Bad debts are a huge problem to many businesses and can have a devastating effect on cash flow.
We at Samuels have devised a streamline procedure for the recovery of bad debts and have successfully recovered many hundreds of thousands of pounds for businesses from all sectors.
We offer a “No Recovery No Fee” service to all our clients for an initial seven day letter of claim to be written to the debtor, which means that if we do not recover your debt there is no charge to you. If we do make a recovery there will be small charge payable by you.
90% OF DEBTORS PAY UPON RECEIPT OF A SOLICITORS LETTER
If no recovery of your debt is made, depending on the financial circumstances of the Defendant, we may advise that proceedings are issued. We will limit our costs up to the obtaining of Judgment to those costs recoverable from the Defendant, so again, there is no loss to you except the initial outlay.
If you have a bad debt, then please do not hesitate to use our online debt recovery service by clicking...
Remember, the sooner we are instructed, the greater the chance of a successful recovery of your money!
COMMERCIAL DEBT RECOVERY
Since 1 November 1998 there has been a stautory right to interest for small firms owed money by larger firms/public sector (Late Payment of Commercial Debts (Interest) Act 1998 came into force)
Since 7 August 2002 small business can charge each other statutory interest
30 day default period provided by legislation
Interest rate = Bank of Engliand base rate (fixed reference rate for subsequent six months) plus 8%
You can charge interest on the gross amount of the debt inc VAT but you do not charge VAT on the interest
Interest stops running once debt paid
Also entitled to compensation arising out of late payment;
up to £999 £40.00
£1,000 to £9999.99 £70.00
£10,000 or more £100.00
We have successfully recovered many hundreds of thousands of pounds for businesses from all sectors.
We offer a “no collection, no fee” solicitors letter, and fixed fee debt collection, if proceedings are required.
Frequently asked questions
1. How do I secure a Judgment once obtained?
There are many ways of securing judgment debts for example, by placing a legal charge on any property owned by the Defendant, by securing against monies owed to the Debtor by a Third Party, or by the obtaining/seizing of goods belonging to the Debtors to the equivalent value of the Judgment debt
Shortly we shall be offering debt collection online. Please us “Free Legal Assessment” to register your interest.