Debt Recovery Services
For proceedings in the United Kingdom, on receipt of instructions we will check the information supplied and, if necessary, request further details.
Assuming that the information is sufficient to enable us to proceed, we will normally prepare and send a formal letter demanding payment in settlement (usually within 14 days from the date of the letter). Instructions supplied by 3.00 p.m. can normally be processed the same day.
Often in 6 or 7 matters out of every ten, payment is recovered within the time limit specified in the letter. Clients must let us know if direct payment is made or if there is contact from the debtor resulting from the letter before claim. If payment is not made within the time limit specified, we will review the file and discuss means of recovering the debt with you (if we have not already done so). We work very closely with our Clients at all times to try and continually improve their own credit control and ensure that the information that we are provided enhances the chances of recovering the debts that they are owed. Since 1998, with the introduction of the Commercial debts Interest Act, we are often able to recover on business debts compensation towards our Clients costs of chasing unpaid invoices, as well as substantial interest payments (currently 8% above Bank base Rate).
Unless details are provided of a contractual rate of interest, statutory interest (currently 8% per annum) is added to the amount claimed from the debtor, and compensation between £40 - £100.
In the event that it is necessary to issue court proceedings, we will keep you advised with the progress of matters. Should a matter become defended, we will assess the merit of the defence with you and may suggest that we refer the matter back to the court with a request for a judge to consider the matter without the need for a hearing or with an application for summary judgment (on the basis that although a defence has been filed, there is realistic prospect of its success).
Should the debt still remain unpaid once a judgment has been obtained we will advise on the most likely method of enforcement according to the circumstances of the debtor. In some circumstances we will advise on the merits as to whether it might be appropriate to consider Winding-up or bankruptcy proceedings.