Commercial Debt Recovery Agency
How To Recover Business Debts?
When a business debt/obligation goes unpaid it adds pressure to any company. The impacts on cash flow and profit from outstanding commercial or business debts can be huge. Business Debt Collection Agencies provide a stress-free, hands-off solution to debt recovery. With trained experts able to trace, communicate and retrieve funds from debtors they can be an excellent addition to your credit control process.
By using DebtRecoveryQuotes.com we can introduce you to a variety of commercial debt recovery teams matched based on the information you choose to share. These teams can share insights on your rights and the debtors. You can then compare the options available to you and begin to settle outstanding invoices, loans or commercial rent.
Commercial Debt Recovery
Cashflow bottlenecks can often be traced back to unpaid invoices or outstanding loans. Commercial debt recovery or business debt collection is the process of settling outstanding debts using a 3rd party debt collection agency. Outsourcing this process is a great way to save time and avoid the costs of litigation.
This process may be new to you and the debt collection process can seem daunting but this is a well established and regulated industry. NFB reports that nearly £30 billion is owed to tradesmen from outstanding invoices! In June alone over 2000 small businesses engaged a debt collection agency to pursue debtors and receive funds.
Commercial Debt Recovery Process
Once your client or debtor has ignored the invoice payment reminders and lapsed/breached the payment terms a collection agency should be engaged. This is typically between 30 and 90 days of the terms agreed.
This service is in place to help you recover business debts while avoiding costly litigation and legal fees. Approaching a commercial debt collection agency is free and we can introduce you to the right team based on your requirements.
The 3 typical outcomes from engaging and authorising a debt collection service to operate on your behalf are:
The debtor settles all outstanding debts.
The debtor requests a payment plan.
The debtor is subject to the legal process
We can introduce you to commercial debt collection agencies across the UK or specialist local debt collectors in:
There are a number of ways to work with a collection agency but the 2 most popular are:
Selling A Commercial Debt To A Collection Agency
This process of debt collection is dependent on your business requirements and cash flow. If this debt is critical to the operating of your business this may be the best choice. Simply - it offers an immediate injection of cash. The agency will take responsibility for the debt and proceed in chasing it. They will typically pay you a % of the outstanding debt upfront.
Approve A Debt Collection Agency On Your behalf
This process of business debt collection is the most widely used. Once you have compared quotes from a number of agencies and decided on one to represent you they will begin tracing your commercial debtor. From here they will have a set process of communication with the debtor that is discussed with you in advance.
Ensure you have an open and detailed discussion with your enforcement agency around your business needs, and of course, compare the best commercial debt collection agencies in the UK. You may also consider personal debt collection services too.
