The latest Plimsoll Analysis of the Debt Collection industry, which monitors, year on year, the performance of the top 200 UK Collection Agencies warns that we “could operate in a very different market by the end of 2022. With 76 companies making a loss and another 96 taking up a strong position, the Debt Collection industry looks to be set for significant changes in the next 6 months.”

Plimsoll warns: “The companies most at risk of closure in 2022: 76 companies have made a loss this year, with 77 of those making a 2-year loss and struggling to find liquidity.”

With this in mind, how do you select the right partner to help you collect your outstanding accounts and improve your cashflow?

Get an in-depth credit report on your Debt Collection Service Provider

First and foremost, like with any suppliers you work with, you need to check that your collection partner offers financial stability and continuity of service. Credit Limits International Ltd have been rated Strong in the latest Plimsoll market survey.

Your Debt Collection Agency should preserve your client relationships

The best way to ensure that you are selecting an ethical Debt Collection Agency is to check that your debt collection agency is a member of the Credit Services Association (CSA)

The CSA is the sole professional Debt Collection Agencies Association in the UK. All its members strictly adhere to the CSA Code of Practice

Credit Limits International Ltd is a full member of the CSA.

A Debt Collection Agency that delivers the service which is right for you

When choosing a Debt Collection Agency, companies need to realise that service levels do vary from one Debt Collection Agency to another.

Depending on your requirements, you may need a Debt Collection Service Provider that is equipped with technology to handle large volume of small value consumer debts, or one that employs talented negotiators to resolve disputes on large business debts, or one that is able to collect debts anywhere in the world.

You might only be looking for a fully outsourced “order to cash” service, or for an amicable debt collection service to fit in after your in-house credit control procedure, or for a legal Debt Collection service to manage County Court proceedings, or even a specialist in cross-border litigation.

At Credit Limits International Ltd, we listen to the requirements of every new client and we offer a specific solution to match. Our Debt Collection Team  will advise you as to the best strategic approach in order to successfully collect your debts and always discuss your requirements with an open mind.

In conclusion

Credit Limits International Ltd is a one-stop-shop debt collection agency servicing clients of all shapes and sizes across all industry sectors. We are able to provide any level of service, in line with our clients’ requirements. We are Shareholders of TCM Group, probably the best debt collection network, worldwide.