Our collection agency rates are based on a very simple sliding scale, operating a No Win – No Fee debt recovery policy, which effectively guarantees payment of your debt without spending a penny.
For debts 0-12 months old:
|£ invoice value||Commission Fee|
|1,000 – 5,000||15%|
|5,001 – 10,000||12.5%|
For debts 12+ months old: Add 5% to each value
We have a high success rate of collections and we always look to get you back to a No-Cost situation, aiming to recover for you Debt Recovery costs, Late Payment Charges under the Late Payment of Commercial Debts 2002 of £40-100 and Statutory Interest at 8.5% per annum.
- We may be able to offer bulk submission discounts for large submissions, so please contact us for more information
NB. In some more complex, disputed, or lower value cases, it may be necessary to charge £75 admin fee to set-up the file & commence the initial chase work.
Reclaiming Costs & Interest
Every business has the right to reclaim costs and interest from debtors on late payment of their commercial debts. The level at which these can be reclaimed will either be at a minimum statutory rate or as agreed in your businesses terms and conditions. Statutory interest can be reclaimed at the rate of 8% above the bank of England base rate.
Costs for Late Payment Compensation can also be reclaimed under the 1998 Act and is linked to the size of the debt:
- Up to £999.99 you can add £40
- For debts between £1000 and £9999.99 you can add £70
- On debts over £10,000 you can add £100
County Court Action
We work closely with local Solicitors to offer a comprehensive debt recovery service. Our aim is to keep collection agency rates to a minimum however should an agreement be made to pursue county court action we request that Fees are paid upfront to cover court costs and Solicitors fees.
A full schedule of fees will be provided before any court action is commenced, keeping charges fully transparent throughout the whole process. Of course, all court fees are payable by the debtor and the upfront money will be returned to you once our action has been succesful.
Additional Services – Credit checking
Our comprehensive debt recovery solution can provide your business with the extra protection it needs when considering new accounts, or simply monitoring current ones. We find credit checking should be an integral part of credit control procedures – if not you can effectively be providing clients with interest free business loans, which is the banks job, not yours. When companies think they can use your credit facilities for free, they will.
In today’s fragile economic climate, businesses have to protect against risky exposure and our credit checking facility enables a company to be as sure as it can that the business they are considering providing credit terms has the ability to pay. This is why all our reports provide key financial information, such as credit limits, credit ratings, risk scores, failure odds, CCJs and Legal Notices to allow you as a business to make a considered judgement before discussing terms. This early assesment, seperate from our collection agency rates, can offer piece of mind, and enable you to keep closer monitoring of risky clients with poor credit ratings.
Our credit check reports also advise on Company Directors, informing you if they have been involved with other failed companies or have been disqualified.
Credit check (full report) £25
Tracing Services: No Trace – No Fee
Should your debtor have changed address, either by deliberate means in trying to avoid paying you, or as an oversight on their part, our Tracing Services can help you locate the debtor. We offer a service which puts you back in touch with the person or business that owes you money. Our comprehensive Tracing Service utilises the expertise of field trace agents allowing us the best possible chances of a positive result. Our charges are competitive and we achieve positive results 80% of the time. Should the trace return a positive result all tracing fees will be added to the debtors balance.
No Trace – No Fee £75