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CHOOSING AND USING A DEBT RECOVERY COMPANY

A general discussion on the qualities and attributes of a reputable debt recovery company

CHOOSING AND USING A DEBT RECOVERY COMPANY
18 April 2014

Following on from our hugely sucessful blog entitled, “The Importance of Knowing Your Debtors”, we thought it be would be of benefit to follow it up with a discussion about what makes a reputable debt recovery company and the equally important subject of what makes a successful debt collecting regime.

 

Here at Eurofees we take great pride in the quality of service that we provide to our clients; we appreciate the need for speedy recoveries but we also appreciate that when we are undertaking our work we do it as a direct representative of our client and therefore the approach that we take ensures that this is reflected in everything we do.

 

Everybody has their own view on what a debt recovery company should do to collect on an account. There is the view that you should issue immediate court proceedings or alternatively issue a Statutory Demand and make somebody bankrupt. Both of these are interesting takes on debt recovery but not necessarily ours. We take the customer centric approach, meaning our strategies and centred around what is best for the customer.

 

The purpose of our previous blog was to give you a flavour of the work that goes on in the background at Eurofees, before we even make contact with the individual debtor. So having got to know our debtors, lets take a look at how we go about engaging with them to ensure returns for our client.

 

A good debt recovery company, like Eurofees, will have state of the art software. This software will have the ability to record every step taken with a case with most of it being automated, to be certain that every case worked can be interrogated and audited at any time.

 

At Eurofees, we take an individual approach to all the cases we are entrusted with. A succession of letters to a debtor may sound great, but what does it really achieve?

 

A far more successful and proven route of recovery is personal connection with a debtor. This enables us to sort the “can’t pay” from the “won’t pay”, a vital distinction in our collection regime. It is amazing what you can achieve by simply talking to somebody and assessing whether any problems that they have are genuine or simply designed to delay and frustrate the process. By talking and listening we are able to evolve a relationship of trust which in turn leads to the successful resolution of a debt.

 

So looking at the comments above, yes you can threaten the debtor will all sorts of things but showing a genuine intent to resolve a problem often means that the threats and more importantly the costs of the threats, are not even needed.

 

So in short, the view here at Eurofees is that a reputable debt recovery company takes the time to get to know its clients like it does its debtors; it acts with honesty and integrity at all times, it keeps the core value of representing its client and some would say most importantly, it recovers outstanding debts as it says it will.

 

Remember bullying gets you nowhere, but diplomacy does.

 

We will, in the next week provide a further blog looking at regulation of the debt recovery industry. While some would serve to feather their own nest by suggesting it is an unregulated industry, this couldn’t be further from the truth and the new regulations imposed at the beginning of April 2014 clearly show this.

 

Remember, if you wish to discuss any of the aspects of this blog, or indeed any aspect of debt recovery, please contact Eurofees and we will be happy to help.

 

Eurofees Debt Recovery



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