Additionally, since 16 March 2013 you are entitled to claim “reasonable” debt recovery costs under The Late Payment of Commercial Debts Regulations 2013.
The debtor is sent our seven day letter before action in which we ask for your debt, plus late payment interest at 8 % above the base rate set by the Bank of England and late payment compensation. Reasonable debt recovery costs will also be claimed if your debt fell due after 16 March 2013.
In 93 % of cases, the debtor will pay the sum demanded within the seven day time limit.
We will account to you after the funds have cleared with 100% of your principal debt and a receipted VAT account.
“That way you have recovered your debt at NO COST to you.”
The law is on your side. If the debtor pays the debt, but not the interest, compensation and reasonable debt recovery costs, then you simply instruct us to prepare a claim form on your behalf to recover these added elements. All you pay is a court fee and this is added to the debt and is recoverable from the debtor.
In our experience the majority of debtors will realise that they are at risk of having a county court judgment entered against them once you have issued your claim, so they will pay the further sum demanded.
In the unlikely event that the debtor does not pay the debt after our involvement, then our file is closed, if that is what you want, and you owe us nothing.
percent of cases recovered in 7 days
percent professional, ethical and efficient.
The debtor pays our fees under The Late Payment of Commercial Debts (Interest) Act 1998