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DEFINITION of 'Bank Guarantee' A guarantee from a lending institution ensuring that the liabilities of a debtor will be met. In other words, if the debtor fails to settle a debt, the bank will cover it. (Investopedia)

A collection agency also known as a debt collector, is a business that pursues payments of debts owed by individuals or businesses. Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed. (Wikipedia)

Collection agencies have four methods to collect a debt: letters, direct contact, reporting the debt to credit reporting bureaus and suing for the debt. (ehow.com)

Debt collection and debt recovery sound like they have the same meaning, but there is a subtle difference. Debt collection involves general measures taken to recover money owed by late payers. This might include telephone calls, reminder statements, specific ‘collection’ letters that request payment, or a pre-court ‘Letter Before Action.’

Debt recovery, on the other hand, is the recovery of a debt after it has been written off in a company’s accounts. So let us take a closer look at each of these terms. (http://collectionagencies.expertmarket.co.uk/What-is-the-Difference-Between-Debt-Collection-Debt-Recovery)