As Manchester continues to recover from the financial hit that was Covid-19, this article looks at the often-taboo subject of debt collection. Thousands of Businesses in Manchester have gone to the wall over the years due to a reluctance to take appropriate action when faced with non-payment issues.
It is estimated that over 50,000 Small Businesses go bust every year due to unpaid invoices and 2022 that figure is expected to rise in the aftermath of the pandemic.
Historically, some businesses would write off sums owed to them due to the expensive route of legal action. Exorbitant solicitor’s fees and scary legal costs would deter many Manchester Businesses from taking pragmatic actions to recoup what they were owed.
Fortunately, that is a thing of the past thanks largely to the emergence of Professional Debt Collection solutions. Whilst there may still be a stigma attached to using a debt collection agency in Manchester, basic due diligence should provide peace of mind that this is no longer the case.
The standards within the Debt Collection Industry are higher thanks largely to the Financial Conduct Authority. The FCA governs all consumer debt collection activities and there are relevant legislations and laws that Debt Collection Agencies must abide by.
The Debt Collection Industry is also marshalled by the Credit Services Association. They have driven up the levels of professionalism in the sector for over 20 years.
Types of Debt Collection Agencies
There are many types of debt collection niches within the industry but usually they fall under three main sub categories.
There are Private or Personal Debt Collection, Commercial Debt Collection and International Debt Collection. It is important to remember that all debt collection agencies are not the same.
Different debt collection agencies will have different levels of professionalism, pricing policies and expected results.
A transparent and professional service should always be the preferred option. They will hold accreditations and debt collection agency review platforms such as Trustpilot and Google Business offer great insights into the type of service you can expect.
Best Debt Collection Agencies in Manchester
Based upon feedback and reputations, recommended services come as follows for the relevant sub category of debt owing.
Commercial Debt Collection – This is largely Business to Business transactions. Federal Management are the famous name for Commercial Debt Recovery solutions. From Large and prestigious Organisations to Small Businesses and sole traders, Federal Management have collected hundreds of millions of pounds for Businesses in Manchester and across the UK in their near 20-year history.
Personal Debt Collection – Personally owed debts can also be referred to as consumer debt collection or private debt collection. Frontline Collections are widely regarded to be the Nations Number One service. From Private Schools, Vets, Dentists through to Private Individuals – Frontline Collections reviews tell you that they collect millions every year on a low fixed cost basis.
International Debt Collection – This is for debts owed from Companies or Individuals overseas or outside the UK’s borders. Again, Federal Management’s name comes up as the best solution for international debt collection.