Third Party Collection

I'm afraid 'tomorrow' has been a long time coming on this one! I had to go to London - and then I had to get back, which is not always quite as easy as it looks on paper. And, of course, having got back, I found a pile of paper!

Getting back to using debt collection agencies - using a third party can, of course, be a very powerful psychological tool. A lot of defaulting debtors don't like the idea that a third party will be aware of the state of their account and believe - quite rightly these days - that it could adversely affect their credit rating.

The downside is that using an agency to deal with defaulting debtors means that you can lose control over those accounts unless you set up a foolproof system of liaison between the agency and your own credit control department.

And, of course, you need to carefully vet any agency with whom you propose to do business.