10 Questions You Should Ask Your Debt Recovery Company Before Registering

1. How long has your company been is business and what is your Company Registration number?

SGP started trading in 2004 and our registration number is 3981560

Why ask this question?

This information will allow you to check the trading status of the company for free via the Companies House website, www.companieshouse.gov.uk, under the “Webcheck” section.  You should never deal with any company whose accounts and annual returns are not up to date or dormant. Do not contract with any company whose trading status is anything other than active. In addition, you can also use this free government website to check the trading status of new customers wanting to trade with you. Your business taxes paid for this government department, so make use of it!

2.             Who are the Directors of your company?

Our Directors and key members of the company can be found on our “Our Staff” page.

Why ask this question?

Legally, as a Limited Company, we are required to give this information if asked.  If the company does not want to give this information, you should question why this is.

3.             How many clients do your Account Managers manage and what IT system do you use?

Between 250 to 350 per Account Manager and we use GoldMine 8.5 Professional.

Why ask this question?

How visible is your account? If your Account Manager cannot service all of their clients, your debt will receive little attention.  Plus, recovery companies who invest in CRM or collection software have a higher success rate as opposed to those who work from paper files.  SGP use a state –of –the art system called GoldMine 8.5 Professional, with a bespoke template created by SGP’s Managing Director to ensure debtor contact is both maximised and monitored

4.             What payment methods are available to my debtors?

Debtors can pay by Cheque, Standing Order, Bank transfer, Credit or Debit card.

Why ask this question?

As cheques become less frequently used, it is crucial that a recovery company can accept Card payments.  If not,  this may show that the recovery company is not in the financial position to obtain this service from their bank, or that they do not see the increased benefits of this service against the internal costs of usage. Card payments allow debts to be collected faster allowing swift remittance to you.

5.             How quickly will you pay collected monies to me?

Although the OFT guidelines state that recovery companies should remit recovered monies to their clients every 60 days, SGP remit payments 50 weeks a year.  The benefit of having a Chartered Accountant as a Director is that all finance activity is dealt with in house and our levels of integrity and security are second to none.

Why ask this question?

Most recovery companies submit payments to their clients monthly and the County Court submits debtor payments only when the debt has been paid in full.  As SGP submit payments to clients 50 weeks a year, our clients receive their funds in less than half the time of some of our competitors.

6.             What debt do you not collect?

We do not collect debt due to private landlords or the car repair industry.

Why ask this question?

It is naïve to assume that all debt is recoverable. In our experience private rental debt (although we have a high success rate for commercial rental debt) and car repair debts are mostly unrecoverable due to debtor profile and cases of fraud. Therefore, rather than provide our clients with a poor service, we feel an honest approach goes someway to improving the image of our industry.

7.             What geographical territory do you collect in; can you give me specific examples of which countries?
   

SGP have recovered debts from all of the following countries:Australia,China,Eire,France,Germany,Greece,Holland,India,Italy,Jordan,Northern Ireland,Poland,Scotland,Taiwan,United

Arab Emirates,USAand more. For full deatils and listing view our Global Debt Recovery page.

Why ask this question?

All industries have companies who say they are specialist but in reality are not. SGP therefore list the countries we have collected from. Our testimonials page also includes full references showing this service in action.

8.             When can I speak to my Account Manager?

You may speak to your Account Manager at any time during our business hours. Indeed, we have a no voicemail policy, which means you will always get to speak to a person and not a machine.

Why ask this question?

There are many companies in our industry who restrict access only allowing contact with the Account Manager on certain days. At SGP you may speak to your Account Manager at any time during working hours and we employ a ‘No Voicemail’ policy

9.             Do you have any references?

Our website has numerous testimonials shown in full; please take some time to read through some of our client’s comments. View all SGP Testimonials here.

Why ask this question?

Many websites show short extracts from references which if genuine require you to contact the company for full details. In most cases you neither have the time nor inclination to do so.  In our policy of ‘open & honest’, our clients have generously agreed to have their full reference including company details placed on our site. With references from 2005 onwards, our client’s comments are clear indicator of our honesty and integrity. We leave older references to highlight the length of time we have successfully traded.

10.             What Licenses do you hold?

Office of Fair Trade Consumer Credit License No -  565822

Information Commissioner’s Office, Data Protection License – Z1691022

Professional Indemnity Insurance – Current policy

Why ask this question?

Aside from having in place the relevant licenses, we believe that all professions should carry insurance both for their and their client’s protection. This is also an indicator of how seriously a company takes its responsibility for its actions.

 

            

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