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What happens when an agency can't collect a debt?
In many cases, putting your debt in the hands of a professional debt collection agency will pay dividends, ensuring you achieve settlement of the debt promptly. However, even the most experienced and well-respected agencies sometimes encounter situations where the debtor fails to respond and it's necessary to take things to…
VIEWHow does the cost of living crisis impact debt collection?
From energy and fuel to groceries and broadband, costs are on the up. It's hard to think of a sector of the economy that hasn't been affected. And that means pressure on the spending power of people across the UK. However, it's not just consumers who are feeling the squeeze. The…
VIEWHow do you chase a debtor when they have no current address?
When a debtor fails to pay you on time, it can be worrying and frustrating. However, if your correspondence is returned, the phone number you have on file has been disconnected or emails bounce back, that's the time when alarm bells really start ringing. Millions of people and businesses relocate every…
VIEWWhat makes business to business debt collection different?
However careful you are about checks and controls, trading with other businesses on a credit basis relies on goodwill and always carries a certain amount of risk. So, what if the worst happens and one of your customers defaults on a debt? The good news is that there are several…
VIEWWill chasing a debt affect my reputation?
In today's world, maintaining a good reputation is vital to the success of your business. Word can spread on social media at lightning speed and your brand integrity can be trashed before you've had a chance to exercise your right to respond. That means it's more important than ever to protect…
VIEWHow debt default can impact an individual's credit score copy
Here's the scenario: you've supplied goods or services to an individual on credit terms. Despite a string of reminder letters and phone calls, you're struggling to get paid the money you're owed. Therefore, you enlist the help of a professional debt collection agency, who then contact the debtor directly to…
VIEWWhat is the smallest debt a collection agency can chase?
In some cases, you may decide it's simply not financially viable to pursue a low-balance debt, particularly as many debt collection agencies will charge a set handling fee for debts under a certain amount. However, in other cases it can be a matter of principle rather than straightforward economics.The key…
VIEWWhat if a debt is overdue and I don't have a written contract?
Obviously, it's not an ideal situation. However, the simple fact that the customer didn't sign anything isn't a valid excuse for them not to pay up.What's the legal situation?While a signed contract is the most robust form of agreement, other types of agreements can also hold legal weight:Written Agreement: Communication…
VIEWWhat can I do if a retention isn't paid?
How does retention work? A retention payment is an amount of money due to a sub-contractor (usually between 1.5% and 5% of the total bill) that's held back until a job is complete. It acts as a kind of security deposit, ensuring that the project works will be fully completed, and…
VIEWAs an energy supplier, what can we do about overdue customer debts?
The current energy crisis is not just a worrying time for those faced with rapidly rising bills. It's also a challenge for energy suppliers, who inevitably will be dealing with a large number of individuals and businesses at risk of defaulting on their bill payments. With the whole country under pressure…
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