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I’m owed money, when do I bring in a debt collection agency?

It’s a big step, isn’t it? But if you want to recover what you are rightfully owed, it’s a step you should be prepared to take. There are several signs that suggest now might be the time to call in a debt collection agency that can deliver results through respect, understanding and experienced, expert mediation.

5 signs you need a debt collection agency

When you’re faced with clients that fail to pay, you need to start thinking about bringing in a specialist and experienced debt collection agency.

1. When your customers’ cheques have failed to clear
Clearly a bit of a giveaway that a customer may not be the most reliable in terms of paying their bills on time. Which is why it often makes sense to analyse a potential customer’s credit history and identify possible non-payers before getting involved.

2. You have unpaid bills that are older than 90 days
Again, it’s key for cash flow to identify and review slow-paying accounts as soon as possible.

3. You don’t have the staff to dedicate to debt collection
You may be a start-up or new company and need to focus on growing your business rather than spending time chasing bad debts.

4. One of your non-paying customers has gone AWOL
A bad debtor appears to have dropped off the map, not responding to emails, dodging calls, and generally ghosting you. This is when you need to talk to a debt collection agency with a first-rate, highly respected trace and investigate service.

5. More than one customer has failed to pay you
Where there’s one bad debtor, there are usually others, and it could be time to call in some professional help.

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The first name in UK debt collection

For more information about how to recover money you are rightly owed and keep your cash flowing and business growing, why not talk to the first name in UK collection? We’re happy to mediate on disputed matters to reach the right resolution or facilitate complex legal and insolvency actions to save you the headache. Moving forward, we can offer guidance to your clients, so they better understand the risks and reasons of certain actions.

Simply turn to the team who have helped many others in your position recoup what they are rightfully owed. Grow stronger with Redwood Collections.

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From one-off bad debts to ledgers that require more regular attention, we’re here for you.

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