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 collection 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 collection 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

Commercial debt refers to the financial obligations incurred by one business entity to another for the provision of goods or services. Small enterprises are 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.

The debt collection process commences when creditors initiate measures to recover outstanding payments. It begins with gentle reminders of missed payments and may escalate to legal proceedings. Lenders adopt varying approaches in this regard, primarily differing in the timeliness of their actions.

Individuals may incur debt to cover personal living expenses, while businesses may take on debt to finance their operations. Commercial debt, also known as B2B debt, refers to debt obligations between businesses.

A debt collection agency specializes 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 minimize financial losses. By focusing on outstanding debts, debt collection agencies ensure that companies can continue their operations without being heavily impacted by unpaid invoices.

Yes, creditors have the right to dispatch debt collectors to your residence or Business. Customarily, the debt collector will initiate contact through written correspondence or a phone call.

The Limitation Act (1980), the duration for pursuing an unpaid invoice is up to six years. Maintaining consistent communication with the debtor is crucial. In the absence of any contact or engagement within the preceding six-year period, the collection of the debt might become challenging.

When an account shows signs of financial difficulties or is in financial trouble, our approach is to first conduct a thorough assessment to understand the extent of the issue. Recognizing the importance of maintaining a positive working relationship, we prioritize open communication with the customer to explore all possible solutions. For accounts in financial trouble, especially those with high-risk debts that are beyond terms, we focus our efforts on finding a resolution that considers the financial health of both parties. Our goal is to address and manage these challenges effectively, ensuring a fair and constructive outcome for all involved.

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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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