- March 9, 2022
- Posted by: Taurus Collections
- Category: Blog
Debt collection is a legitimate business that can involve challenging & confusing issues. Debt collectors typically work with debt-collection agencies, though some may operate independently. Sometimes, such agencies act as intermediaries to collect delinquent debts from customers at least 60 days past and remit them to original creditors. However, it is often not as simple as the definition above, and you may have a lot of questions.
Below mentioned are some of the typical debt collection queries that we aim to answer for you.
What happens if your debt collector does not substantiate the debt within 60 days but executes it thereafter?
A debt collector cannot collect debts until their substantiation is established. However, once the substantiation is furnished, your chosen debt collector can carry out their debt collecting procedure (even if the substantiation is offered after the 60-day period). Hence, while your debt collector may continue to collect debts, you should know that failing to provide the required information within 60 days of receipt of the request for substantiation is a violation of the rule. Hence, it should be separately enforceable by the department.
How does a debt collector contact and inform individuals about their due debts?
Your debt collector will send your debtors “validation information” about the debt, either during their first phone call or via letter (within five days after the initial call). Your collector will typically convey the following details to your debtors:
- Name of the original creditor
- Amount of debt
- What to do if your debtor thinks it is not a valid claim
Why should you hire a well-experienced debt collecting agency?
Hiring a debt collecting agency can be a wise decision for your business. It will enable you to collect your long-standing dues smoothly while managing your daily operations and other tasks. Their assistance will allow you access to various tools and strategies that make the debt recovery process more efficient. This ensures successful debt recovery.
What actions can a debt collector take to obtain a successful debt recovery?
A reputed debt collection agency can help you recover your debts by:
- Assisting you in seeking payment for an expired debt.
- Allowing you to pressurize your debtors via frequent calls and notices (if needed).
- Suing your debtors for the non-payment of the debt.
- Selling the debt or helping you negotiate bad debt recovery.
Look no further than Taurus Collections (UK) Ltd. if you need debt collection services for your business. We pride ourselves in following a simple, straight-talking approach to assist our clients on issues associated with debt recovery. We strive to offer optimum customer satisfaction and one-stop service for dealing with your debtors. Our services include pre-legal visits, outsourced credit control, no win no fee debt recovery, UK & international credit checking, and business finance. You can also use our Late Payment Calculator to ascertain and verify your credit amounts.
Contact us at 0800 069 8777 or 01332 565 350 (Derby), or write at email@example.com for more information. Stay connected with us via Facebook, Instagram, and Twitter.