FAQ: Commercial Debt Recovery
But what if legal action is required?
Our approved solicitors have unrivaled experience and expertise in the litigation legal process. They will always advise and act according to your best interests and inform you promptly of all developments in your case.
How do we receive payment?
Once your debtor has settled the outstanding sum in full, you will receive payment within seven working days, either by cheque or direct transfer to your company bank account.
How does the commercial debt recovery process work?
Our first step is to contact the debtor by letter instructing them of the outstanding debt and our appointment as your recovery agent. This is followed by telephone calls to confirm receipt of our letters and, where appropriate, to coincide with the telephone communication a doorstep visit with a further copy of the letter to ensure receipt. Frequently, this approach leads directly to prompt settlement however, in some cases, greater persistence is required and, in these instances, we will utilise all available legal avenues to encourage payment.
How much does the debt recovery cost?
We treat each debt as a unique case and so the cost of recovery varies depending on the size of the debt and the geographical location. A rough guide is a negotiated expenses fee followed by a percentage commission upon successful recovery of your debt.
Iím worried that a debtor may approach me during the recovery process?
Once we are acting on your behalf we instruct the debtor concerned that all correspondence are to be directed to us and that no contact is to be made with you or your company. You will be provided with a contact telephone number for use outside office hours in the event of you requiring any assistance or advice.
What do I do next?
Simply complete an enquiry form or contact our office using the contact us link on our website homepage and one of our operatives will take you through the range of options and services available to you. If preferable, a face to face meeting with one of our senior management team, with no obligation to yourselves, can be arranged to discuss the particulars of your case.
What happens to the information we provide?
Any information provided by you or about you is strictly confidential, stored securely and will not be divulged to any other party without your consent. We comply with all the relevant protocols and requirements of the Data Protection Act.
What information do you require?
The more information you provide, the more efficient the debt recovery process becomes. Basic information such as the amount owed, by whom, since when, debtors address etc and copies of invoices and communications all assist us to recover your money. Additional information, no matter how seemingly insignificant, is always helpful.
Why not use a solicitor to recover my outstanding debts?
A solicitor will charge you an hourly rate and, if the recovery process requires arbitration or negotiation, your costs can spiral out of proportion to the debt. Even a court judgement in your favour does not guarantee payment as debtors recognise that enforcement action is often inefficient and ineffective.