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The difference between using a Solicitors vs a Debt Collection Agency?

It can often be confusing if you have a debt you need recovering and are searching for different ways in which to best collect your money.

Most people may never have dealings with solicitors or debt recovery agents. That said, when you need to recover your money or assets, it’s important to know which is best to depend on.

In short, the best organisation to use is a debt recovery agency such as us here at Cobra Financial Solutions; however, in the interest of fairness, here’s a breakdown of the pros and cons of both.

Debt Recovery Solicitors

Debt Recovery Solicitors are law firms who are regulated by the Solicitors Regulation Authority (SRA). Solicitors are classed as ‘officers of the court,’ and thus have statutory requirements to act fairly, impartially, and justly at all times. This also includes always acting in accordance with a strict code of conduct, which, not to say we don’t act with absolute strict fairness and impartiality at Cobra, but these regulations are heavily restrictive, nonetheless.

Debt recovery solicitors often operate on a fixed fee basis – each item of work will be charged a fee, which can prove to be fairly costly. And, if a case then goes to court, some solicitors may charge an hourly fee to continue to work on the case.

Furthermore, not only is this hugely expensive, but it’s also massively time consuming and could take anywhere up to 18 months to complete, meaning both spiralling costs and a significant waste of time.

Debt Recovery Solicitors – Code of Conduct

Unlike solicitors, we don’t get into slanging matches and long, drawn out fights in court.

Recently, a high court judge accused both a Bitcoin inventor and, importantly in this scenario, a debt recovery solicitor of ‘behaving like schoolchildren in the playground.’ He went on to condemn the pair for ‘mud-slinging,’ and ‘bad-temperedness.’

When speaking about the solicitors in question, the judge said:

“It somehow seems to have become acceptable for solicitors to become mere mouthpieces for their clients to vent their anger at their opponents. I simply do not understand why in 2022 professional, trained lawyers, who should know how to stand up to their clients and concentrate instead on what is important in the litigation, think it is appropriate to behave like schoolchildren in the playground.”

Put simple, we don’t this.

Debt Recovery Agency – Cobra Financial Solutions

Our approach to debt recovery at Cobra is unlike the above. We don’t believe in lengthy court battles, mudslinging and playground antics. We simply think that if you’re owed money, you deserve to get it back.

So, with this being always at the forefront of everything we do, our costs and approach to work are determined by the way we handle ourselves in these types of situations, and we are certainly not restricted by statutory court processes and exuberant solicitors’ fees.

Don’t Bother With Solicitors – Trust Cobra

Established over a decade ago, our comprehensive private debt recovery team is vastly experienced and trump anu solicitors.

So, if you need an unpaid debt recovering, then instruct cobra on admin@cobrafinancial.co.uk

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