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

  • July 19, 2022
  • Posted by: Taurus Collections
  • Category: Blog
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Lawyer vs. Debt Collection Company

Effective debt collection can alleviate the financial stress of any company. 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. This is because a well-experienced debt collection agency has the time, expertise, and resources to aid you in recovering your money.

Read on to know some factors you should consider when hiring a professional to help you collect your business debts.

Experience

When hiring a debt collection agency, make sure to do your research and find someone who is the best in this field. Check whether your potential debt collection company has adequate work experience collecting debts in your particular industry. You can also ask them detailed questions and check references from their past clients.

Speed

You should consider hiring a no-win-no-fee debt recovery agent if you need your money as quickly as possible. They have the technical know-how, adequate experience, and skills to ensure fast recovery of payments.

However, going through a legal process can be a long and arduous task that can further cause disruptions to your business’s cash flow.

Cost

It is beneficial to hire a reputed debt collection agency on a no-win-no-fee basis to ensure a quick and compelling collection of your amounts. However, if you have enormous amounts pending in debts, say over £8,369,880, it is recommended to source your debts by hiring a lawyer. They will help you obtain a court-ordered judgment against your debtor to pay the money along with the interest.

Point to remember:

One of the excellent perks of hiring a debt collection agency is that they shoulder the burden of making endless calls, sending collection letters, and negotiating payments on your behalf. Some top-notch debt collection agencies offer no-win-no-fee debt recovery services to their clients — meaning they only charge their commission if they successfully collect the debts.

However, in the case of lawyers, you have to pay unless they are willing to take your matter on a no-win-no-fee basis.

Thus, outsourcing your requirements to a well-experienced debt collection agency will allow you to focus on other important things and critical business operations.

What is the best option for you?

Consider selecting a company that offers you the benefits of both the alternatives. This means you should hire a professional debt collection agency having a national catchment with a legal arm. Companies that execute their collection procedures legally can offer you end-to-end services.

About us

Need a reliable debt collection agency to assist you in carrying out a stress-free collection of your business debts? We are here to help! At Taurus Collections (UK) Ltd., we practice a straightforward approach to aid our clients with our debt collection services. We strive to offer the utmost customer satisfaction when dealing with debtors. Our services include:

You can use our Late Payment Calculator to know your outstanding credit amount.

Please reach us at 0800 069 8777 or 01332 565 350 (Derby) or write to enquiries@tauruscollections.com. Stay tuned on Facebook, Instagram, and Twitter.