Cobra Financial - What Methods Do Debt Collection Agencies Use to Collect Debts?

No-nonsense, straight-talking debt collection service

Though you might know roughly what a debt collection agency does, you might not know the exact methods that we use to collect a debt. Below, we have listed four of our most effective debt-collecting tactics.

Face-to-Face Visits

One of the most effective ways of collecting debts is to pay the debtor a visit in person. This is highly effective and hard to ignore, and a face-to-face visit is often enough to encourage someone to repay the money that is owed. If you don’t know where the debtor is, we also utilise a range of debtor-tracing services to track them down. We can find debtors regardless of where they are hiding, even if they have relocated abroad. 

Sending Letters

Though we can allude to legal action being a possibility in the future, this doesn’t always get the message across. By sending letters, we can show that we are serious, and we make it clear that the matter will not be dropped. Sending letters is a way to clearly showcase what is owed, what the debtor needs to do next and how we will continue to pursue the debt if they don’t pay up.

Making Phone Calls

A lot of debtors ignore letters, so sometimes we move on to telephone calls. These are hard to ignore, and they really make an impression, by showing that we are serious about reclaiming the money that’s owed to you. It’s also beneficial to talk to the debtor themselves, to get a clear picture of why they haven’t paid their debt.

Applying for a CCJ

If the above methods fail to get the result that we want, we will take on the work for you of applying for a County Court Judgement. A CCJ is a type of court order and it’s given when someone owes you money, and they fail to repay. It’s only something that’s done when other methods of reclaiming the debt haven’t worked. Once a CCJ has been given, the debtor must pay the money back in line with specific payment terms. This could involve repaying the debt immediately or splitting the payment into smaller and more manageable amounts.

At Cobra Financial, we understand how stressful it can be when someone owes you money, which is why we do everything that we can to recover your funds quickly. We use a range of methods, including face-to-face visits and sending letters, to ensure that any money owed is returned to you. To find out more about our debt collection agency and how we collect debts, get in touch with our knowledgeable team.

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