These are tough times for UK businesses. In September 2021, the number of businesses based in England and Wales to go bust was the biggest since the start of the pandemic. According to the most recent data from the Insolvency Service, the month saw 1,446 insolvencies registered, representing a 7.2% increase on August’s number and a 55.8% rise for September 2020.

One of the factors that can contribute to insolvency is unpaid debt. Outstanding debts use up time and resources to chase, and if they remain unpaid, they can have a major impact on cash flow. Yet the rules around debt collection can make the process feel like picking your way through a minefield.

That’s why businesses in the UK are increasingly turning to Professional Business Debt Recovery services, which have the experience and expertise to recover your debt while maintaining customer and other business relationships. Here are five reasons to speak to a Business Debt Recovery service.

Debt Collection Service Get Results

As specialists in this area, professional Business Debt Recovery agencies can be fully focused on the business of national or international debt recovery every day. They will be able to employ tried and tested debt collection strategies and will be able to navigate through the complicated rules around debt recovery. Not only will you get better results, but you will also be freed up to concentrate on running your business.

Debt Collection Service and Document Management

Sometimes, when all measures to collect a debt fail, it is necessary to pursue court action. In this case, you need to ensure that all the relevant details are correctly recorded to present to the court. A legal firm could charge significant amounts of money for this service, but a professional Business Debt Recovery company will ensure that all documentation is in order.

Extra Insurance

As mentioned above, the process of recovering debt can be complicated, due to the ever-changing rules and regulations in this area. If you attempt to recover the debt yourself, you may find you fall foul of the rules on a technicality, which could enable the debtor to avoid or postpone payment. By using a Business Debt Recovery specialist, you can be assured that all actions taken to recover the debt will be in line with the law, offering you insurance against legal implications.

Get Paid Faster

A debtor, whether a customer or business client is more likely to pay their debts expediently if they are dealing with the professional Business Debt Collection Agency. These experts have the experience to deal with the situation far quicker and more effectively than if you try to chase the debt yourself, leading to faster repayments and minimal disruption to cash flow.

Flexibility

A modern Business Debt Collection Agency will take a proactive and flexible approach to secure the outstanding debt. They will work with you and adapt their approach to the particular needs of your business and the industry within which you operate, complementing your approach and using the latest and most professional methods of securing payment, without damaging customer relations.

Unpaid debt is a major drag on the effectiveness and efficiency of many UK businesses and it can have dire consequences, particularly at a time when the economy is struggling. If you are facing unpaid debts, get in touch with us and we can advise you on the fastest and most effective approach to ensure that your debts are paid.

If you want to collect debt from overseas or you have questions regarding international debt recovery, get in touch with us today. Our experts will be able to give you the advice you need and can help you to quickly and efficiently recover your debt. CLI is a member of the CSA.