What are the Success Rates of Debt Collection Companies?

No-nonsense, straight-talking debt collection service

Whether you are a business that’s owed money by a customer, or you’re an individual that’s owed money by a company or friend, there are steps that you can take to collect that debt. You might consider handling things yourself, but these efforts often go unnoticed, and they are easy for debtors to ignore. Luckily, debt collection companies are always there to help.

Before you enlist the services of a debt collection company, you are probably wondering about the chances of success. If you choose Cobra Financial, the chance of successful debt collection is high, as we explain below.

How Debt Collection Companies Work to Get Your Money Back

There is a lot of varying information online about how successful debt collection companies are, as it often depends on the debt collection agency you choose to work with. At Cobra Financial, our expert team of recovery agents visit debtors to secure quick and hassle-free payments. We understand the stress and the financial burden that comes with someone owing you money, which is why we go above and beyond to ensure that we get your money back as soon as possible.

Whereas a lot of debt collection companies focus on sending letters and making telephone calls, we have a face-to-face approach to recovering owed funds. We find that this makes debtors take notice and pay attention and realise that they are taking action to retrieve a repayment.

Our Success Rate for Debt Collection

Our face-to-face private debt collection practice has led to our industry-high success rate of 88%, something that we are hugely proud of. In 2022 alone, we collected over £14 million for our client, a number which we plan to beat each year going forward. We only take on jobs where we think we can succeed, so you know there is a high chance of getting your money back if you’ve got Cobra Financial on your side. Plus, our unbiased Trustpilot reviews speak for themselves.

How Debt Collection Success Measures Up

There are a variety of ways to collect a debt, such as going to small claims court or claiming money online. Though there is a chance of success, these methods both have drawn-out processes involving correspondence that are easy for your debtor to ignore. Due to the time taken and the non-direct approach, you are less likely to get your money back with alternatives, which is why so many people enlist the services of a debt collection agency.

At Cobra Financial, we understand the stress that comes with having to chase a debtor, not knowing if you will ever get the money that is rightfully yours. Therefore we are dedicated to collecting debts large and small, doing everything that we can to reclaim the money that’s owed. To find out more about our debt collection services, get in touch with our knowledgeable team.

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