The Leading Debt Collection Companies in the UK

Share this post!

The Leading Debt Collection Companies in the UK

The subject of unpaid debt is one that almost everyone can encounter in their lives.

If you are a private individual, a friend or family member may owe you from when you loaned them money.

Companies are also affected by commercial debt in many ways.

Non-paying customers and clients are a near-constant headache for business owners across the UK.

As well as this, anyone can be affected by someone in another country owing them money.

Regardless of the type of debt, people need a solution.

Specialist debt collection agencies provide this.

They can enforce the collection of debt as part of an effective and low-cost service.

Best4DebtCollections provides the leading comparison service…

…for finding debt collection companies in the UK!

Our service is completely free and open to anyone, regardless of whether you are a business or an individual.

Debt Collection Companies UK

There are many different types of debt collection agencies in the UK.

No two agencies are the same, and knowing who to choose from can be an important decision.

Debt collection companies differ from other methods of recovering owed money in several key ways.

For instance, cost – both in money and time.

When someone owes you money, the first thing many people do is to attempt recovery of the debt alone.

People view this as the cheapest option, but it can be the most costly in both time and money.

Having the skills, patience and resources necessary to enforce a debt is essential.

Without them, the collections process can be difficult.

Usually, people who attempt to collect the debt alone end up reaching out to an agency at a later date anyway.

Debt collection solicitors are also an option, but they are usually a very expensive method.

A solicitor will charge a lot of money for the time they spend on your case, with some needing £200 an hour.

As you can imagine, the cost of this mounts up, and the cost of recovery can soon outweigh the value of the debt itself.

Debt collection companies will charge a small amount to recover the debt as possible.

Compared to the other options, it is a far most cost-effective choice.

Debt Collection Companies – What to Look Out For

As with any service-based business, when you are searching for one to use you must do research.

Many qualities make up good debt collection companies.

Thanks to our wealth of experience, we can help you to understand what they are.

You can break the qualities of good debt collection companies down into the following points.

Expertise and Effectiveness

You need to know if the debt collection companies you are looking at can recover your money.

Many debt collection agencies post an ‘average recovery rate’ on their websites or marketing materials.

This rate can give you a good sign of how effective their services are.

For instance, an average recovery rate of 90% or more means that the agency in question is effective.

As well as this, you should spend time looking through client reviews on websites such as Google Maps or Trustpilot.

If there are a high number of positive reviews explaining how good the agency’s services are…

…then it is more likely that they are worth considering.

Professionalism

No two debt collection companies are alike, and as such professionalism plays a key part in the decision making process.

It is important to look at how each debt collection agency operates, and its processes.

Many low-quality debt collection companies fit the stereotype of a debt collector.

They do this by using threatening, abusive or intimidating tactics to enforce recovery.

Debt collection companies will act as an extension of your businesses, and any improper action they take may reflect on you.

With this in mind, you must make sure that you choose an agency that provides a professional service.

Once again, review websites can provide a ‘window into the business’.

Reading genuine client experiences and case studies will help you to understand if the company provides the best service.

When choosing from debt collection companies, you want the best agency for the task at hand.

Accreditations and Regulators

Knowing that you are dealing with the best debt collection companies is crucial.

As mentioned, many low-quality debt collection agencies will not hesitate to use underhanded tactics to enforce a debt.

This can cause more problems for those who instruct them, with police or court action sometimes being required.

With this in mind, it is important not to fall into any traps when searching for debt collection companies.

All good debt collectors are those that hold accreditations and awards.

Examples of this could include being a member of the UK Debt Collection Bureau…

…or winning an industry award, such as the ‘Gold Preferred Supplier’ award from the Independent Schools Association (ISA).

The Financial Conduct Authority (FCA) also regulate one of the leading debt collection companies in the UK, Federal Management.

With these accreditations and regulators, you can have peace of mind that your case is being handled by the best specialists possible.

Types of Debt Collection Companies

There are four main debt collection agency types.

These are:

• Commercial debt collection companies
• Private debt collection companies
• International debt collection companies
• Low-value debt collection companies

There are many different debt collection agencies available to choose from for each type of debt.

Finding the best agencies can be a very time-consuming task, and choosing a ‘bad’ agency can result in more problems than being owed money.

Best4DebtCollection provides the UK’s longest-running and best rate debt collection comparison service.

By completing the easy to use web-form on our website…

…our debt collection experts will be able to provide you with the best offers from leading agencies in your area.

With this, you will be able to make the best decision and begin the steps to recovering your money.

Our service is 100% free and open to anyone, regardless of whether you are a business or a private individual.

For help choosing the best debt collection companies for you, complete our web form now.