List of Debt Recovery Companies – Who To Choose?

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List of Debt Recovery Companies – Who To Choose?

It is no secret that dealing with non-paying customers can be stressful for you and your organisation, and within the last few years, this problem has grown considerably worse.

Based on a study in which 26 million business invoices were looked at, the number of unpaid invoices is on the increase (23%) according to new data from finance experts. Research shows that 63% of small businesses are battling late payment issues.

It is extremely important to remember that you are not alone when it comes to money being owed, and there are a lot of resources out there to assist in the recovery of this.

Emotions can likely get ahead of you when having money owed, but it’s vital to remember that there are various reasons that someone may not be able to pay you on time.

When unpaid or late invoices occur, it is usually relatively easy to resolve this quickly by communicating with the client to see why they are not paying.

Making the wrong choice when it comes to your commercial, private or international debt requirements can result in many unforeseen consequences, and choosing a disreputable debt collection agency can be worse than making no choice at all.

As members of the UK Debt Collection Bureau, we have been selected as one of the UK’s leading international debt collection agencies.

Types of Debt Collection

There are three main types of debt collection requirements which are Commercial, Private and International.

FM International is primarily focused towards recovering debts overseas and for those debtors that are based in another country, however this article intends to outline the best choices for your debt collection needs regardless of the requirement.

We are dedicated to giving you the best service guarantee to ensure your debt recovery process is as hassle-free as possible.

Debt Recovery Companies

Based on the three main debt collection requirements, we have recommended an organisation for each which follow the same ethics and mission statements as ourselves.

Commercial Debt Collection

There are many reasons why unpaid invoices show up regularly in a business to business transaction, but it’s been made extremely easy for companies to not pay due to the process of “payment terms”.

Payment Terms refers to the number of days following any form of business works has been carried out in which the client must pay. This is usually outlined in a contract which is signed by the client.

When works have been carried out, difficult clients will assume they can get away with not paying as they don’t have to pay beforehand – this is NOT the case.

Our recommended Commercial Debt Collection Agency is Federal Management.

Federal Management was established in 2004 and has a proven track record of successfully recovering debts for a portfolio of clients across a range of sectors.

Some of the key benefits of using this UK No1 Commercial Debt Collection service is:

• UK’s Lowest Commission Rates From 6%
• Up to 90% Recovery Rate on Undisputed Debts
• Commercial Legal Team to deal with disputes and mediation
• No Collection means No Collection Costs to pay!
• Approved and Authorised by the FCA

Private Debt Collection

Private Debt Collection is focused more on the collections of debts for those who are self-employed or individuals working with businesses.

Whether you are owed money by an individual or have a portfolio of delinquent accounts, our recommended partner for Private Debt Collection requirements is Frontline Collections.

Frontline Collections specialise in the Collection of Private and International Debt and their practices are tailored specifically for these sectors. The service is provided in a professional, ethical and expedient manner whilst being mindful not to disrupt any existing relationships between clients.

They have strategically located offices across the UK in Manchester, London, Scotland, Cheshire and Skelmersdale to ensure a truly nationwide service.

For more information on the services that Frontline Collections offer, visit the website at www.frontline-collections.com or call the New Business Team on 0333 043 4425.

International Debt Collection

Having to deal with clients who aren’t paying for works you have completed or are late on paying their invoices can be a stressful subject. This can be made even more stressful when the debtor is located in another country.

We have worked with many clients who refer to collecting international debt as “mission impossible” due to the distance, however this is not the case.

There are various parameters which may seem worse than they are when collecting international debt such as laws and regulations, time differences and languages.

At FM International, we have extensive experience in the means of collecting money overseas and no barrier is too much for us. Our trusted team can recover debts across the globe and have knowledge of battling the various factors that could hinder an overseas debt.

The benefits of using our International Debt Collection service includes:

• Fully inclusive low-cost service
• FREE initial assessment & investigation
• Proactive and Professional approach
• High overseas debt collection success rates
• International Network of trusted agents

If it is deemed necessary by the organisation, legal action can be enforced on your behalf to ensure all is done to get your monies back into your back account as quickly as possible.

If a full collection of the debt is not possible or there is little prospect of a conclusion, we will advise. The services that we will provide aim to be as transparent as possible whilst providing peace of mind and ensuring the costs of the recovery process are kept to a minimum.

What Makes a Bad Debt Collection Agency?

There are measures to take into consideration when procuring the best agency to recover your debts, and it’s important to choose the right company as to avoid being taken advantage of by the “cowboys” of the industry.

Mostly all debt collection agencies use a best practice approach when it comes to collection money for their clients, however there are various companies that you’d best avoid.

Some of the things to look out for when it comes to “bad” debt collection agencies:

• High commission rates
• Price drip fees
• Wrong means of communications AKA using bailiffs immediately
• Charging for fees upfront

At FM International, we are committed to ensuring we provide the right service based on your specific debt requirements and aim to do so in the most cost-effective and hassle-free way possible.

All the partners that we recommend as part of our service are fully vetted, members of the Credit Services Association and will hold accreditations such as ISO9001 and Investors in People.

It’s imperative that you choose the right collection agency when recovering monies owed, as choosing the wrong company is sometimes worse than choosing no company at all.