How It Works
( 1 )
Financial Review & Initial Debtor Contact
When looking to recover debt, research and preperation is essential.
Some debts are not worth pursuing. We’ll be looking to see if your debtor has assets such as property, or a vehicle that is finance free. We’ll also attempt to find out if your debtor is employed.
With the above information, we can put together a definitive POA (Plan of Action) for your perusal.
Once the POA is agreed with yourself, we will make initial contact with your debtor.
( 2 )
Once we’ve made contact with the debtor, we will attempt to mediate. At this stage, it’s worth offering suspended payments, payment plans etc.
If an agreement is reached, we will manage this for you until the full balance has been recovered.
If a payment agreement is defaulted on, we will attempt to get your debtor to bring it back up to date. If this is not possible, we will contact you to advise on possible enforcement proceedings.
Payment arrangements amount to almost 50% of our total collection rate.
( 3 )
Legal proceedings are always a last resort, however if your debtor is unwilling to co-operate, it may be our only option.
We’ll prepare the N1 Claim Form, Evidence Pack and Particulars of Claim on your behalf.
These are submitted to the court for serving on your debtor. After a period of 14 days, if payment has not been received, we will enter “Judgement” against your debtor.
( 4 )
Once Judgement has been obtained against your debtor, we have a number of enforcement options available to us to ensure you get paid.