There are few things as annoying as being owed money. Whether it’s a friend who hasn’t paid you back or an employer who hasn’t paid your wages, personal debt can have a significant impact on your finances and mental health. In this blog, we have looked at what counts as personal debt to be collected, and how our expert debt collectors can help.

What is Personal Debt Collection?

If you know anything about debt collection, you will know that personal debt collection is a big part of what we do. However, a lot of people still make the mistake of assuming that debts can only be collected on behalf of companies and established businesses. Luckily, this isn’t the case, and personal debt collection is always an option. Personal debt collection is the process of collecting money on behalf of individuals. This could be a friend or family member that owes you money, or a company that hasn’t paid for freelance services that you provided.

Though being owed money is hugely stressful for a business, it’s usually even more of a worry for individuals. It can cause cash flow problems, strained relationships between you and the debtor, and it’s majorly time-consuming trying to chase a repayment. Thankfully, Cobra Financial is always on hand to help.

We provide a wide range of debt collection services, and a lot of our success is due to face-to-face techniques. Instead of simply sending a letter or making a quick telephone call, we approach the debtor in person, as we find this to be a more successful approach.

Examples of Personal Debt

A lot of different types of debt fall into the category of personal debt, but they all involve money being owed to an individual. Some of the most common examples of personal debt include lending money to a friend and not being paid back, private sale of goods, a bounced cheque, and even wages not paid. Rent being owed from a lodger is also a form of personal debt, which could be proven with bank statements and screenshots of messages.

Regardless of the type of personal debt that you are owed and how complex the situation is, our debt collection experts can help to recover the money owed.

How Does Personal Debt Collection Work?

Starting personal debt collection is a lot easier than most people think, especially if you choose Cobra Financial as your team of experts. We work tirelessly to collect the money that is rightfully yours, and we do so with as little or as much information as you have. Thanks to our range of tried and tested techniques, we have an approach that’s sure to work with your debtor. To find out more about personal debt collection or for more information about our debt collection services, get in touch with our knowledgeable team.