When to engage with a debt collection agency

Overdue and unpaid invoices, sound familiar? Unfortunately, the majority of businesses will experience these type of frustrations every once in a while. And it is true, no matter what type of business you are in, whether you are large or small there will always be some customers that unfortunately won’t pay their bills. If you send invoices that are being ignored, make calls that are ignored and have a long list of excuses as long as your arm, we feel your pain!

Any successful business owner recognises the need to ask for help and allow the experts to take over chasing bad debts on your behalf. This is because letting someone else do the chasing for you, leaving you with more time to focus on what matters the most and nurturing your business, makes total sense. With this in mind, choosing the right debt collection agency for you could be the difference between a professional and trustworthy job or one that could damage your company’s reputation in an instant.

As an experienced debt collection agency, we’ve collated 6 indicators which could help you identify when is it is a good time to hire a debt collection agency.

  • New customers do not respond to your first attempt to collect the debt. This should be a red warning flag to you. It is always best to nip potential bad payers in the bud as soon as possible and show them that you mean business when it comes to B2B commercial accounts.
  • You’ve agreed to a payment plan, but the customer does not continue to meet the payments. Again, this type of behaviour doesn’t bode well for recovering debts and therefore should be addressed as soon as possible to get accounts back on track promptly,
  • A customer completely denies responsibility for the debt. In this instance, a swift response is necessary to prove the point as clear as day and to ensure prompt payment is received.
  • The customer complains about your business, product or service as an excuse not to pay. Listening to what your customers have to say is an important point in business but this doesn’t mean that they do not owe you money. We appreciate that every debt is different but also appreciate that you deserve to get what is rightfully yours- let us help you with your debt collection today.
  • The customer has a long history of being financially irresponsible. In this instance, it is important to run credit checks on your clients before you offer them credit, but if it is too late, panic not. Cobra Financial Solutions are on hand to deliver bespoke debt collection services- let us help you get back what is yours. Speak to us today and let us get the ball rolling for you. Time is of the essence so don’t delay- get in touch!
  • You find yourself spending too much time on a single customer, often to the detriment of others. Within any business, chasing payments shouldn’t become a daily headache. Whether you have a troublesome client who is refusing to pay, or want to outsource your debt collection as soon as your invoices fall due, speak to our team of debt collection specialists to find out how we can help you settle your outstanding accounts.

For a professional, persuasive and persistent debt collection agency, speak to Cobra Financial Solutions today. Covering the whole of the United Kingdom, our team of dedicated specialists are here to help you. Get in touch today to find out more about our range of services.