Choosing a Debt Recovery Agent

The first questions to ask when talking to a debt recovery agent are whether they are properly licensed by the Office of Fair Trading and hold a valid Consumer Credit License. In addition, you will want to be satisfied that they are registered under the Data Protection Act.

Here at CBC International we have gone a step further, as well as complying with our statutory requirements for doing the job, in order to satisfy clients of our standards, we have attained the internationally recognised Quality Management Systems accreditation ISO:9001/2008, which we have held since 2002. We can also boast to be one of a small number (if any) of Commercial Credit Management Consultants to employ two accredited Mediators who are able to preside over disputed accounts and reach a resolution outside of Court, saving substantial legal costs and time for clients. Pre-action Court protocols now insist upon satisfactory evidence to show that everything possible has been done to reach an agreement between the parties prior to the commencement of any legal action. There can be penalties for non compliance.

The other important information you would require is knowledge of how the debt collection process is handled. Clients engage collection agents because they need professional assistance to recover their money as quickly as possible; therefore, it is essential that the best practices are used to achieve this objective. Whilst it is standard procedure for collection agents to send out letters asking for payment by return, this is usually not enough in itself to ensure early settlement and a more comprehensive approach to debt dispute is needed. In addition to written applications for payment, CBC International employs a systematic and methodical philosophy for debt recovery which includes appropriately planned telephone calls for speaking to debtors with a view to obtaining a commitment for payment. This ensures that any issues raised for non payment are addressed and resolved as soon as possible, leaving no reason for settlement to be delayed any longer. This can only be achieved by people talking and not simply with computer generated letters that may or may not be received and do not show any empathy for genuine debtors that may be experiencing financial difficulties. We aim to reach amicable payment arrangements on a goodwill basis that can leave the door open for future business transactions between the client and bad debtor if so desired. Of course, there are situations where the debtor is simply not co-operative and we are able to take the matter through the full legal process if necessary, although we view this as a last resort.

We believe that quality is power in the debt collection industry and that all businesses should look for a professional service from their agent. We believe that CBC International offers the standards of excellence that clients should expect when catering for all of their needs in Credit Management and Commercial Debt Recovery matters.

Roy Caligari MICM – Director & Accredited Mediator