Having monies owed to you will only go towards hindering your business potential. The right commercial collections partner will prevent this from happening – ensuring prompt payment and giving you more time to concentrate on getting on with your business.
At Oriel we have the capabilities to collect anything from a single debt to full outsource sales ledger management in your name. Chasing payment of overdue invoices is an everyday reality in business today, and is nearly always time consuming and awkward. Without the right negotiation skills to ensure successful outcomes, cash flow is often compromised and, subsequently, growth adversely affected.
The process of recovering monies owed needs to be as painless as possible to avoid compromising client relationships: an important driver for many people who want to recover debt but still maintain valuable customer relationships.
For more information about our Commercial Debt services please call our Collections team on 0845 226 1816 or email our collections team.
The right combination for consistent commercial collection results
We currently collect in excess of £100m of commercial debt on an annual basis, and typically charge on a ‘no success – no fee’ basis. A combination of tenacity and humanity is what helps us gain such levels of success, along with a sharp knowledge of the law. It’s led to a record that consistently exceeds our customers’ expectations. Delivered by dedicated collections teams, the key features of our commercial collections services include:
• A bespoke service – from gentle outsourced credit control through to debt recovery and litigation
• Single debt to full outsourced sales ledger management
• A sensitive yet fast and effective approach
• Written-off debt collected
• Negotiating awkward disputes with debtors
• Maintaining client relationships
• In-house legal case management (where appropriate)
With Oriel you have the knowledge that monies owed to you are being collected whilst, importantly, valuable client relationships are maintained. Saving you time and ensuring payment for ongoing growth.
For more information about how our Collections team can help please call 0845 226 1816 or email our collections team.
FAQs
Do you provide trace & collect services?
Yes we can, with varying levels of detail in which we can search debtors including telephone numbers and last known addresses.
How many people work in your company?
We have over 100 people across the Oriel group with capacity for considerable expansion
Are you members of any professional bodies?
Yes we are full members of both the Credit Services Association and the Debt Buyers and Sellers Group.
What’s the cost of collections?
The cost will be dependent on the age of the debt, values and numbers of accounts but will usually be based on a ‘ no success – no fee ‘ basis
How long does the collection process take?
There is no definate answer to this question as all debts have different points at which they will pay. Some may pay immediately and others may take longer or even require legal action. Generally after 4 to 6 weeks if we are unable to recover the debt our free report would advise of the best next course of action eg. legal action.
What is your success rate?
Very good. We pride ourselves on above average collection rates in the industry. All debts are different so we have found that structured yet flexible approach to each account yields the better results than a 'blanket, through the mill' approach. There will always be a percentage of cases where the debt is disputed, the debtor has absconded or the debtor is insolvent. In our experience it pays to take action as soon as possible, otherwise you may find that you were too late.
How can I improve my debtor days outstanding?
We all know that businesses survive on cash flow. Therefore it is important to keep on top of your sales ledger. The most important thing when dealing with late paying customers is to maintain credibility by following through with your threats. So if you send a letter advising that if their invoice isn't paid within 7 days the account will be passed to a debt recovey agency it is important that you do this once the 7 days have expired and don't recontact the customer or send another letter. This way you maintain credibility and the customer believes that you will enforce your credit terms.
Can you provide legal advice?
Oriel are happy to discuss any debt related questions you may have and can advise you if we believe legal action is necessary and the possible outcomes etc. We also have our own company Solicitors that assist us with any indepth legal advice.
