Q. How Quickly Will I Get My Money?
A: Often it can be quick, but it will depend on your particular circumstances. Often our initial letter will yield a good result but sometimes other factors emerge such as:
• The debt is disputed
• The debtor moves away or goes into receivership, liquidation, administration
• The debtor actually has no money
• The correct identity cannot be established
• The debt is very old
With slow payers, it pays to take action as soon as possible, otherwise you may find that you were too late. Very often slow payment is due to cash flow problems. So, if a debtor has only £5,000 but owes £25,000 worth of bills, they will usually pay the people that don’t ‘let them off the hook’.
Our advice then is not to let the money run out. Once you employ our services they should realise that it is in their own interest to resolve the matter and also that you are serious about recovering your money.
Q. What Do You Actually Do?
A: It depends on the debtor but we usually write to them but in some circumstances we may telephone them. We would always follow up any telephone call with a letter to confirm what has been said. If the debt cannot be resolved or the debtor does not respond, the next step is legal action.
If our initial approaches do not bring about a positive response from your debtor, we will normally proceed to Litigation. We will do this only if we think it is likely to produce a positive result (If it becomes clear that they have no money then litigation will be a waste of your money). You may then decide to write off the debt
Q. What If The Company Goes Into Receivership/Liquidation, Can I Get My Money?
A: If it very difficult to obtain full payment from a company that is truly in receivership or liquidation. Often you may be told that this is the case before it has actually happened. We can check this for you and take appropriate action if the company is still trading. If the company has failed, we will ensure that you are informed of meetings and who the other creditors are.
Q. Can You Provide Legal Advice?
A: Yes, of course! Other debt collection services can’t do this. We can advise you of the legal process of litigation and give you a clear understanding of the cost vs benefit equation. If it better to settle with your debtor for a far smaller sum we will advise you so
Q. When Do I Have To Pay You?
A: You will be invoiced once the work is completed.