Debt Recovery Solicitors vs Debt Collection Agents

If you are owed money that isn’t being repaid then you are probably wondering how you can get it back. The two main options available are debt collection agents and debt recovery solicitors. But which is best?- No doubt, solicitors sound more expensive, but what are the benefits of using a law firm? Join us now as we give you a rundown of the top five reasons why a solicitor could achieve more for you than an agent. 

A Solicitor Can Activate Court Proceedings

Agents can only request that money be repaid. As a result, these requests are often ignored. Solicitors on the other hand can actually begin court proceedings against the debtor. And as you can imagine, formal notice of active proceedings can be far more persuasive than a mere request. 

A Solicitor Knows Your Legal Position Instinctively

Debt recovery solicitors often resolve disputes swiftly because in most cases they can evaluate your legal position straight away. This means they’re more likely to accept any case that has merit. However, debt collection agents may turn a job down if it is disputed, even if the dispute is spurious. 

A Solicitor Will Always See The Bigger Picture

If you’re in business you never want to alienate your clients. Thankfully solicitors are masters of the softly-softly approach, if that is what you require, which means you can maintain good relations after a debt is settled. Agents, however, sometimes preclude this outcome by acting too robustly, especially if they are working for incentives. 

A Solicitor Has A Higher Duty Of Care

Solicitors are regulated by the Solicitors Regulation Authority and The Law Society. This means they have a solemn duty of utmost good faith to act in your best interests. In contrast, agents are regulated by the Financial Conduct Authority, which aims to protect consumers – in this case, individual debtors. 

A Solicitor Can Help Protect You Going Forward

Unlike debt collection agents, debt recovery solicitors can help protect your business from the legacy of outstanding debts in the future. They do this by ensuring you use the right terms and conditions as prescribed in legislation. For example, with the right wording you can also recover any third party cost of debt recovery. So there you have it. That’s our rundown of the top 5 reasons why debt recovery solicitors are more useful than debt collection agents. If you are owed money and want to know more about our service, simply call us and speak to one of the team.

14 March 2016