It is essential that lenders leverage all potential channels of communication to reach delinquent borrowers.

The number of debtor days refers to the amount of time it takes for a creditor to recoup their debt. Reducing the time of the average collection period is a vital component in ensuring your financial solvency.

The use of debt collection software and credit control software is key to improving the organisation and efficiency of your collections process. But what should you be looking for when investing in this technology?

According to recent search by Direct Line for Business, small and medium sized enterprises (SMEs) wrote off a total of £5.8 billion in debt over the last financial year.

Running a successful debt collection agency can reap mammoth rewards. But the path to success can be very challenging. Here we outline the characteristics and methods of a great debt collection agency: 

Lateral is thrilled to announce that it will be supplying C & L Collections (Corporate and Legal Collections) with automated debt collection workflows. Lateral Co-Founder, Ian McManus, is excited about the partnership: “It’s with great pride that we announce this new working relationship with C & L Collections. They’re one of the most successful debt recovery teams around. Lateral stand proudly at the forefront of innovation in the debt collection automation, and we’re delighted that C & L have selected us as their partner of choice”.