Choosing a Debt Collector in London

June 23 20:36 2017 Print This Article

It should come as no surprise that debt collection agencies in London are plentiful. If you have a need to look for a debt collection agency to recover money owed to you, bear in mind it is a very different industry than the one it used to be. Gone are the days when a couple of heavies would turn up at the door and demand debt payments with some menace.

It is an industry now regulated and heavy-handed tactics will only serve to discredit the creditor and they will probably be illegal too. The first thing you need to look for in a debt collection agency is trustworthiness. A reputable agency will have past testimonials from clients who can be contacted.

The process of collecting debt is not simply about obtaining cash and giving back to the creditor; there are a number of phases and procedures the agency has to go through to complete the debt collection.

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An agency that simply sends out letters and hopes that will be enough, may not be what you are looking for. Sometimes debt collection requires proactive procedures. One that offers payment options, delivers these payment plans in person and helps to collect the monthly or weekly payments is a good sign of a reputable agency.

Customisable plans, generated by the debt collection London agency, are an excellent and dynamic way of retrieving funds. The agency should be able to share this information with you, rather than hear them simply say, “we’ll get the job done”, followed by a sinister nod and a wink.

The agency must be professional and ethical too. Aggressive or illegal techniques are outlawed across the United Kingdom and your agency should be able to fill you in with regular updates about how the debt recovery process in going. If it encounters problems, it should inform you right away. A good agency will also have a plan of action to adapt to difficult debtors who won’t or can’t pay.

A lot of consideration must go into the size of a debt. Debt collection agencies can vary in size from a one-man band to a large firm with many employees. A debt collection agency in London must be fully licensed, and this certification will be readily available to you upon request.

Moreover, a debt collection agency in London should have experience, responsibility and a high degree of professionalism.

 

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