Corporate Debt Recovery

 

Corporate debt recovery can be a time consuming and fruitless task for many small to medium sized businesses. Recovering outstanding debts can be complicated by the fact that many businesses will understandably not wish to damage existing client relationships. This can make the task of collecting that money a delicate negotiation.

Additionally, the current economic client is having a detrimental impact upon the payment behaviour of many businesses and individuals. In January 2008, media reports estimated that the amount owed to British SME’s in non-payment was £18.6bn. As a consequence 1 in every 5 UK businesses now employs someone specifically to collect its outstanding debts.

 

Mitigating the risk

Whilst debt recovery is set to play an increasingly important role in all businesses given the current economic climate, it is those businesses with effective credit management policies which will be best placed to withstand the recession. We have produced a simple guide entitled “7 ways to reduce your business’s debts” which outlines some simple measures which should be looked at when putting in place your credit management policy. This can be downloaded for free from our website.

Even with good credit management practices in place, at some point most businesses will be forced to try and collect monies due from a proportion of their existing clients. Many of those businesses may lack the skills or resources to do it effectively, and outsourcing this work to a specialist corporate debt recovery agency can free up the credit department to focus on other areas of the business.

There will undoubtedly be numerous reasons why your clients may not have paid. Some will have simply forgotten, some may have run into financial difficulty, and some may be deliberately avoiding or delaying payment. The ability to be able to determine which client falls into which category, and to apply an appropriate collection strategy, is the key to maximising effective collections and maintaining your valuable client relationships throughout the process.

 

Why choose On Demand Collections from Intrum Justitia

Intrum Justitia is a recognised leader throughout the world in the field of debt collection. We have over 90,000 clients ranging from large multi-national businesses through to small privately owned companies operating in all market sectors.

With over 80 years of experience in collecting debts, we have developed a wide variety of campaigns encompassing a broad spectrum of the most effective contact techniques and payment methods. Those contact strategies include letters, telephone calls, e-mail, SMS etc. and are used depending upon their appropriateness for the particular debtor in question. Additionally, where some debtors may be difficult to locate, we can provide tracing facilities and where necessary, legal activity can be taken where authorised by the client.

Intrum Justitia has a dedicated commercial debt collection department specialising in the complexities of business debt. This team is further split into client and sector specific teams to ensure that they develop a deeper understanding of the clients they work for and the sectors in which they operate.

 

For further information regarding our corporate debt recovery service, please go to On Demand Collections or call us on 0870 414 0044.