FAQ
Q: How much will it cost?
A: If we recover your debt (or debts) we take a percentage in commission, plus VAT. We offer a tailored service and because of this our commission rates vary depending on the number of debts that need recovering and their value. In a small number of cases court action may be required and this may incur costs. Court fees are often recoverable and the decision to issue proceedings is yours. We never issue court proceedings without a client’s approval.
Q: How long does it take?
A: We like to give our clients some positive news within 28 days. In some cases a debtor’s circumstances may have changed or they may have absconded and in these circumstances we keep the case open for 12 months.
Q: What’s your success rate?
A: Our success depends on each individual case but we often enjoy up to 85 per cent success rates.
Q: What does your debt recovery service involve?
A: We begin by issuing a series of carefully structured letters and by contacting your debtor (or debtors) by telephone. We continue to make enquiries and may visit them in person. The results of a third party agency, such as Progress, being persistent can be quite remarkable.
Q: Can you help if the debtor has gone into receivership or liquidation?
A: Sometimes companies that owe money will state they have gone into liquidation but they will not have fulfilled the correct legal requirements and will continue trading. We will check the position of the company and whether or not there has been any wrongful or fraudulent trading.
Q: What do I have to do to give you authority to recover a debt?
A: Simply fill in a one page document, click here to download the PDF, provide us with evidence of the debt, such as an invoice or County Court Judgment certificate, and we will do the rest.
Q: Can we claim your costs back?
A: If the debt is a business to business (B2B) agreement 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.
Q: Do you provide legal advice?
A: Our debt recovery and legal team can deal with most civil debt recovery matters. We also work closely with a number of regulated law firms which specialise in debt recovery. If your debt is disputed we can ensure you receive the maximum amount recoverable.
Q: What kind of information will you need?
A: If your debt is Business to Business (B2B) simply provide us with an invoice or contract. If you have obtained a County Court Judgment against a debtor it would be helpful if you could provide us with a copy.
If you are owed money by an individual (as opposed to a company), providing us with an invoice, an agreement and any related correspondence will help us recover your debt more easily. However, if the debt agreement is part of the Consumer Credit Act 1974 you will need to ensure that debts are handed over to us in accordance with the Office of Fair Trading’s regulations. Please click here for more information or contact us on 0800 634 1765.
Q: What happens if I receive payment directly from a debtor after you have been instructed?
A: 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.
Q: Can you collect debts from overseas?
A: Yes. Any debt is recoverable from any part of the world. We have collected money from Argentina to Australia and America to Asia, however, you should bear in mind that contacting a debtor abroad can take a little longer than someone based in the UK.
Debt recovery in Europe became easier due to a European Enforcement Order (EEO) being introduced. It is now possible to enforce a Judgment in Europe in a similar way to the UK.
Q: Can you help if I am interested in starting legal action?
A: Yes. We work with a number of award-winning law firms which issue proceedings on our behalf, keeping costs to a minimum.
Q: I do not know the location of my debtor. Can you locate him?
A: Yes, we use our in-house Tracing Department to locate debtors. In the unlikely event that we cannot find them we work in conjunction with a nationwide Tracing Agency which can make doorstep enquiries in the UK or abroad.
