When Is The Right Time To Reach Out To A Debt Collection Agency?

When Is The Right Time To Reach Out To A Debt Collection Agency? | My Debt Recovery

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​​In English law, the limitation period for debt is six years. This means that if a customer owes you money and they do not pay up within this time limit, there are very few options available to you to recover the money owed to you. A more sensible option is to call in the experts – debt collection agencies while you still have the option to chase overdue invoices, late payments and debt owed to you. 

Debt collection agencies have specialist knowledge and experience in recovering overdue payments. They can help you to get the money that is owed to you, without the hassle and expense of taking legal action.

There are a number of occasions where using a debt collection agency is the most sensible option for your business:

– Chasing overdue payments from difficult customers

– When the debt is owed by a company rather than an individual

– The amount owed is large or there are several debts outstanding

– When you have already tried to recover the debt yourself but been unsuccessful

– You’re spending more time chasing what’s owed rather than working on your business 

– When late payments are causing your business serious short-term or long-term cash flow issues

Here at My Debt Recovery, we are known for our professional approach to recovering monies owed to our clients. When we take on any work, we will always aim to recover your monies by negotiating with the debtor.

The benefits of working with My Debt Recovery

> You don’t need to worry about the legal aspect – we are experienced in this and will take care of all the paperwork for you.

> We offer a range of different debt collection services including our “no collection, no fee service”. This means that if you don’t get paid, neither do we. So there’s no harm in discovering if your case is worth pursuing with us.

> We work with businesses of all types and sizes, from start-ups through to large corporate companies who operate in a multitude of different industries. Our specialist team are able to adapt to the needs of each client and are skilled in the art of negotiation. 

> We pride ourselves on our professionalism and how we handle our cases. Where possible, we will always attempt to resolve cases through negotiation. However, should you need to pursue the legal option, we can help.

How Can You Assess My Debt Cases?

Naturally, each debt must be evaluated on its own. But keep in mind that the more time you wait to contact a debt collection agency before contacting them; the less likely it is that you will recover your cash – so don’t hesitate any longer. The right time to reach out to a debt collection agency is dependent on your circumstances. However, if it is impacting your cash flow or taking time away from growing your business. Consider the benefits and reach out to a debt collection agency.

To help you understand the debt recovery process, we have put together a typical process we would follow. This isn’t a one size fits all; so we will always personalise our approach based on you, your debtor and the type of debt.

Please contact our staff if any of these situations seem familiar and you’d want to talk about your debt collection needs and options.

You can also keep up to date with our latest news and insights on our LinkedIn page.

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