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Debt Collection Services
Northern Office
t: 0151 526 4222
Southern Office
t: 0203 011 5210

6 Myths about Debt Collection

When you mention the words debt collection agents, many people automatically think of the Kray twins. But thankfully, the pre-conception of what a modern day debt collector does has moved on very far from the type of scene people may have associated with the old style collectors.

As professional debt collection agents, Cobra Financial Solutions put some of the most common assumptions and beliefs to bed, so we can all sleep easier!

  1. Collectors will come to your premises – Most collection activity is performed by letter, email and phone, this is not only more practical and cost effective for collection agencies, but less intrusive and embarrassing for the client. Sending a debt collection agent to the door is a last resort, no-one wants that hassle. That said- as a professional, persuasive and persistent debt collection agency trusted across the whole of the United Kingdom, Cobra Financial Solutions utilise a range of skills to recover what is rightfully yours.
  2. A Collection Agent can just turn up and take goods to repay the debt- Only a Bailiff or a High Court Enforcement Officer can do that and they must have a Court Order allowing it, something you will know is being sought long before it happens, giving you time to nip the situation in the bud by talking to your creditors before they resort to legal action. A doorstep debt collection agent will call to discuss the situation and remove outstanding monies to settle accounts but cannot remove goods.
  3. You shouldn’t ring or respond to letters or messages because you simply haven’t got the money they are asking for, so what’s the point –Today’s creditors are very enlightened into the root causes for indebtedness, they understand that there are many different, often unexpected, circumstances and reasons that can cause a business to find themselves owing money and then being chased for it.

    Creditors now often train staff to employ tactics to identify such circumstances even when a customer is reluctant to share allowing the customer the time to fully explain and the creditor to offer a suitable solution that works for both parties. Creditors now understand that collecting money owed is not a race as to who can do it fastest but who can do it safest and offer the most protection at the same time. This is why many businesses across the United Kingdom engage the professional help of a debt collection agency such as Cobra Financial Solutions to recover what is rightfully yours.

  4. I’ll offer 1 per month and they’ll have to accept that – this statement is not true. An offer that is backed by a detailed income and expenditure form will often be considered. It will be checked against figures considered to be acceptable to ensure that the outgoings tally up with the number of individuals and can still be challenged if it appears in any way to be incorrect.
  5. If I ignore them they’ll go away – If you do not respond to debt collection agents, you will be doing yourself no favours. As debt collectors, we work with commercial businesses to recover B2B debts so it is always advisable to communicate with agents for the best possible results all round.
  6. All debt collectors are hard-hearted monsters– this one is most definitely not true! With a wealth of experience in the debt collection industry, our dedicated team here at Cobra Financial Solutions can reassure you that we don’t wear baseball bats, have broken noses nor skulk about when it’s dark. We are normal human beings, with families and good morals and are here to help businesses across the UK settle their outstanding accounts and achieve the best possible outcome.

So, there you have it. Paying your debts on time is in the interest of everyone. And when you are in genuine, demonstrable financial difficulties, make sure you don’t delay- communicate with us when we make contact with you. Debt recovery is a negotiated process, so don’t shy away. We have a duty to our clients to recover what is rightfully theirs and so communication is key to success.

On the flipside, if you are a business and require the services of a debt collection agency, get in touch with Cobra Financial Solutions today- we are here to help.

Northern Office
Bleasdale Business Centre
1 Molyneux Way
Aintree, Merseyside
L10 2JA
Tel: 0151 526 4222
Official Partner
Southern Office
22 Wenlock Road
London
N1 7GU

Tel: 0203 011 5210