Jobs lost as Debt Collection Firm enters administration.

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Preston bJob loss at debt collection agencyased Debt Collection Agency Progress Financial Recovery Ltd have entered into administration after long running financial troubles eventually took their toll. The company is rumored to have been experiencing financial difficulties for some time and as a consequence, a small number of staff have lost their jobs due to compulsory redundancy.

This was publicly announced in the London Gazette a few days ago much to the dismay of their clients who it is believed had little or no knowledge of the situation.

Progress FR provided a range of debt recovery services to businesses and private individuals across the United Kingdom on a so called ‘no win – no fee’. The administration of the company is believed to have left a number of their Clients in limbo and debtors alike causing confusion and financial distress to many.

Once again, this scenario highlights the unnecessary risks some companies will take chasing a seemingly ‘no financial risk’ or ‘cheap’ debt collection service and demonstrates the importance of choosing the right debt collection agency for yourself or your business. With over 400 debt collection agencies in the UK it clearly is beneficial to be diligent when seeking the best debt recovery solution.

Tony Smith, from a leading debt collection agency comparison site advised:

When choosing the best debt collection agency for your business, you need to make certain key decisions and apply due diligence. I can not stress the importance of choosing a professional and credible agency”

He continued: “The administration of Progress FR will now result in debts not being collected, or debtors claiming to have paid when they have not. It will also prejudice any future actions, as well the Clients being left in the dark about what has been paid.

Those affected by the collapse of Progress Financial Recovery are advised to contact the administrators Begbies Traynor who are dealing with the case. It has been confirmed that the company had little or no assets so any creditors of Progress are unlikely to see any return.

 

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