Consumer Debt Collection / Recovery Why Use SGP?


Consumer Debt Collection

In many ways Consumer Debt Collection is more problematic than from your business customers. You are seen as the “big bad company” whilst they paint themselves as the poor, downtrodden consumer. We’ve all seen the “rogue trader” type programmes but when did you last see one on “rogue consumers” or “professional debtors”?

In addition, legislation which is intended to protect valid consumers’ rights is used by many to evade liability for genuine debts and there are a plethora of “debt management” companies out there for them to hide behind.

Consumer Debt Collection – So what can you do about being owed money and how can SGP help you get paid if you deal with consumers?

First, we can help you avoid the problem in the first place. If you need to give credit to consumers then there will always be a risk; you need to manage that risk by being prepared for when things go wrong. The key is your terms and conditions, especially if you want to recoup your recovery costs from your debtors as well as the debt. UK late payment legislation gives statutory compensation and interest for late payment by businesses only. There is no such automatic right from consumers, which is why you need to include it in your terms & conditions. SGP can update your t&c’s for you when you register, or even provide you with some if you don’t already have them.

If you already have problem debts due from consumers then looking at t&c’s is shutting the door after the horse has bolted. This is where having access to a team of professional Collectors, armed with state-of-the-art information and tracing systems, is the best way to collect your debts.

Consumer Debt Collection – What type of consumer debt do SGP collect?

SGP are experienced in collecting all types of consumer debts – from household building works, sale of goods / provision of services, independent school fees, state school expenses needing to be recouped, payroll overpayments, vet and gym fees and all others. We also have a specialist team dealing with debts from financial services.

Consumer Debt Collection – How consumer’s try to avoid paying their debt

Using SGP ensures that your debts receive the maximum attention whilst complying with all the relevant legislation. We are adept at dealing with the debt management companies and the CAB. Isn’t it amazing how their Income and Expenditure forms always “prove” they can only afford to pay you £1 a month? Who challenges the £30 to the debt management company? The cigarettes? The Sky television subscription? The pocket money to their children which exceeds what they plan to pay their creditors? Who notices when there are expenses for a household including more than one adult but only one income included? SGP does.

What happens when you receive paperwork that says a debtor is going in to an Individual Voluntary Arrangement (IVA)? Do you have the knowledge or the time to contact enough other creditors to prevent it being voted through? Or propose relevant variations to a proposal where it is genuinely is the best way forward? SGP does.

Once you register with SGP, you have the experts on your side for the lifetime of your business.

To discuss your requirements at no cost, and at no obligation, please call us.

Steve Fraser ACA – Finance Director

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