Commercial Debt Collection & Business Debt Recovery Agency

Winners of – 

Best Commercial Debt Collection Agency 2024

SME Client Service Excellence Award 2024

Corporate Debt Recovery are your Award-Winning trusted partner for fast and effective Business debt collection solutions, rated “Excellent” on Trust Pilot, we put our customers at the centre of everything we do. We offer a full range of debt collection services to help businesses recover unpaid debts and improve credit control.

As a debt recovery agency, we believe if a debt is owed it should be paid in full with no exceptions or excuses.

Our expertise in understanding debtor behaviour and achieving results, with over 15 years’ experience in the industry. You can trust us to manage your debts. The debt recovery process is complex and has many stages, we deal with it all professionally and efficiently to get your outstanding debts managed.

Contact us today to explore the full range of services we offer and how we can specifically assist you.

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Business Debt in the UK

7.4 billion is owed to small businesses in the UK due to unpaid invoices. Only 1% of these businesses have never had an issue with late payments. Businesses spend 2 days a week chasing late payments which can have a big impact on cash flow and resources. It’s uncomfortable to ask for payment from customers but it needs to be done.

To avoid late payments happening in the first-place businesses need to clearly outline their payment terms from the start. Implementing good credit control can also reduce the risk of late payments. Sending a reminder email when an invoice is due is a gentle nudge for payment. If payment is still overdue it’s okay to reach out to the customer to ask if there’s an issue and remind them of the invoice. You can also ask for a payment timeline.

If email doesn’t work a follow up phone call may get a response from the customer. But if the issue persists after this then further action may be needed. This could be a warning of supply cessation or late payment compensation and interest added to the claim. The agency also helps businesses recover debts, minimising cash flow impact and maintaining relationships with the customer.

FAQs

Business debt recovery is the process of collecting unpaid debts from individuals or other businesses. It involves various strategies and methods to obtain the money that is owed, such as sending reminder letters, making phone calls, or taking legal action. This type of debt recovery is essential for businesses to maintain their cash flow and financial stability.

It also helps to maintain good relationships with clients or customers by providing them with a reasonable period to pay their debts before taking any legal actions. Debt recovery can be a complex and time-consuming process, and businesses often seek the help of professional debt collection agencies to handle these matters. These agencies have the expertise and resources to recover debts efficiently, ensuring that businesses receive the money they are owed. Overall, business debt recovery is crucial for maintaining a healthy financial position and ensuring the sustainability of a business.

Recovering business debt can be a challenging and time-consuming process, but it is essential for the financial health and stability of a company. The first step in recovering business debt is to identify and assess all outstanding debts. This includes gathering all relevant documentation and contacting the debtor to confirm the amount owed and establish a payment plan. If the debtor does not respond or refuses to pay, legal action may be necessary. This can include sending a demand letter, hiring a collection agency, or filing a court claim.

It is important to have clear and detailed records of all communication and attempts to collect the debt. In some cases, negotiating a settlement or payment plan with the debtor may be a more effective approach than pursuing legal action. It is also crucial to continuously monitor and follow up on outstanding debts to ensure timely payment. In some cases, seeking professional assistance from a solicitor or debt collection agency may be necessary to successfully recover business debt. Overall, recovering business debt requires patience, persistence, and strategic planning to ensure that the company’s financial interests are protected.

The time limit for how long a debt can be chased for is known as the “limitation period” and is set out in the Limitation Act 1980. The limitation period for most debts is six years, meaning that a creditor has six years from the date the debt became due to take legal action against a debtor. However, there are certain exceptions to this rule, such as if a debtor acknowledges the debt or makes a payment, which can reset the limitation period. Additionally, some types of debts have longer limitation periods, such as mortgage debts which have a 12-year limitation period.

It’s important for both creditors and debtors to be aware of these limitations as it affects their rights and legal options. If a creditor attempts to take legal action after the limitation period has passed, the debtor can use this as a defence in court. On the other hand, if a debtor acknowledges the debt or makes a payment after the limitation period has expired, they may inadvertently restart the clock on the limitation period. Therefore, it is crucial for both parties to seek legal advice and understand their rights and obligations regarding debt recovery and the limitation period in the UK.

Commercial debt refers to the financial obligations incurred by one business entity to another for the provision of goods or services. Small business is especially susceptible to cash flow disruptions resulting from delayed payments. Consequently, the implementation of effective debt recovery strategies is a crucial component of prudent business planning.

A debt collection agency specialises in recovering outstanding debts that have not been paid as per agreed terms. These agencies play a crucial role in the financial ecosystem by helping businesses manage their cash flow and minimise financial losses. By focusing on outstanding debts, debt collection agencies ensure that companies can continue their operations without being heavily impacted by unpaid invoices.

If your debt is disputed, it means that there is disagreement or uncertainty surrounding the amount of money you owe. This could be due to various reasons such as incorrect billing, unauthorised charges, or a disagreement between you and the creditor about the terms of the debt. When faced with a disputed debt, it is important to act and not ignore the situation, as it could have serious consequences on your credit score and financial health.

The first step would be to gather all relevant documentation and evidence to support your claim and communicate with the creditor or collection agency in writing. It is important to clearly state your position and request proof of the debt, as well as any information about how the disputed amount was calculated. If necessary, you can also seek the help of a credit counselling agency or a solicitor who can provide guidance and assistance in resolving the dispute. It is important to remain calm, persistent, and organised throughout the process to reach a resolution that is fair for both parties involved.

Debt collectors have the right to visit your home to collect a debt that you owe. They are authorised by law to take certain actions to recover the money you owe, but they must follow strict guidelines set by the Financial Conduct Authority. Debt collectors can only visit your house at reasonable times of the day, usually between 9am and 9pm, and they must identify themselves and state the purpose of their visit. They are not allowed to use any form of physical force or harassment to collect the debt.

If you do not wish for them to visit your home, you can request that all communication is done in writing or over the phone. Additionally, you have the right to ask them to leave your property and not return without your permission. It is important to remember that debt collectors cannot take any possessions from your home without a court order, and if you feel threatened or harassed by their actions, you should contact the police immediately. Overall, while debt collectors can turn up at your house in the UK, they must adhere to strict regulations, and you still have rights as a consumer.

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Debt Collection Awards

Aug24012_Corporate Debt Recovery Limited_SME Midlands Enterprise Awards 2024- Winners Badge v1
Aug24012_Corporate Debt Recovery Limited_SME Midlands Enterprise Awards 2024- Winners Badge v2

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