Call us today0800 160 1298
 
 

Advantage Litigation

Welcome to Advantage Litigation Services. We provide affordable access to commercial litigation.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Team Blogs
    Team Blogs Find your favorite team blogs here.
  • Login
    Login Login form

Dealing with Debtors – choosing a Debt Collection agency

Posted by on in Uncategorized
  • Font size: Larger Smaller
  • Hits: 186
  • Subscribe to this entry
  • Print

It’s an unfortunate fact of business life that at some point, you may need to take formal legal action to recover monies owed to you or your business. There are two main approaches to collecting such debts; direct legal action through the courts, or appointing an external debt collection agency.

The advantage with using a good debt collection agency is that as well as this being their area of expertise, it also keeps the debt problem at ‘arm’s length’ from your own business and may be the best way forward should you also want to maintain good commercial relationships with the debtor. It is important that you take time to choose your debt collection agency carefully to ensure you receive the appropriate level of service you require to solve your business debt problems.

Our top tips when choosing a debt collection agency are:

1. Are they registered? - make sure the agency you use is FCA registered. The FCA (Financial Conduct Authority) registration should give you additional protections should things not work out, and every debt collection agency must obtain permission from the FCA in order to be legally permitted to collect debt. An agencies FCA registration number should be clearly visible on its website and letterhead, but its always worth double checking this on the FCA’s website to ensure that it is genuine.

2. Get references - ask an agency to provide you with references from former or existing clients. Also find out how long they have been trading and what areas they specialise in. Any agency worth its salt should be happy to provide such information.

3. Don’t pay up front - reputable debt collection agencies will not charge you any upfront costs and will work on a contingent, "no collection-no fee" basis. Be very wary of agencies that require up-front fees unless there are clear and specific reasons why this may be required – there have been many stories where a customer has paid a large up-front fee for no good reason, only to see the debt collection process fail.

4. Read the small print - ask to see the agencies terms and conditions before you instruct them to carry out a collection on your behalf or before signing any contracts. In the terms and conditions, the rates for the services should be clearly stated and there should be no hidden charges.

Contact our Litigation Funding Solicitors UK

At Advantage Litigation we work in partnership with our clients to ensure that we understand and meet their expectations. Our team of highly experienced debt recovery solicitors understand how securing funds that are owed can detract from a business’s success. We are very familiar with the law in this area and will be able to handle every aspect of the process for you. We will also discuss the various finance options available and help you find a way of funding that best reflects your needs. Click here to contact us today or call 0800 160 1298.

Get in touch

  1. Your Name(*)
    Please let us know your name.
  2. Your Email(*)
    Please let us know your email address.
  3. Company Name(*)
    Please write a subject for your message.
  4. Your Phone Number
    Invalid Input
  5. Message(*)
    Please let us know your message.
  6. Anti-Spam, please enter the characters shown
    Anti-Spam, please enter the characters shown
    Invalid Input

Latest News

  • Before the Event Insurance – commonly shortened to “BTE”- is an insurance policy that is purchased by a business or individual that is designed to cover legal costs in the event of them needing to make a claim or should a claim be made against them. Whilst you can purchase BTE insurance as a ‘standalone’ policy, it is more commonly included with a range of business or personal insurance products. As with most types of insurance, the cover that a BTE policy provides can vary and is vital that the policy cover, and its limitations, are fully understood before buying a policy. Why should I consider BTE insurance? Legal expenses insurance such as BTE is available so that in the event you require legal advice, the legal expenses insurance will cover the cost of that advice. A solicitor or law firm should... Read More

  • In news that has pleased the stock market in London, litigation funding providers Burford Capital have recently announced that the class action claim made by its investors has been abandoned. The class action claim had originally been made via by New York based investor claims specialists Rosen Law, with the legal action alleging that Burford, one of the world’s largest litigation funders, had made false and/or misleading statements on its financial returns. Burford had strenuously denied making any such false statements and denied that their business was facing financial difficulty. Burford reported to the London Stock Exchange in early January that the US securities action filed in August last year has been withdrawn and dismissed in its entirety. Burford also confirmed that there was no further litigation pending against it at present, other than ‘ordinary course skirmishing’ within a small number... Read More

  • One of the UK’s largest class action claims has recently settled after three years of legal argument and rancour. The parties in the Bates v Post Office group litigation announced in early December that the claim has been settled, with the Post Office admitting “we got things wrong in our dealings with a number of postmasters”. A joint statement issued by both parties said that several days of ‘respectful, challenging, and ultimately successful mediation’ had successfully concluded in a ‘comprehensive resolution’ to the litigation’. The mediation was championed by Post Office CEO Nick Read, with the claim being settled for £57.75m. The statement also made clear the Post Office’s gratitude to the claimants, saying that and ‘in the past, we have fallen short and we apologise to those affected’. Commenting further on the mediated settlement, Read added: I am very pleased we... Read More