In January 2013 the High Court shut down 3 Debt Collection Agencies from Yorkshire and placed them into liquidation because they were involved in dishonest practices and could not be trusted.
Amongst those practices included charging the customer an upfront fee of up to £595 to provide debt collection services which were not entertained consistent with their own terms and conditions and improper accounting.
During the trading period of 2 of the agencies receipts into the known bank accounts totalled over £145,000, but due to the absence of proper accounting records it was not possible to identify monies paid into the bank accounts from debts recovered on behalf of clients. Accordingly as a result of the insolvency process it is uncertain whether clients who had their debts collected but not paid will ever see their money.
In order for your business to be a success you need to trust third parties you outsource to. Do not refer business to a Debt Collection Agency (DCA) that has worse cash flow than you because as above if they are wound up you may never see the money they collected. Interestingly the 3 DCA’s were solvent, it was their dishonest practices that encouraged the courts to intervene. The risk of a No Collection No Fee DCA without upfront fees going bust is so much higher than a DCA that charges a registration, passport fee or similar.
The truth is more and more DCA’s are charging upfront fees not to scam their customers but to sustain their cashflow in a high risk environment to ensure they can meet customer expectations.
Debt Collection Master
Subject to a Passport Fee, Master Collections offers an award winning No Collection No Fee debt collection service for 5 years at low commission rates. Features include:
- Results driven service based on No Collection No Fee.
- Commission based on the age of the debt from as little as 8% compared to the industry average of 15%.
- High level of service in contrast to no upfront fee No Collection No Fee DCAs.
- Legally qualified Account Manager that is a Legal Executive registered with ILEX supported by a top city solicitor.
- Each letter of claim is tailored to the facts of the customer’s business and case.
- Debt Recovery Assessment on whether a debt is collectable making recommendations on quickest recovery option.
- Master Collections client account where all debt collected is paid into.
- Dispute Resolution all inclusive, Master Collections only charge commission if the debt is collected.
- Regular Progress Reports.
- Clients are paid 7 days after the debt collected has cleared.
- Proven track record in collecting debts quicker than solicitors and where other debt collectors fail.
As a result of the above features you can trust Master Collections to collect your money quickly, legally, certainly and cost effectively with the least amount of stress to you. Unlike most solicitors Master Collections will assess whether a debt is collectable from the outset, saving you time and money. Furthermore because we collect your money into our client account subject to successful collection no matter what happens you will get paid. For the debtor’s that dispute your debt(s) you can trust the advice of Master Collections because you will be given an Account Manager that is a Legal Executive supported by a top city solicitor. This is all points to an increase in cashflow subject to the age of the debt at a greater return than other DCA’s.
Can you Trust Master Collections ?
Master Collections is a family business that has been trading for 8 years with reliable cash flow, for those that have access to credit referencing feel free to check Master Collections, Company Registration No. 5505973.
Master Collections is not run by accountants or professionals with no legal qualifications, it is run by Carlo Pegna who is a Legal Executive and the ICM 2007 Credit Professional of the Year. Although DCA’s are not regulated like law firms Carlo manages Master Collections just like a law firm, client money is kept separate from office money and when recommending legal proceedings Master Collections set out the risks and costs of the same.
For details on how Master Collections has helped and continues to help businesses all over the country click the link below for Case Studies.
To find out how Master Collections can help you call award winning professional Carlo Pegna on 01920 481467 for a FREE debt recovery assessment.