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Using Debt collectors

  • Thread starter Thread starter We Do PPI Claims
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We Do PPI Claims

I am just wondering does anyone on here use debt collectors to chase up outstanding invoices?

If so what are they charges like? are you happy with the service provided?

Would you reccomend them?
 
Although I have never had to use a debt collection agency myself I have worked within credit control since the late 1990's and I have seen pretty much everything. I would use a debt collection agency as a last resort myself and only with a customer I no longer trade with as they can be quite aggressive as the majority trade on a no collection no fee basis.

Charges can vary depending upon several factors the main ones being the number of clients you are putting their way, the size of the debt or the age of the debt and the nature of the client. But you can look to pay upwards of 8% for business to business debt and more for personal debt as this is usually harder to collect.

If you would like any further information please contact me and I will be happy to go through this in more detail for you.
 
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I agree using a Debt Collector is the end of the road for your relationship with your Client. There are other options available that will enable you to get your invoice paid and retain your Client which I'm sure you'll agree is a better option. I would be happy to talk to you further if you would like more information
 
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We Do PPI Claims said:
I am just wondering does anyone on here use debt collectors to chase up outstanding invoices?

If so what are they charges like? are you happy with the service provided?

Would you reccomend them?
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There is a good few on hear.

http://www.ukbusinessforums.co.uk/forums/member.php?u=48756

http://www.ukbusinessforums.co.uk/forums/member.php?u=17567

I believe the 2 above are good people to know. If your looking for one, make sure you check them out fully and never pay any fees up front. Read the contact fully then read it again to make sure there are no hidden clauses or fees etc.

There are plenty of companies around its hard to find a good/effective dc company.

Regards
Daniel
 
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There are plenty of companies around its hard to find a good/effective dc company.
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Maybe those debts which no-one has so far managed to collect themselves is the hard part of the equation, debt collectors have no real powers, just powers of persuasion.

Have a realistic view of what can be achieved, if it was that easy surely everyone would have collected these debts themselves?
 
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MH1 said:
Maybe those debts which no-one has so far managed to collect themselves is the hard part of the equation, debt collectors have no real powers, just powers of persuasion.

Have a realistic view of what can be achieved, if it was that easy surely everyone would have collected these debts themselves?
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A debt collector needs no powers to achive payment. When a debt collector becomes involved in a process it may be becuase the relationship between the both the creditor and the debtor has broken down to which a debt collector can work with them both to collect the debt.
 
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Have a realistic view of what can be achieved, if it was that easy surely everyone would have collected these debts themselves?

It's all about doing what your good at! If it's hard work, difficult, emotional or taking too much of your time, money and effort why not out source it? I bet you would do the same if your PC was playing up!
 
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My comments were in reply to an earlier point, as someone who works in debt collection myself I am fully aware of the reasons to employ an agency, the benefits and the pitfalls.

The point I was trying to make it is not as simple as stating there are plenty of debt agencies, but many ineffectual ones. The type of debt, age of debt, the debtor themselves as well as the companies issuing the invoices themselves all play a part in the overall success rate.

I've lost count of the number of times a company cannot even provide a signature on a contract, or an order form duly signed. It is hard to get a debt settled without the most basic of information available.
 
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Yes they are quite good because not only they get your money back but they also pass their costs to your client, meaning no extra cost to you

We Do PPI Claims said:
I am just wondering does anyone on here use debt collectors to chase up outstanding invoices?

If so what are they charges like? are you happy with the service provided?

Would you reccomend them?
Click to expand...
 
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It will be true that Many business owners do not think they need a collection agency to get their money for them.
 
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