Myth busting about debt collection agencies

According to an independent review, in 2013 an alarming 56% of commercial businesses wrote off more than 1% of their turnover as uncollectable.

If businesses were to speak up and ask for help from a professional debt collection agency like Cobra Financial Solutions, how many would have avoided having to write off their hard earned money?

The problem is in some instances there are still age-old myths about debt collection services and we’re here to tackle them head on, and get back what you are owed!

Myth: It’s only for big companies

Reality: While large companies may often engage with debt collection agencies more than smaller companies, debt collection is the ideal solution regardless of the size of your business.

 

Debt collection is the perfect choice for smaller businesses as they recognise that chasing accounts for late payments is not their specialist field and acknowledge that a third party solution is likely to have far better and more positive results than trying to ‘go it alone’. Save time, money and resources by engaging with a professional, persuasive and persistent debt collection agency such as Cobra Financial Solutions. Get in touch today to find out more.

Myth: A solicitor is more effective

Reality: The stark truth is that although there is a time and place for the legal system here in the United Kingdom, it can be very time consuming and very costly. Here at Cobra Financial Solutions our team of debt collectors are able to recover unpaid accounts before having to take the legal avenue, reducing unnecessary costs, hassle and resources.

Myth: It is expensive

Reality: When comparing the cost of engaging a debt collection agency with trying to recover the debt yourself, the first option is far more cost effective for your business as a whole. This is especially true if you end up having to write off the bad debt as uncollectable which obviously isn’t what anybody wants to have to do!

Myth: It will damage my brand

Reality: While there are rogue debt collectors out there, by engaging with a professional, reputable debt collection agency such as Cobra Financial Solutions you will have peace of mind that you are choosing an agency that will respect your brand as much as you do. What’s more, by introducing a debt collection agency as part and parcel of your typical credit control procedure you’ll ensure that both parties work together collaboratively together, putting pressure on your old debtors to ensure you get paid promptly, each and every time.

Myth: My customers won’t like it

Reality: Here at Cobra Financial Solutions we understand that maintaining your working customer relationships are extremely important. With this in mind, we take your business brand as seriously as you do.

 

Although some of your clients might not like the fact that you have engaged with a debt collection agency, they need to understand that it was a necessity- the only reason they are in communication with a collection agency is because they have failed to pay in the first place. We understand that when you have outstanding accounts, you are quite within your rights to get what is lawfully yours and our dedicated team of collectors are on hand to help retrieve your accounts.

Myth: It’s only for really old debts

Reality: Did you know that research has shown that the quicker a debt is referred to a debt collection agency, the higher your chances are to get it collected?

 

Don’t waste time debating what to do, or bury your head in the sand hoping the issue will go away, get in touch with our professional team of collectors today to find out how we can help your business today. The time is now, call today for speedy solutions on debt collection- we are here to help.