Debt Collection and Recovery
Debt Recovery often also referred to as debt collection is unfortunately part and parcel of running a business. It is a term used to describe a creditors attempt to recover sums that are owed to them. Slow and non-payers pose a very real risk to business and can create uncertainty and in certain circumstances damage the reputation of a business due to the impact it can have on cash flow. This in turn can impact a business’s own ability to settle its own liabilities.
Our debt recovery and collection service is fast, efficient and cost effective. We offer a comprehensive quick legal debt recovery service and represent clients of all sizes to include individuals, sole traders, small and medium businesses and large corporations. We work for a variety of clients from high street names to one man bands. We offer debt recovery services in the UK and internationally.
We are a long established boutique firm that is backed by a team of lawyers with a proven track record. We have sophisticated processes in place that enables us to tailor our services to your needs. We can handle small one off cases right though to large volumes of cases. In addition to this, we specialise in disputed debts and can are able to advise you no matter how complex the dispute. We pride ourselves on being a one stop affordable solution that is tailor made to your needs.
It is likely that you have a thorough credit control procedure but there will always be an occasion where despite your own extensive efforts you are not able to obtain payment. This does not mean this should be the end of the road and you should seek recovery from a debt recovery specialist. We repeatedly see that escalation is key and often payment is received quickly once we are instructed. The reason for this is usually because you are then pushed to the top of the payment queue as when a company is experiencing cash flow difficulties they will be paying the companies that shout the loudest. Alternatively, it may be that the debt is disputed and our involvement can resolve the dispute to enable payment to be released to you.
We treat every debt individually and ensure that we work with our clients to provide a tailored solution that is bespoke to their requirements. We can handle individual debts or entire sales ledgers.
Commercial Debt Recovery (business to business)
Our commercial debt recovery team is highly experienced and are skilled at working to maintain your brands reputation. We understand the impact that customers that pay late can have on a business and its cash flow. Often we are passed debts that a company has been chasing without success for many months. This is a hidden cost to your business and can be a frustrating task. We are able to act quickly and are skilled in resolving any real issues that may be delaying any payment of your invoice. This coupled with the escalation to a third party gives you the best prospect of obtaining payment promptly and therefore reducing your debtor days and maintaining a healthy cash flow. It also leaves you more time to concentrate on the growth of the business.
Consumer Debt Recovery (Business to individual)
Our consumer debt recovery team understand the challenges that you can face recovering debts. We ensure that we comply with debt collection laws and regulations and act in accordance with the Pre-Action Protocol for Debt Claims which came into force in October 2017. Our experience enables us to swiftly resolve disputes that may be delaying payment and we are quickly able to ascertain if a client is able to pay. In the event they are not, we will request evidence of their income and expenditure and evaluate this in accordance with the Standard Financial Statement to enable us to provide you with accurate guidance on any payment proposals made in accordance with current spending guidelines to ensure you receive payment of your debt in a timely manner. We are determined to recover the money owed to you to protect your business and ensure you maintain a healthy cash flow. We ensure we always act fairly and ethically to protect your brand reputation.
Debt recovery overview
The reason why debtors do not pay varies but in many cases there is no dispute. Our debt collection and recovery service starts with a letter before action or late payment demand. If there is no response or the response is unsatisfactory we can proceed to issue a claim for a county court judgment. The debtor then has 14 days to respond, which can be extended to 28 days if an acknowledgment of service is filed. After that an application is made for a county court judgment or “CCJ”.
Once judgment has been obtained and if it is not paid we take steps to enforce the judgment using tailored enforcement appropriate for the debtor.
In the alternative, if the debt is not disputed you have the choice to use the insolvency route by issuing a Statutory Demand and if payment is not received issuing a Bankruptcy (Individuals) or Winding-up Petition (companies)