Business Advice

Questions to ask a debt collector before hire


As a business manager at some point, you will deal with the situation of a client who forgets to pay their bills, or simply refuses to do it. It does not matter how much effort you put into trying to convince them that money are essential to your business, they refuse to collaborate. At this moment, you have to opt for one of two choices. You can ask a professional to collect the money for you, or you can write the debt off. Some companies hesitate to hire experts to collect their debts because they think that the actions of the collection agency will tarnish their reputation. You should not have this misconception, because there is no such a risk. You only have to make sure that you ask the debt collection in London company, some of the following questions to make sure that you will hire the best collector from the domain.

Is your company certified?

You should ask them, if they are certified and what organisation certified them, because in every country there is a special one that does this. If they are certified you can rely on their services, because this means that they passed some stringent requirements. And you can be sure that they are in compliance with the state laws concerning debt collection and they are also in compliance with licensing and registration laws. You can check by your own, if the collector is certified, because there are complete lists of the companies that work as certified members.

Is your agency specialised in my industry?

If the collector is specialised in your niche or industry it means that it already has knowledge of the possible issues that may arise, and this increases the chances of you recovering your money. When you interview the collector, you should ask them with how many clients from your domain they have worked with in the past, and what recovery rate they have, with these clients. You should talk with your accountant or lawyer to find professionals who work in your domain.

Will you communicate with me throughout the process?

Some businesses managers are anxious when it comes to turn their customers to collectors, and they want to stay informed with the actions that are taken. So you should make sure that you will receive an updated report of the steps of the process, and you will be asked when it comes to take decisions.