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Why Business Debt Recovery has a critical role to play

UK debt collections

Businesses using debt as a means to acquire additional assets is nothing new yet recent data revealed that 52% of UK businesses are now being crippled by toxic debts. A Business having debts of its own can sometimes be inevitable but this can often be caused by a Business not actively chasing its own debtors.

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Debt Collectors vs Lawyers: Who to Choose for Debt Recovery

Taurus Collect

Debt collectors are typically quicker and less expensive than lawyers but their debt recovery process is limited. On the other hand, debt collection companies have a wide range of debt recovery options that are more effective in recovering debt, albeit at a higher cost.

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How Do Debt Collection Companies Operate?

Taurus Collect

The debt collection process involves recovering debts from the borrower who has initially failed to repay or recover payments on accounts that are past their due date. When asked about “what collection agencies do?”, most people tend to think of a debt collector trying to contact debtors about some unresolved debts.

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Lawyer vs. Debt Collection Company: Which Should I Use?

Taurus Collect

While it is highly recommended to select your options quickly and wisely to ensure timely collections, you should consider consulting with a debt collection agency before taking court action against your debtors. You should consider hiring a no-win-no-fee debt recovery agent if you need your money as quickly as possible.

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How Collection Agencies Trace a Debtor?

Taurus Collect

However, hiring a reputed debt collection agency will significantly help you as they will use multiple methods to locate your debtors and help you effectively gather your amounts. Here are a few primary resources that a debt collection agency uses to find people: Information on your credit application. Phone books.

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How To Know the Difference Between Legitimate Debt Collection Company and Scams?

Taurus Collect

Here are a few red flags indicating the difference between an alleged debt collector and a scammer: A Scammer Will Falsely Threaten You . Most scammers often use aggressive, over-the-top, blatant threats to collect money from the debtors. Taurus Collections (UK) Ltd. We are here to help!

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Hiring a Commercial Debt Collection Agency – the 2024 Guide

Taurus Collect

In our comprehensive 2024 guide, we will explore the ins and outs of hiring a commercial debt collection agency. Professionalism : The agency should maintain professional communication with both you and your debtor. This fee structure ensures that you pay only when the agency successfully recovers your debt.