With a population of 9.3 million, London boasts one of the largest city economies in the world. It is a hive of business and trade, undergoing a period of rapid expansion.
Yes, the economic impact of the coronavirus pandemic will be significant, but London and Partners are ‘already planning for the economic recovery, working with industry in preparing for consumer demand and investment to return.’
Roughly a third of all UK businesses are located in the South East, with London being the central hub of business growth. Millions of pounds are exchanged across the capital, every single day. It comes as no surprise therefore that reputable debt collection agencies are in demand across the area. With the court system now experiencing delays of many months, this demand is predicted to increase even further as a result of the coronavirus outbreak.
Business is booming
Almost 100,000 new businesses are started every year in London: a 52% rise since 2010. This colossal surge in enterprise activity means that businesses across the capital now amount to 17% of the UK’s total GDP.
Despite thousands of reputable businesses starting up in London every year, many dishonest firms make their way into the mix. When outstanding debts fail to be paid, businesses need a reliable and efficient way to reclaim their funds.
Cobra Financial Solutions have worked with many clients across the South East, yet we are now experiencing an even higher level of interest in our services. In the wake of the coronavirus pandemic, thousands of business owners are relying upon prompt payment of bills, in order to keep their own businesses afloat.
Beware: a rise in fraudulent activity across the capital
We have also been made aware of a rise in fraudulent activity across the capital. Supposed law-abiding firms, who use a London address to boost the credibility of their businesses, are cashing in on the coronavirus crisis, telling customers that they are now being forced to cease trade. Social media ads direct buyers to closing down sales, which advertise heavily discounted goods. However, after purchasing, customers never receive items, and in some cases are stripped of thousands of pounds.
Adam French, Which? consumer rights expert, has this week warned individuals and businesses about the rise in coronavirus scammers. He stated: “consumers should always exercise caution when buying from unfamiliar online retailers. Make sure you do your research to ensure the company can be trusted before making a purchase.”
I am owed money. What do I do?
In order to instruct a debt collection agency, you will need to provide proof of the existing debt.
This is legal, evidential proof of monies being exchanged. This may include: written documentation, letters, emails or bank transfer statements. Anything which asserts an acknowledgement of the debt is preferable. This will allow an agency to contest the monies owed.
Types of debt
Here at Cobra Financial Solutions, we collect any debt of £1,000 or more, including:
Business debt – an amount owed to a company, organisation or business, such as unpaid invoices or credit agreements.
Personal debt – a sum of money owed to an individual. This may be a loan, unpaid wages or even a tribunal award.
Reclaim your money with Cobra
With over 11 years’ experience, Cobra Financial Solutions know how to collect debt. We do so professionally, effectively and in accordance with the law.
We have 5 offices across the UK, and serve hundreds of satisfied customers every single year. In 2019 alone, we collected over 14 million pounds for clients across the country. And, thanks to our ‘no nonsense’ approach, we have a 5-star certified rating on Trustpilot.
If you are looking for a cost-effective way to collect debt, then contact Cobra Financial Solutions. We will start the collection process for you, today.