Many businesses are apprehensive about instructing a specialist firm for debt recovery services. Below we have answered some of the most frequently asked questions that we receive from clients before instructing us.
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Debt Recovery Frequently Asked Questions
Will outsourcing my debt collections cost me more?
When it comes to outsourcing your debt collections to a professional service, there is a cost involved. However, due to a much higher level of success when it comes to collecting the monies owed, and the likelihood of collection rates improving significantly, outsourcing can, in fact, save many businesses money, due to less bad debt and smoother, quicker collections.
There is also the consideration that using an external debt collection solution frees up time and resource within your business internally to be spent on growth and other profitable areas.
Will using external debt collections harm my relationship with my customers?
Fostering positive relationships with customers is vital for repeat business and potential future new business referrals, so it’s important to minimise the risk of damaging these relationships with existing customers due to debt recovery issues.
Using an experienced third party to recover the monies you are owed can be an excellent way to protect these relationships, as you are not dealing directly with the customer yourself on this matter. At Spratt Endicott, we use a ‘firm but fair’ approach when chasing payment and are always mindful of your relationship with the customer and the likelihood that you wish to continue trading with them in the future.
Will I be dealing with different people all of the time with Spratt Endicott’s debt recovery services?
It can be disconcerting for clients to speak to someone different each time they contact their debt recovery service or want to discuss a case. For this reason, each of our debt recovery clients is allocated a dedicated case handler. This person is your primary point of contact for any cases you have with us. On occasion, due to annual leave and other absences, other experienced team members are on hand to step in and assist in bringing your cases to a successful resolution.
Will I have access to information about my debt recovery cases?
It’s vital that businesses using debt recovery services are kept in the loop about any cases, and always know the status of the debt and the progress of the collection activity. All of our clients have free, secure access to our online interactive debt recovery system, which is available 24 hours a day, 7 days a week.
The live debt recovery system allows you to monitor all cases and find out exactly where things are up to, at any time of the day or night. This includes whether payments have been made and the various communications that have taken place in each case at this point.
Will I be kept informed about the progress of my debt recovery cases?
In addition to the online debt recover system, which offers a live view of every case you have with us, we also provide our clients with regular status reports.
We produce bespoke debt recovery reports to ensure you always have the information you need to make informed decisions.
Why is working with external debt recovery firms better?
Working with external debt recovery firms has multiple benefits, including:
Speed and efficiency of collection: A letter from a solicitor is taken very seriously and, in many cases, leads to collection before any further action needs to be taken.
Protecting your brand and relationships: By using a specialist debt recovery firm, such as Spratt Endicott, we do our utmost to retain relationships with your customers and protect your reputation and brand.
Will debt recovery services negotiate on my behalf with debtors?
In order to receive some, or all, of the monies you are owed, there can be some negotiation involved to reach a settlement. At Spratt Endicott, we are happy to use our extensive experience in this area to negotiate settlements using pre-agreed guidelines. We will agree these guidelines and the framework for any settlements before starting negotiations with anyone we are chasing for payment on your behalf.
What happens if a debt recovery case is defended?
When a debt recovery claim is issued, the defendant could potentially file a defence against it. In most cases, no defence is filed as the other party accepts that the money is owed legitimately. However, in the rare event that the debt recovery case is defended, the claimant needs to ensure that all of the evidence and paperwork is collected and filed correctly.
At Spratt Endicott, we have a team of specialist lawyers who handle defended cases in circumstances such as this. With significant experience in this area, we are well-placed to give you the best chance of a positive resolution to the case.
Are you able to take debt recovery payments online?
Spratt Endicott are able to take debt recovery payments online if made by debit or credit card. Payments can be made via our online debt recovery system and are automatically applied to the relevant case. You can log in to the portal at any time to see the current payment status of any case that you have with us.
Are you able to provide debt recovery training?
Our team has extensive credit control experience and are happy to pass on their knowledge, methods and expertise in the form of client training. Contact the Commercial Debt Recovery team at Spratt Endicott for more information about the training services that we offer.
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