Business Debt Collection

Business Debt Collection

Our debt recovery approach is straightforward: if a client is owed money, we ensure its return. Our commercial debt collection service operates No Collection, No Commission debt collection. Just complete our new debt claim form, send us your invoices and we get to work. Effective debt recovery is crucial for maintaining positive cash flow, as late payments can severely impact a company’s financial health.

We employ highly skilled agents with years of experience in commercial debt recovery. This expertise allows us to understand debtors’ thought processes and actions, enabling us to employ effective practices that yield results. A well-structured debt collection process is essential for ensuring timely payment of debts and maintaining financial stability.

Our debt collection practices are designed to manage and expedite the collection of overdue payments while considering customer relationships. These practices vary based on individual customer history and are aligned with legal frameworks to avoid reputational issues. Late payments often result from cash flow problems and can negatively affect a company’s financial commitments and credit ratings.

Prompt payment is encouraged through structured communication strategies, including letters, emails, and phone calls, to remind customers about unpaid invoices and request immediate payment.

Legal proceedings may be necessary if the debtor fails to make payment. Before resorting to such actions, we take strategic steps including various forms of communication and assessment of the debtor’s financial situation.

We cater to a diverse range of business sectors, including construction, manufacturing, healthcare, finance, automotive, recruitment and more.

Our customers include small and medium businesses as well as large corporate companies.

Our services cover the entire United Kingdom, with a presence in all major cities. Here’s what you can expect when you choose our debt collection services:

  • We will promptly acknowledge receipt of your enquiry.
  • One of our experienced debt collection agents will contact you by phone to discuss your case.
  • We will work with you to agree on the best debt recovery solution for your situation.
  • A dedicated collection agent will be assigned to your case to ensure personalised attention.
  • You can conveniently submit your files to us via email.
  • We will commence debt collection action immediately upon receiving your files.
  • Once payment is received, we will promptly remit your funds to you via BACS.

Debt disputed? Our Debt Collection Services Can Help!

Business Invoice disputes between a company and its customers are not uncommon, but they can be prevented or resolved through effective communication, transparency, and accountability. Creditors are legally entitled to claim debt recovery costs under The Late Payment of Commercial Debts Regulations 2013, ensuring that 100% of the owed money is returned to the creditor while the debtor bears the responsibility for the associated costs.

We can work with you as an independent and neutral third-party mediator and discuss with both parties to settle the dispute and reach a settlement, or if this is not possible, narrow the issues in dispute between the parties. A county court judgment can have significant implications on a debtor’s credit rating and their ability to access credit, with long-term effects based on whether the judgment is satisfied within 28 days or later.

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FAQs

The invoice should be ‘overdue’ and that is subject to your payment terms. Typically, this is 30 days from invoice date but could be upon presentation, 7 days, 14 days, 30 days… An invoice becomes overdue the day after it should have been paid. If you do not have payment terms on your invoice/s then the default position is 30 days from the date of the invoice.

Yes, legally a debt can be enforced up to 6 years from the date of invoice.

Yes, but it depends on the dispute and if it is valid or not. Sometimes a dispute can just be a delay tactic and it all depends on what can be evidenced. Equally, there may be a partially valid dispute and therefore we may be able to negotiate a mutually acceptable settlement without the need of legal action however that requires both parties to be willing to come to a settlement with the other side. We will guide you through this process.

This is dependent upon your debtor and whether or not they engage with us. Typically, by the end of a 3-4 week period, we will know what efforts will need to be done to try to recover your debt. It may be that further action is required i.e. legal or insolvency at this point will discuss with you the next course of action.

If a debtor fails to pay, we can assist in enforcing a county court judgment (CCJ) against them. This legal action can significantly affect the debtor’s credit rating and enforce the debt collection through legal means.

Should initial efforts to collect the debt fail, we may issue legal proceedings to recover the debt. This involves transferring the case to solicitors who specialize in debt recovery, detailing the process, and explaining the costs involved in issuing legal proceedings.

Late payment legislation grants creditors the legal right to be paid within the agreed payment terms. It also allows for the recovery of debt collection costs and charges from the debtor, enhancing the creditor’s position in debt recovery efforts.

Business Debt Dispute resolution is the process of finding a resolution to a disagreement between parties, outside of the court system normally via third-party mediation.

It is generally faster and less expensive than going to court, it can also preserve customer relationships and can be less confrontational or adversarial than court proceedings.