Debt Collection Questions and FAQ

Below are some debt collection questions which we hope to answer for you. If you have any other debt related questions not answered in our debt collection FAQs below, please send us an enquiry using the button in the box next to the FAQs.

If the Debt is disputed can you help?

Yes, we can often negotiate a settlement on your behalf, you will be informed of any offer of settlement and you can then decide to accept or reject any offer.

Who decides if the debt should be collected via legal proceedings?

We both do. If we fail to recover the debt with our initial chasing procedures we will normally recommend follow-up litigation action through our Solicitors. We will never commence any legal proceedings without discussions with you, the client, and you will always be kept informed. However, we are not obliged to take legal action to recover the debt and may decline to take the matter further if we think we cannot be of any further help. You may decide to "Write it off", or transfer the case to the high court, or use your own solicitor.

Can you help if I am interested in starting legal proceedings?

Yes. We work with specialised law firms which issue proceedings on our behalf, keeping costs to a minimum.

What happens if I receive payment directly from a debtor after you have been instructed?

As soon as we are instructed we contact debtors directly. Sometimes this is all that is needed to spur them into settling their debt, as they understand that we are determined to recover payment. If the debtor decides to pay you directly it is no problem, we will send you an invoice for commission.

What kind of information will you need?

If your debt is Business to Business (B2B) simply provide us with an invoice or proof of delivery in PDF format. This can be submitted via the website or by emailing info@tauruscollections.com

Do you provide legal advice?

We work closely with specialised law firms which operate in debt recovery. If your debt is disputed we can ensure you receive the maximum amount recoverable.

Can we claim any costs back?

There may be some recoverable costs, such as interest and compensation in accordance with the Late Payment of Commercial Debts (Interest) Act 1998. The compensation entitlement varies in accordance with the size of the debt: Sum to be paid to the creditor Up to £999.99 £40 £1,000.00 to £9,999.99 £70 £10,000.00 or more £100 Interest is recoverable at 8% above the Bank of England base rate.

What do I have to do to give you authority to recover a debt

Simply fill in the "submit a debt" form on our website and we will do the rest. Its that quick and easy!

What does your debt recovery service involve?

We contact your debtor by all means possible, in persistent and firm, structured and polite methods via: letters, emails, fax and telephone calls. Our aim is to work with your debtor to collect what is rightfully owed to you by firstly obtaining an admission of the debt, and then working on your behalf to negotiate full repayment of the debt. The results of tenacity and persistence in contacting your debtor by a third party collector, such as Taurus, can be quite remarkable.

What’s your success rate?

Our success depends on each individual case but we often enjoy up to 85 per cent success rates.

How long does it take?

Many debtors will pay up within 7 days of receiving just one letter from us. In other cases, we like to give our clients some positive news within 28 days.

How much will it cost?

We simply take a % of the debt collected, which ranges from 3-10%. We have a minimum fee of debts up to £500 of £50. Any legal action through the courts is undertaken by our affiliated Solicitors, who are experts in recovering the maximum amount possible in the court room, and this may involve upfront fees. All fees are recoverable in your claim however, and we do not instruct County Court proceedings until approved by you, the client.

Do I have to pay upfront?

No. We offer a No Collection ~ No Commission service, which means we only get paid when you get paid.

At Taurus Collections (UK) Ltd we pride ourselves on a simple, straight-talking approach to our clients requiring debt recovery services.  We strive for the very best customer satisfaction and offer a one-stop service for dealing with your debtors.

Our expertise in the field of debt recovery services is crucial to our effectiveness and we know how to deal with debtors and more importantly get them to pay you!

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