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Debt Recovery Solutions: What Are Your Options?

Late payments and people trying to avoid paying for goods and services can be extremely costly to you or your business and have long-lasting and damaging repercussions. With this in mind, it’s hugely important to understand your options, be that going through the courts, working with Money Claims Online or instructing the services of a debt recovery agency.

And so, we thought we’d break these three main options down for you, outlining both the advantages and disadvantages of each of the unique disciplines.

Dealing with Debt by a Court Order

If you are considering taking your debtor to small claims court or dealing with debt by a court order, then there are a few things you should be aware of such as CCJs, long waiting lists, and whether or not it is the best route to take if your debt is only modest in the grand screams of the convoluted legal system.

That said, both the advantages and disadvantages of dealing with debt by a court order are:

The Wait for Justice Can be Extremely Long & Tiresome – Due to the recent pandemic and consistent government failings, the queue for court justice continues to grow as more than 500,000 cases are now outstanding in England and Wales. This unprecedented backlog means many cases are being delayed until 2022 at the earliest.

The Fear of Court Can be Very Powerful – Despite a relatively poor success rate in comparison to instructing a debt recovery agency, the threat and fear of being dragged through the court process, though it also may hamper you, remains an extremely powerful scare tactic.

Indeed, there are both advantages and disadvantages or dealing with debt by a court order.

Money Claims Online

Money Claims Online is a HM Court & Tribunals Service internet-based service for claimants and defendants; it is also predominantly portrayed as a convenient and secure way of making or responding to an online claim.

An Online, ‘Faceless’ Service – Money Claims Online provides an internet-based service that deals with your case solely online. Your ‘litigant in person’ helps guides you through the system, supporting you through the traditional legal channels and working with you solely online.

Money Claims Online Can Be Very Costly – With Money Claims Online, you must always pay a court fee when you make your claim. You also need to estimate the amount you’re claiming and pay the paper form fee for the amount if you can’t seem to complete the process. Indeed, not only is Money Claims Online costly, but it can also rob you of your precious time.

Speaking with a Debt Collection Agency

Specialist debt recovery isn’t free, but it’s also not expensive and, in fact, it could end up even saving you money. Put it this way, if you’re too busy chasing old invoices and unpaid debts, you aren’t doing much more important things that could be making you money.

Using a Debt Collection Agency is Highly Effective – Nothing yields results as much as instructing a debt recovery agency; and certainly not one as successful than us here at Cobra. We have an industry-high success rate of 88% and pride ourselves on our person-to-person communication methods and how we can visit and recover your debt within 48 hours.

You Must be Owed £1,000 or more – At Cobra Financial Solutions, we can only recover a debt that is worth £1,000 or more. You must also have proof of the debt.

Trust the Debt Recovery Specialists

With over 75 years’ worth of combined experience, we know that unlike Money Claims Online and the fragile court system, instructing the likes of us here at Cobra is the best thing to do if you want to recover your debt.

Instruct us today at admin@cobrafinancial.co.uk or get in touch on 0151 526 4222 for more details.

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