There’s a smart way to go about business, especially important when economic times are difficult and circumstances are sensitive. Special collections solutions are essential for banks, building societies and credit card lenders in securing prompt payment.
Oriel has proven and refi ned collection techniques for collecting debt, allowing businesses, banks and building societies to benefit from the fast recovery of cash into their organisations. An uncertain economic climate impacts upon banks, building societies and credit card providers in particular; as consumers feel the squeeze and mortgage and credit card arrears increase.
As consumers face this increased personal debt, a much more targeted, strategic and smarter approach to debt recovery is required. For more information about how we can help, please call 0845 226 1816 or email our collections team.
Tailor-made services
We have the resources to offer bespoke services to clients, including confidential telephone collections and recovery of product where appropriate.
Trace capabilities
A full letter and telephone trace service is provided to our clients as part of our consumer collections package. Using a number of innovative tools we are able to locate and trace debtors that have moved away or changed telephone numbers.
Written-off debt
We hold an impressively high success rate in collecting written-off debt as well as potential bad debt, utilising a number of methods to achieve this record of successful collections.
Ethical working practices
Everyone in our teams works within legislative, regulatory guidelines, and adheres to industry codes of conduct. We’re also an active member of the Credit Services Association and the Debt Buyers and Sellers Group.
Fairer collection fees
Our debt recovery services typically work on a ‘no success, no fee’ commission basis, or a ‘no trace, no fee’ basis. It means we only get rewarded for successful recoveries or traces.
With Oriel you can count on our resources and expertise for the fast, no fuss recovery of cash into your organisation – even in an increasingly difficult economic climate.
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 definite 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.
