Articles
- Debt Collection letters - have they lost their prominence in debtor communications strategy?
15/06/10 -
The ultimate aim of any debt collection agency is obviously to collect as much money as possible for clients. Traditionally this was done by sending a sequence of collection letters to debtors or making phone calls but these days, given the changes in lifestyles and technologies, letters are now becoming part of a wider communication and contact strategy that can now include SMS text messaging, email and the internet.
DCAs need to be able to engage and collaborate with debtors and so that means adapting strategies to those that will be most effective in reaching your debtors.
- Compliance is key in the Collections process
08/03/10 -
In recent months there may have been a subtle shift in the perception of the debt collection industry with the OFT and other regulators delaying consultations on proposed reform after successful lobbying by the credit industry. However the regulators have increasing powers to fine and issue penalties for breaches of the rules and it seems to be a debtor litigation society made easier with the growth of online discussion forums and advice. So as a DCA it's imperative that you are fully aware of industry legislation and codes of practice you need to be compliant with and make sure you take a smarter approach in which debtors you take court action on.
- Best practice use of charging orders
14/10/09 -
Earlier this year, a report from the Citizens Advice Bureau suggested how some creditors are using charging orders as a business practice to encourage vulnerable debtors to pay more than they can reasonably afford. As a DCA, we most definitely do not use charging orders as an intimidation tactic for debtors, however we do see them as an important and necessary enforcement tool. Read on for more details.
- Choosing the right DCA to suit you
29/07/09 -
Debt collection agencies are becoming a necessary tool in today's climate - letting a partner manage the critical task of recovering your debts can be key to the profitability of your business. With a DCA focusing purely on this task, this means you can focus on managing your business. But finding the right one can be a tricky task - read our guide on how to choose the right DCA for you.
- Court action - a necessary part of the debt recovery process?
02/03/09 -
It's easy to take a debtor to court but is it always the right course of action. Surely there's no point taking someone to court who genuinely can't pay? Before you decide you need to ask yourself 2 questions - is it appropriate and is it necessary? Read on to find out what considerations you should be taking into account when deciding on whether to start court proceedings.
- Managing the litigation process - giving yourself the best chance of winning in court
05/01/09 -
It's a big decision to take a company or individual to court and once you start the court process there are strict timetables and procedures that you need to follow. Read on to see the different steps of the process and what you need to do at each stage.
