Dealing with debtors can be a lengthy and stressful business. This is just one good reason to consider using a professional debt recovery company who specialises in dealing with slow paying clients and clients who do not pay their debts, and who offers a "no win, no fee debt collection service". Debt collection companies have a range of services that they offer to businesses that need to trace debtors and recover money owed. You should always discuss the options carefully with your debt collection solicitor before making a decision, as there are often several solutions available to recover bad debts.
Debt collection agencies aim to collect UK debt fairly and transparently, keeping the client in touch with all developments as they proceed. One service that will be offered is no win, no fee debt collection, and the way in which this will work will depend on the type of debt to be recovered. In many cases the offer of no win, no fee debt collection is relatively uncomplicated. Debt collectors will work on many options for debt recovery before considering the final sanction of taking a debtor to court. If legal proceedings do occur, then they are very likely to have costs attached, though again it is worth discussing payment options with your debt collection solicitor.
When there is a downturn in the economy, and if consumer debt burdens are high and the cost of living is increasing, businesses often find that non payment of bills becomes more and more frequent. Where a client or customer consistently avoids setting up payment schedules, writes bad cheques, or just fails to address the debt at all, legal debt collection is an effective way forward to take the pressure off the creditor. A solution can be reached that enables the business to continue its daily operation without spending too much time and money on debt recovery.
For more information, free initial advice or a general discussion, please contact AR Legal Collections on +44 (0)20 8202 0730.