If you are owed money that isn’t being repaid then you are probably wondering how you can get it back. The two main options available are debt collection agents and debt recovery solicitors. But which is best? – No doubt, solicitors are more expensive, but what are the benefits of using a Collection Agency? Join us now as we give you a rundown of the top five reasons why a Debt Collector could achieve more for you than a Solicitor.
A Debt Collector Can Activate Court Proceedings
It is a fallacy that Agents can only request that money be repaid. Agents can actually begin court proceedings against the debtor. If that debt is outside their Jurisdiction most Agents have a relationship with a quality Solicitor to file documents on their behalf. As such this save you money having to meet with the Solicitor incurring additional costs.
A Debt Collector Knows Your Legal Position Instinctively
Debt recovery Agencies often resolve disputes swiftly because in most cases they can evaluate your position straight away. This means they’re more likely to accept any case that has merit. However, Solicitors may turn a job down if it is disputed, even if the dispute is spurious.
A Debt Collector Will Always See The Bigger Picture
If you’re in business you never want to alienate your clients. Thankfully Debt Collectors are masters of the formal approach, if that is what you require, which means you can maintain good relations after a debt is settled. Solicitors, however, sometimes preclude this outcome by acting too robustly, especially if they are working for incentives.
A Debt Collector Has A Higher Duty Of Care
Debt Collectors are regulated by the Office of Fair Trading and in most instances The Institute of Mercantile Agents. This means they have a solemn duty of utmost good faith to act in your best interests.
A Debt Collector Can Help Protect You Going Forward
Debt Collection Agents can help protect your business from the legacy of outstanding debts in the future. They do this by ensuring you use the right terms and conditions as prescribed in legislation. For example, with the right wording you can also recover any third party cost of debt recovery.
There you have it. That’s our rundown of the top 5 reasons why debt recovery Agents are more useful than debt recovery Solicitors.