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Using A Debt Recovery Agency – Nottingham

It is a fact that businesses and individuals will experience a financial issue at one point or another.

For example, this can include missed credit card payments, unexpected expenses, lack of savings etc.

Financial issues are unfortunately something that cannot be easily avoided or prevented.

One of the most common problems in Nottingham related to finances is the owing of money.

Some of the most frequent ways of this happening are:

• Clients that refuse to pay invoice payment dates on time or at all.
• Customers that have received goods or services and will not pay for the work.
• Individuals, such as friends or family members, that borrow money and do not pay back what is owed.
• Tenants that have not paid rent and then exited the property with outstanding fees.

These are only a few examples out of a large list of ways that money can be owed by someone.

This issue is relentless in nature and is sadly something that has shown no signs of stopping.

Unpaid debts can damage the cash flow of an organisation, which could affect its longevity.

If you or your business are owed money by a debtor, you need to recover this as quickly as possible.

Many perceive this to be a challenging and time-consuming task to complete. In reality, it is a case of having the right expertise required to perform the debt collection process correctly.

Luckily for those affected, unpaid invoices and fees can be recovered in many different ways. Our experts have put together this guide to outline the best debt collection services available.

Debt Recovery Agency UK – What Methods Are Available?

It is common for businesses to have a credit control team whose specific job is to chase up late payments.

Small businesses may not have the internal resources available so will have to act as their own collection agent.

Whilst it is normal to do this, recovering debts independently is known to take a long time and success rates are relatively low.

If you or your business find that you need a more effective solution, there are options available.

Commonly, the next appropriate step is to threaten legal action if the money is not paid back.

The threat of legal action alone is sometimes enough to prompt payment, as this can affect a debtor’s credit report.

Alternatively, a law firm offers a range of legal services that can be used to achieve a successful recovery.

This method has historically been known to provide good results, but this does come at a price.

Solicitors can sometimes charge up to £200 per hour on top of any outstanding court fees that are to be paid.

Spending a lot of money on recovery services is the opposite of proactive. More money will be lost if the recovery of the debt becomes unsuccessful.

The most effective and affordable solution to recovering money is to use a debt recovery agency.

Choosing A Debt Recovery Agency In Nottingham

There is a large list of debt collection agencies in the UK and it can be a challenge to choose the best one.

A big percentage of these will offer a nationwide service, however, it is beneficial to choose a local agency.

At Debt Collection Nottingham, we provide the easiest way for our clients to find an agency that suits their requirements.

Since 2006, we have collected a list of the best private and commercial debt recovery agencies in Nottingham.

Our list of partners contains award-winning agencies that are experts in recovering amounts of money.

No matter whether you have a debt owed by a business or an individual, we can refer you to the right debt recovery agency for you.

Our Debt Recovery Agency Recommendations In Nottingham

If you are owed money by a business, you will need a commercial debt recovery agency.

Our recommendation for the recovery of business debts is Federal Management.

Since 2004, they have collected millions of pounds worth of debts yearly for their clients.

They are regulated and authorised by the Financial Conduct Authority (FCA) to recover debts under the Consumer Credit Act.

For the recovery of debts owed by an individual, we recommend using Frontline Collections.

Operating since 2005, Frontline Collections is the UK’s leading private debt recovery agency.

Thousands of individuals in Nottingham use them every year to recover all types of personal debts.

They also provide international debt recovery agency services to those that have debtors based overseas.

Debt Collection Nottingham – Frequently Asked Questions