but they can only do so much, and I just wondered if there were any success stories out there.

The majority of our debt book is more than a year old, and I thought that a debt purchaser would be more beneficial to us, rather than spending more money getting CCJ's/warrants that probably wouldn't get paid anyway.

I also agree that prevention is better than cure, but as with most businesses there are the odd few that slip the net. Usually the most expensive ones!

 

[Geoff T]

OP- options depend on the amounts owed (as to best solutions to recovery) but for stuff more than 12mths old - I'd suggest allocating a budget for the whole, then sit with someone and deciding on best use of that resource....

 

[Steve Thornbury]

Hi StuckInABit,

Happy to assist you as we alraedy work for companies with their own 'In-House' collections teams, and help the,
Steve

 

[barrycl01]

Good Afternoon Stuckinabit, Is it consumers or commercial customers that owe your company? If you would like to have a chat about your requirements please call me on 01276 858220 as having worked for Debt Collection Agenices panel management company I may be able to place you in contact with some very solid consumer agencies. If your requirement is commercial then I can offer very competitive rates.

Regards

Barry

 

[mallory]

Good Afternoon Stuckinabit, Is it consumers or commercial customers that owe your company? If you would like to have a chat about your requirements please call me on 01276 858220 as having worked for Debt Collection Agenices panel management company I may be able to place you in contact with some very solid consumer agencies. If your requirement is commercial then I can offer very competitive rates.

Regards

Barry

Hi,
i am owed over £13,000 by a man in NI and I am interested in selling the debt on after trying to get payment for a while now. He claims to have no money or assets and will contest the claim in court. Can you help

 

[exe01lb1]

Hi - I'd be interested in learning more from some collection agencies. We are a small debt purchaser and we invest from £20,000 upto £200k for portfolios. I'd be interested to learn more from both sellers of debt and collection agencies interested in supporting us for collections activities.

Thanks

 

[Geoff T]

Hi - I'd be interested in learning more from some collection agencies. We are a small debt purchaser and we invest from £20,000 upto £200k for portfolios. I'd be interested to learn more from both sellers of debt and collection agencies interested in supporting us for collections activities.

Thanks

Please drop me a PM, I'd like to know more - might have a client for you, but it depends on your criteria...

 

[barrycl01]

Good Morning, We specialise in Commercial recoveries do you aquire commercial portfolios as well. If you do then please PM me as I would be keen to have a chat to see if we can join your panel.

Regards

Barry

 

[E Storey]

A client of mine uses CPA (http://www.cpa.co.uk/services.aspx).

They charge a monthly fee and give you a set number of debts to be chased each month.

Whilst I've written some debts off after sending them, they've tended to be disputes or errors, the rest have paid up as advertised!

 

[SaraPalan]

There are thousands of companies in the US that buy debts for pennies on the dollar and attempt to recover what is owed. Collections agencies buy past-due debts from cell phone companies, credit card companies, lenders, public libraries, video stores, gyms, cable companies, medical offices, and more. Then they contact the consumer who owes the debts and negotiate to have it paid back. Collectors can find out where borrowers live and work and can contact them by phone, mail, fax, or telegram.

 

[exe01lb1]

Thank you for all the responses, all very helpful.

 

[Steve Thornbury]

Hi - I'd be interested in learning more from some collection agencies. We are a small debt purchaser and we invest from £20,000 upto £200k for portfolios. I'd be interested to learn more from both sellers of debt and collection agencies interested in supporting us for collections activities.

Thanks

PM sent to you and look forward to the reply.

 

[Jet Virtual]

You should probably try sending your own letters with warnings before you spend money on a debt collections agency. See if you get a response.

 

[imbigboned]

I know of a company that purchases unrecoverable debt up to 3 years old. They pay up to 10p in the £1.00.

They aren't interested in chasing the debt, but use it for tax relief on behalf of their clients.

I've very recently used them for a £40k debt, on a company that went into administration. They purchased the debt for £3.6k, and I got it off my books.

If anyone wants their details let me know. It's a painless procedure.

 

[barrycl01]

Hi im bigboned

Can you please give me the details on the company that you have mentioned.

Thanks

Barry

 

[imbigboned]

Hi

I'm not too sure if I am allowed to mention the company by name, so have PM'd you with their details.

 

[mcjohn]

Happy to assist you as we already work for companies with debt consolidation teams, and help and advice for consolidate debts and be get out of debt free.

 

[mcjohn]

Either you are debtor or collector, it is important for everyone to know about the OFT guidelines of debt collections. As collector, you must try to collect money through fair means. You should not use threatening letters to make debtors afraid of legal actions. As a debtor if you are facing such difficulties then note down the problem sequentially and if situation become extreme then feel free to contact OFT for recommendations.

 

[eycuyu]

Hi everyone,

I am working as a freelance IT consultant. I receive my payments through an umbrella company. The umbrella company represents me in front of my clients also they raise my invoices.

One of clients hasn't paid my last 2 invoices. I want to trigger them with a letter. I am a little bit confused. Who should send the letter? Me or my umbrella company?

Regards,
Eycu