Debt collection agencies uk
Debt collections agencies are the agencies or companies that are involved in the collection of debts that are owed by individuals or businesses. There are many types of debt collection agencies in UK that collect debts for their clients and earn good income. It is important to understand here that cash flow is the biggest factor due to which most companies and businesses fail. Debt collection agencies in UK help businesses and individuals in carrying out credit management in a sound manner.
Most of debt collection agencies offer services as agents of creditors and receive fee or percentage of debts collected as their charges. There are also many debt collection agencies that purchase debts from the creditors for a definite fraction of total value of debt and then collect full amount from the debtors by deploying various types of methods. Debt collections agencies in UK are playing a very important role as they remove outstanding balances from the accounts receivable and allow businesses in maintaining right cash flow for the expansion of business and other activities.
All debt collection agencies in UK are regulated as well as licensed by the Office of Fair Trading or OFT. This office has prescribed some guidelines regarding the ways in which debt collection agencies can operate. It also provides examples of unfair practices adopted by the debt collection agencies in UK. These represent summary and interpretation of different legal areas. All debt collection agencies in UK are required to abide by the regulations provided by OFT. Some examples of unfair practices include misrepresentation of enforcement powers, false claim of acting in the official capacity, misrepresentation of legal position etc. Debt collection agencies in UK should not be reckoned as the Bailiffs that are appointed by the court.
Various debt collection agencies in uk
One source that deserves mentioning here is Business Credit Management UK Ltd. It provides information and services pertaining to debt collection, credit industry news, credit insurance, credit industry training, credit reporting etc. It is situated at Mariners House, 24 Nelsons Gardens, Hedge End, Southampton, Hampshire, SO30 2 NE. It's phone number is 0845 226 1842. It works with most professional and reputable debt collection agencies located across United Kingdom and provide solutions to debt collection problems. Services are also offered for overseas debt collection. Services are provided on no collection no fee basis and on agreed percentage commission.
P & B Collection Services is also one of leading debt collection agencies in UK. It also offers services as Bailiff Company and as Legal Process Servers. Services are offered across the nation. It helps clients in getting control over credit for taking up expansion plans or for fulfilling routine financial requirements. This debt collection agency has been licensed by the OFT as debt collectors and thus, maintains high standard of servicing. All efforts are made for recovering the debts of clients in a quick manner. Debt collectors associated with this agency are quite professional and help clients in all their problems associated with debt collection. A person can also approach this agency for getting certified bailiff services. These services are offered under The Distress for Rent Act. It has also helped many clients in getting interest on late payments under the Late Payment of Commercial Debts (Interest) Act of 1998. This act is applicable w.e.f August 2002 and businesses can recover interest at a rate of 8% as well as compensation. A person can easily contact this agency over phone at 0113286 8380. It also helps clients in framing a proper credit policy.
Jack Russell Collection Agency is also one of leading debt collections agencies in UK. It has been offering services to businesses for more than 15 years. In past years, it has helped many businesses in collecting debts that were facing dangers like insolvencies and bankruptcies. This collection agency acts as a one stop shop for all types of credit management and debt avoidance requirements. A person can contact Jack Russell Collections Agency at 17 Albion Place, Northampton, NN1 1UD. Its contact number is 1604 634170. At present, it is fulfilling requirements of more than 8000 clients located across UK that range from commercial banks and Inland Revenue to small businesses. Debts are collected on no-collection-no-fee basis. As far as commission is concerned, it is charged at a rate from 2-20%, which depends upon the size and age of debt. Fee starts at 500 pound sterling. Debts are collected in UK as well as abroad. Since it gives advance online quotations through free consultation services, a person can easily know about the cost of debt collection. Apart from above, this agency also provides tracing services through its sister concern, Jack Russell Investigators.
Vilcol is also one of important credit management companies in UK that provide debt collection services also. Services are offered for maintaining at strong cash flow for the clients. Bad debts are also dealt in a effective manner. Broadest range of credit management and collection services is operated by this debt collection agency. Services are provided to all types of businesses irrespective of their size and type. It is important to note here that Vilcol has the distinction of becoming the first collection agency to get ISO 9002:1994 accreditation. All quality processes at this source confirm to ISO 9001-2000 standards. Efficient and effective services are offered through use of latest technology. It operates by means of debt collection agents located across the nation, who ensure client satisfaction at all costs. It also won Business Achievement Award in the year 2004 from Today Magazine. Vilcol can easily be approached at Vilcol House, 97 Ewell Road, Surbiton Surrey KT6 6AH. Its phone number is 0870 770 6643.
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