Ethical Debt Collection and why it is so important

When it comes to recovering outstanding debts, Cobra Financial Solutions are dedicated to providing ethical debt collection across the whole of the United Kingdom. All too often it is seen that there is a distinct lack of education and knowledge when it comes to legal regulations and ethical practices within the debt collection industry. And so, with this in mind, our team of professional collection agents are here to explain why Cobra Financial Solutions are different to our competition.

Ethical Debt CollectionNot only financial business decision makers but also the businesses themselves need to understand and appreciate the sheer importance of ethical collection practices from the initial debt collection, right the way through to outsourced commercial debt collection agencies such as us.

But what does it really mean for collection agencies to be ethical collectors in today’s day and age?

Here we will explain a little more about this topic so you understand that if there are any debts owed to your company or you yourself are being chased to settle an outstanding amount, it will be collected in an ethical manner when you engage the services of Cobra Financial Services.

 

What does Ethical debt collection mean?

Ask anyone and they’ll have their own interpretation of what ethical debt collection means and what it entails to behave in an ethical way. However, when it comes to the physical act of doing this, it can sometimes get more complicated for people to understand or act appropriately and this is where Cobra Financial Solutions can help you. Despite there not being a B2B (Business to Business) equivalent to the Fair Debt Collection Practices Act, an act which details the set standards for debt collection agencies behaviour and conduct, Cobra Financial Solutions strive to work ethically, each and every time.

Unlike others who struggle to understand what is and isn’t acceptable behaviour and actions when dealing with debt collections, we understand firsthand the importance of conducting ourselves in a professional, proactive and persuasive manner to retrieve outstanding debts for our clients.

Adhering to various policies set and by industry associations including published codes of ethics designed to set standards of behaviour for commercial collection agencies in their relationships with debtors, creditors, attorneys, and other debt collectors, Cobra Financial Solutions are at the fore of the debt collection industry across the United Kingdom.

Established since 2009, Cobra Financial Solutions strive to be ethical in all of our debt collections, both now and in the future. But what does this mean to you? If you would like to find out more about what we consider to be ethical behaviour towards business and commercial debtors, please see below:

  • All of our debt collection agents avoid using harassment to get results- our agents use tried and tested persuasive techniques to retrieve outstanding debts on behalf of our clients.
  • Our professional debt collection agents avoid misrepresentation or other deceptive practices to obtain outstanding balances- we actively work with businesses struggling to settle accounts and keep their clients fully in the loop of how we operate and what they can expect from working with us.
  • Our debt collectors respond to all disputes and discrepancies in an efficient, timely and reasonable manner, each and every time.

Now you’ve heard the ways in which Cobra Financial Solutions operate, you may ask yourself why does ethical debt collection really matter? So, let us explain a little more.

Putting aside the idea of basic common courtesy and concepts of morality, there are various practical reasons to choose ethical debt collection when it comes to B2B debts. Firstly, reputation management is critical when it comes to dealing with collecting debts, especially in the world of business.

It is a fact of life that people will talk and so dealing with how people perceive your business is very important to most. Acknowledging that working relationships are forged across several months and years, mishandling a debt collection could sever this working relationship in an instance with significant effect for both parties.

With this in mind, it is therefore essential to deal with all debt collections in a professional and efficient manner to ensure the overall perception of your company is upheld to avoid complications in the future.

And, as strange as it may sound given the current circumstances, it is a good idea to assume that your current debtors may well become paying clients once again in the future. By doing so, this will help ensure that the debts are collected ethically and in a respectable and professional manner, maintaining working relationships wherever possible.

Taking all of this consideration, it is essential to choose a debt collection agency whom operate in a truly ethical manner to uphold the reputation of your business, both in the short and long term.

While there are various agencies across the United Kingdom, Cobra Financial Solutions form a very small percentage of agencies who demonstrate ethical, real life, and proven successes across the debt collection industry. With a fantastic reputation in our field, we boast a wealth of knowledge, experience and recovery results within the B2B arena and because of this we have absolutely no need to carry out our collections in an unethical manner to get results. No need at all in fact.

To ensure that your outstanding debts are collected in a truly ethical manner, choose Cobra Financial Solutions today. Contact us to learn more about how we operate ethically across the whole of the UK and how our collection agents can bring fantastic results for your business WITHOUT ever compromising ethical collection guidelines and practices.