Debt collection agency

What is a debt collection agency?

Debt collection agency is a company that specialises in debt collection they normally charge a commission or a set fee for the activity of debt collection.

What are the common debt collection agencies in Australia?

Some of the very large to collection agencies are organisations such as a corporate and each which do a lot of the debt recovery work for large banks and large corporate institutions. Then there are other debt collection agencies that do work for small businesses and a highly specialised in terms of their clientele and normally based around a specific location. You can normally find these types of debt collection agencies through organisations such as the Institute of mercantile agents Australia. We have a link to them at the bottom of the site.

However it is necessary to note that it is extremely simple to send a letter of demand and that a letter of demand can be sent by anyone and prepared on their own without the assistance of an agency who will charge for this service however it is still recommended that you seek the advice of a professional in relation to collection as are many pitfalls which can result from not having professional advice and you could end up wasting more money from not getting the debt collection process correct in the first place. This reason is paramount in making your first decision about a debt collection agency and how professional they are to what degree they have experience in the field which you require it.

You should always ask a debt collection agency before they take on work for you if they have done debt collection in the industry which you work in and if they can assist you because of their experience with this industry as there are different expectations about payment in particular industries. In particular the building industry has an entirely different payment dispute process to some other industries in New South Wales under the building and construction security of payment act this industry has its own payment dispute process which is separate from others. If you have an agent who is not familiar with this process it can result in waste of time and money and it is necessary to be careful what agencies selected for this purpose.

Debt Collection Letter Resources