DIY Debt Recovery VS Debt Collection Agencies
debt recovery
Photo Credit: natloans via Compfight cc

With a wealth of online information at your fingertips these days, it can be tempting to adopt a DIY approach to debt recovery – and in the first instance, there is often no great problem with that

But don’t assume you have the same capabilities as a fully fledged credit control and debt collection agency with multiple expert staff and years of experience.

If your own efforts have failed, a DCA can probably still help – or at least provide an independent assessment of your case – and here are a few of the reasons why.

Google Goggles

As an individual searching online, you’re limited to what comes up in the search results, and it is increasingly easy for important information like past bankruptcies to simply go missing from the result pages.

That’s because of EU privacy laws, which allow individuals discharged from bankruptcy to apply to Google to have information about them delisted from the search results – look at the bottom of the first page for a statement saying some results may have been removed for proof of this.

Time on the Line

There comes a point when the time you’ve spent chasing a debt makes it disproportionately costly to do so – but of course at the outset, you don’t know if you will reach the point where it was worthless to even try.

Appoint a DCA to handle the case and you’ll often only pay a fixed fee, no matter how long it takes to recover the debt; often on a no-win, no-fee basis; and nowadays it is sometimes even possible to charge this fee to the debtor on top of the original amount owed.

Do it Right

Finally, a professional DCA can avoid the common pitfalls you might otherwise find yourself stumbling into, such as knowing how many communications you can send before it’s classed as harassment.

For instance, did you know that guidelines say you shouldn’t use a social network as a platform for debt recovery communications? If you do, you could endanger your legal entitlement to payment entirely.

Hooray for DCAs

A good debt collection agency has experience and expertise, a clear code of conduct, and access to tools and databases you probably don’t have available to you as an individual.

Best of all, when you refer the case to a DCA, it takes it off of your personal to-do list – no more mornings spent searching the web for evidence that your debtor is a scammer, or trying to decide whether a Money Claim Online or a day in court is the best next step to take.

At the Cash Protection Agency we believe wholeheartedly in fighting for what is yours, and bringing all of our capabilities – and the full extent of the law – down on your debtor until full payment is secured: contact us today and let us fight your corner for you too. If you would like to talk to a member of the team please call: 0808 252 5730.

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