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What happens if the company that owes me money is liquidated or dissolved?
When a company that owes you money goes through the process of liquidation, it means that the company is selling off its assets to pay back its debts. Liquidation is a formal process to resolve financial matters before the company is formally dissolved. However, if the company is dissolved, creditors can…
VIEWHow much does debt collection cost?
Debt collection costs vary based on your preferences. Opting for a commission-only approach with a 'no collection, no commission' guarantee ensures affordability without upfront fees, increasing the chances of recovering the majority of the debt.The flexibility to avoid long-term contracts and access additional services like enforcement guidance and insolvency proceedings…
VIEWIs it possible to recover any costs incurred with professional debt collection?
Providing the debtor is a business, you're legally entitled to recover reasonable debt collection costs by adding them to the value of the outstanding debt. The amount you can charge ranges depending on the sum of the debt. You are entitled to charge an amount over and above one of these…
VIEWHow can I check if a company has gone insolvent or bankrupt?
You can search the government's free Companies House register or the London Gazette if you’re looking for an insolvent or bankrupt company. These websites offer free information on a company's insolvency status, including filing of insolvency-related documents. Examining the company's financial statements and notices on these platforms can provide insights…
VIEWWhat is the smallest amount a debt collection agency can chase?
Debt collection agencies typically do not have a minimum invoice value for pursuing a debtor, leaving the decision down to the creditor.While some agencies may charge a handling fee for debts below a certain amount, factors beyond cost, such as principles and reputation play a role in deciding whether or…
VIEWDoes having a CCJ mean I’ll recover my debt immediately?
No, not always. Having a County Court Judgment (CCJ) in your favour doesn’t necessarily mean your debtor will instantly pay you. In many cases, it will have the desired effect and result in the debtor paying the full debt immediately or reaching an agreement of payment by instalments. But some debtors…
VIEWWhat is the process for international debt recovery?
International debt collection involves a two-stage process.Initially, a professional debt collection agency operates from the UK, attempting contact through calls, texts, and emails during the debtor's business hours.If unsuccessful, the agency engages a local partner in the debtor's jurisdiction, leveraging their understanding of local language, culture, and legal protocols. This…
VIEWWhat is a County Court Judgment?
A County Court Judgment (CCJ) is a legal ruling issued by a county court against an individual or business that fails to repay a debt. It can be applied for by creditors to recover what they are owed, and debtors have four options: pay the full amount immediately, pay later or…
VIEWHow much paperwork do you need to trace a debt?
To initiate the debt tracing process or perusal of a debt all you need to provide is the invoice, contract, or confirmation of a verbal agreement, along with the debtor's name and their last known address.…
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