Why Choose Debt Recovery?
Simply put, debt recovery is the process of getting money back that is owed to you.
A debt recovery agency can facilitate that by dedicated resources to chasing your debt. There are many methods of contact and strategies that can be deployed in recovering a debt and any good debt recovery agency will utilise these at the right time to secure a result.
Why would you choose debt recovery however when there are other options such as chasing the debt yourself or taking the matter to court? Here is our guide to why a debt recovery agency is your best option for securing repayment.
Debtor tracing software.
We are able to scour credit files and lenders to find the latest contact information on your debtor.
Integrated technology in strategy.
To assist our hard working team of collectors, our IT systems play a vital role in ensuring we make contact with debtors as often as possible, via as many methods as possible.
Improved client portal.
Alongside being an early adopter of the client portal in the industry, we have recently revoluntiomised your gateway to your debt cases with a new and improved, simple, transparent system.
Cost effectiveness.
If you were to take a debt to court, you would be required to pay a fee to submit the claim to the court, you must also pay for a court hearing fee and any administrative fees in the process. This can differ based on the value of the debt. Even after all this, if you are awarded a CCJ, it doesn't guarantee you'll be paid. You'll be given a judgement which says a debt is owed, but the debtor may still delay, avoid, or object.
With a debt recovery agency, you are paying for the persistency of work towards achieving the desired result, your money back. With obtaining a CCJ, the process is paying towards a judgement but not a payment.
A faster option.
The British legal system is not renowned for its speed or efficiency. Taking a debt to the courts or small claims court for debts under £10,000. Filling out the forms for a claim can be done relatively swiftly. However, once you have paid your fee for filing a claim, the process of getting a hearing is where the claim can stumble.
Not only can receiving a hearing date take months, even if the hearing takes place and is ruled in your favour. As above, the judgement is simply an acknowledgement by the court a debt is owed. Taking all the time to wait for a hearing and preparing your case, arguing your corner and the day spent in court, could be spent chasing and speaking to the debtor without the need for the legal system.
The amount of time for a small claims court hearing to take place differs depending on who you ask. Some industry bodies claim 3 to 9 months with others saying it can take as long as 11-12 months to get to your hearing. This is a lot of "dead" time waiting for a date which could still not guarantee you will be paid.
Save time.
Lower stress levels.
Cost effective.
Active chasing of payments.
Stress free.
We often get asked is it possible to conduct debt recovery of your own debts yourself? Without going into specifics, it is possible, but the opportunity cost of your time and energy spent chasing debtors is often not worth the hassle.
To get the best chance of recovering a debt, consistent contact needs to be made, with time dedicated to arguing the case, overcoming disputes, providing legal basis for arguments and negotiation for either settlements, payment, or agreements. For you to take this time out of your schedule, reduces the time you can spend doing what you do best, managing your own business or time.
Debtors can be stressful to deal with. They make excuses, they avoid calls and they cause delays. Rather than having to tread the same ground week after week, knowing a team is on hand to maintain that dialogue and keep the matter alive provides peace of mind that your debtor knows we are on your side and the matter is not going away.
Testimonials.
Case studies.
Ayom legal team speeds up £50,000 debt recovery process
Ayom recently managed to secure over £50,000 for a European company whose debtor was based here in the UK. Ayom works on a number of cases each day for debtors in and outside of the UK. Likewise our customers come to us from around the world. In this case the supplier was an EU company who had supplied goods and services to the debtor. The debtor refused to pay their invoices and tried to avoid payment.
Advice from our legal team on the debt recovery process is essential. They have the knowledge to refute disputes like this. They also know what outcomes are likely for both debtor and client. Their knowledge informs our debt collectors and assists our strategies.
Partners & affiliations.
