What are your charges and can I add these to the debt?
On average, we charge 10% commission against monies recovered only. These fees are added to the debt together with any additional accrued interest due. Our commission rates are negotiable depending on size and age of debt and these will always be pre-agreed before you instruct us.
Is there a debt too small to recover?
No! We will take on any size debt and charge an agreed commission against monies recovered only.
Is a debt too old to recover?
We will attempt to recover any age debt that is not Statute Barred (in the UK over 6 years old). In some cases we can attempt to collect older debts if there are special circumstances such as there have been contact within the last six years. Please do not hesitate to ask and we will advise what your best options are.
What is your success rate?
Our processes are normally completed within 14-21 days, however the debtor will usually make contact within 7 days to start discussing payment. We have successfully completed some cases in as little as 48 hours. The majority of cases are paid in full within 2 weeks. If a debt is recoverable then we have a 95% success rate. Providing the debt is not disputed and the debtor has the ability to pay we will recover it for you.
How do I instruct you?
Instructing us is a very simple process. We only need to know the name, address and the amount to be recovered plus copies of invoices/statements due. Any other correspondence/ communications you have on record will help to effect a speedy recovery.
How long does the process take?
A pre-legal debt collection process is usually completed within 2-4 weeks. However, in many cases once we have been instructed the debtors are keen to resolve quickly to avoid any adverse information being recorded against them. We normally make contact with the debtor within the first 7 days and settlement normal follows a few days later. We have collected debts within a few hours as the debtor often makes a prompt bank transfer upon receipt of our emailed introduction letter.
Does the debtor pay you or us?
We always request payments to be made directly to you. To avoid delays we even request our fees to be included in this payment . We will then invoice you for our fees once the money has successfully cleared your account.
What can I do if a debtor is in Administration/Liquidation?
If the debtor is in Administration/liquidation it would not be possible to go through the usual processes. We can contact the Administrator or Liquidator on your behalf to assess the possibilities of a payment/dividend. Normally you will have received a Proof of Debt form to complete and if you have not already done this we will do it for you.