Our collection agency rates are a very simple sliding scale, operating a No Collection - No Fee debt recovery policy which effectively guarantees payment of your money without spending a penny.
Debts become more difficult to chase when they are older and our aim is to negotiate settlement by gradual and deliberate means. Our focus is on engaging with the debtor and aiding their cash-flow, as well as yours. The final stage is administration for the customer and this option does not benefit anyone because:
- It lessens the chance of repeat business
- Creates a downward spiral of credit, their debtors don’t pay them, they don’t pay their suppliers and so on
- Knock on effect to the industry as a whole eg. if a key supplier in the building trade goes bust, this will affect rest of the industry and negatively impact every builders or building suppliers in the local area, if not the UK.
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.
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
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 (basic report) £15
Credit check (full report) £25
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.
Negative trace £25
Positive trace £75