We work under the late payment of commercial debts regulations 2013 which allows businesses to charge a business debtor interest and reasonable recovery costs.
We charge a case management fee of £40 per case to take on the debt recovery. You are also responsible for any disbursements such as court costs and process serve fees.
When we successfully recover the debt we charge an agreed percentage of the debt; this is usually between 10 and 25% of the debt depending on various factors such as the size and age of the debt.
For undisputed debt you may wish to consider using the The Insolvency Act to recover the debt. The Act basically says that if a company owes you £750 or more, or an individual owes you £5,000 or above, then they must pay you in full or come to an agreed arrangement within 21 days of having a statutory demand served upon them.
Failing to make payment or agree payment arrangements they risk being made bankrupt in the case of an individual or a winding up petition issued against them in the case of a company. This approach can help focus the debtor to come to payment arrangements or make full settlement.
Do you require a door step collection or recovery service? To find out what is going on at a property; recover possessions; or collect money?
We have a national team available to visit your debtor. With our online reporting system you can be updated in real time. We can take photos of properties, assets and when required facilitate doorstep debt recovery. The visit can be used to see if it is worth litigating against the debtor.
This service is for business to business debt and for employers who have employees that have left with company property. We do not do recovery for debts subject to the Consumer Credit Act 1974.
Business to Consumer, or Landlords collecting from tenants, is difficult territory and we find that letters, calls, texts and even visits do not work that often. Consequently, we no longer provide a service doing this.
For these debt collection situations we suggest you consider using the government Money Claim Online service to gain a court judgment. We can then help by executing writs for any judgments you obtain.