Money Owed In Cardiff – Debt Collectors UK

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Money Owed In Cardiff – Debt Collectors UK

As Cardiff is the capital city of Wales, this presents a higher chance for financial issues to occur.

This is due to the number of businesses that will operate there and the large population.

The most common financial issue that occurs there is someone owing money to another entity.

Reports have estimated that around 193,000 in Wales have a severe problem with debt.

This has a direct correlation to the number of businesses and individuals that are owed money there.

When any scenario results in the owing of money, this can be extremely stressful for the original creditor.

This is especially true when it comes to the damage that debt can do to one’s cash flow.

If a cash flow is threatened, this can have serious consequences and could even result in a business’s closure.

Many things can dictate how stressful the situation is when a debt is owed which is why it is important to attempt recovery as soon as possible.

We have spoken to lots of people that have tried to abandon the recovery due to the frustration of the situation.

Why should anyone abandon the recovery of money that is theirs in the first place?

Thankfully, there are many different resources available to help undertake debt recovery.

We have put together this debt advice guide to outline the various types of debt collection services.

Debt Collectors UK And Other Methods

It has been established that being owed money can form a very difficult situation.

This is especially true for small businesses and self-employed individuals that rely on steady cash flow to function.

Even the most strict credit control team can have issues dealing with clients that will not pay on time.

Sometimes, simply making phone calls or sending emails is enough to prompt the debtor to pay the debt.

A reason for this is that the money may be owed due to reasons such as forgetting to pay or financial difficulties. Communicating with the debtor will remind them that they have to pay.

Should the debtor continue to ignore your reminders for payment, stronger debt recovery methods are needed.

Escalating the matter may seem like an unwarranted task, however, this is essential to getting back what is owed.

Commonly, the next course of action for many is to send a Letter Before Action.

This is a document that indicates to the debtor that court action will be taken if the payment is not paid.

If this method still provides no success, resorting to other means of legal action is a must.

Solicitors are a common answer to performing legal action and have been used for many years.

In Wales alone, there are around 500 law firms, which is a reason for its popularity.

Sadly, there are known negatives of using legal action in regards to money and resources.

The use of Solicitors, for example, can be as expensive as £200 per hour to use their services.

This is an expensive fee considering the circumstances of the situation already.

The most affordable way to recover commercial or consumer debt is by using a debt collection agency.

Debt Collection Companies UK – Which Should You Choose?

There are a plethora of debt collection companies in Scotland, England and Wales and it can be challenging to choose the best one.

At Debt Collection Cardiff, we provide the easiest way to find the best debt collection agency.

There are many benefits to using a debt collection agency and this is where we come in.

Since 2006, we have collated a list of the most trustworthy, effective and considerate agencies.

The collection process does not have to be difficult, and our partners assure to provide the most hassle-free service.

As well as this, they ensure to not jeopardise any existing relationships between creditors and debtors. This gives peace of mind to our clients that future business can be carried out.

Our Debt Collection Agency Recommendations

For unpaid business fees, Federal Management is our recommended commercial debt collection agency.

Since 2004, they have recovered millions of pounds worth of debts yearly for their clients.

They are also authorised and regulated by the Financial Conduct Authority (FCA) to recover debts under the Consumer Credit Act.

If you are owed money by an individual, such as a friend or family member, we recommend using Frontline Collections.

They have carried out private debt collection since 2005 on behalf of clients in all industry sectors.

As well as this, they can provide international debt collection for those that have debts based overseas.

If you are owed money in Cardiff and need a solution, speak to one of our partners.

Debt Collection Cardiff – Frequently Asked Questions