Hiring A Debt Collection Company In London

Episode Notes

The best way to choose a international debt collection is to contact its references. If possible, choose an agency that has been operating for several years and has a good reputation in the industry. References are helpful because they give you an unbiased perspective of the agency's work. Call the reference company to find out what the experience was like. If you find the references are negative, look for another agency.

No collection - no fee principle

You've probably heard of the no collection - no fee principle, which means that if a debt collection agency is unable to collect the debt, you won't have to pay a single cent. However, some no collection - no fee arrangements have a "close-out" fee. Normally, this fee is 10% of the amount recovered, although the percentage may vary depending on the size of the debt and how complicated the collection process is.

It's important to remember that personal debt collection are subject to a Code of Conduct, and are required to abide by it. Seven respondent MS claimed that such a code is required to obtain a licence, while two responded that a Code of Conduct was imposed by a regulatory body. Unfortunately, five respondent MS provided contradictory answers and were unable to provide a reliable response.

Legal requirements

When you are looking for a debt collection company in London, you may be confused by the different types available. While some of these companies are based in the UK, others are part of large multinational companies with contact centres in the United States or Europe. The difference is in their scope of operations. Most large companies focus on obtaining large volumes of accounts from a small number of clients. High street banks and utility companies tend to use debt collection agencies.

In the UK, the Financial Conduct Authority regulates the Debt Collection industry. To obtain permissions to operate, a debt collection agency must be registered with the authority. It also has to provide a registration number. Make sure the debt collectors london you are considering has a registration number before hiring it. If not, you should look for another agency to collect your debts. However, make sure the company has a proper license from the Financial Conduct Authority.


Unpaid invoices are common sources of bad debts. Unpaid invoices can come from many sources, including goods or services purchased from clients who never pay, and from clients who repeatedly miss payment dates. Other forms of bad debt include borrowing money or non-payment of services. Whatever the source, owing money is an ongoing problem, and it can create a toxic situation and lead to stress. To solve this problem, you can hire a debt collection company in London.

There are many different kinds of debt collection companies in the UK. Some are fronted by large international companies with contact centers in India or the Philippines. They typically focus on acquiring a high volume of accounts from a small number of clients. Others are high street banks or utility companies. Debt collection agencies may be owned and operated by one of these organisations. If you choose a debt collection agency based on price, make sure the agency has a solid track record.