Outsourcing your debt to an experienced debt collection agency has many benefits. It allows your business to:
- Improve its cash flow
- Focus on its core functions
- Reduce its operating costs
- Improve quality of service
In an environment of rising bad debt, consumer credit stress, and increased mobility, your debtors may be on the move. Losing touch with them can cost you money and threaten your cash flow. Slater Byrne Recoveries (SBR) subscribes to various databases that allow us to cross-check your debtors against a variety of comprehensive and reliable data sources and fast-track the debtor location process. This gives us an edge when it comes to tracking people down. Our service allows you to locate your debtors quicker and get your cash flow back on track. Simply locating your debtor can be the difference between recovery and write-off.
Once the solicitors start the legal process, what usually happens is the debtor will obtain legal representation and the process of backwards and forwards begins.
A litigation assessment is taken out on every debt – if we have attained information about the debtor and can see no key assets or benefits to legal proceeding, we will then advise you not to proceed. We will provide a platform for the litigation lawyer to use correct and intelligent information for proceedings. We will quote you costs up front (no surprises) and the cost will be much cheaper as we get wholesale prices on legal fees.
Our initial consultation will explore what services would best suit your needs. Different clients have different needs. Also, every debt is different, so each one needs to be handled differently to get a good result.
SBR requires certain information on your customer(s) and where possible, you should supply the following: written agreements, Director’s Guarantee, copy of dishonour cheques and copy of statements or outstanding invoices. If in doubt, contact our collection experts and they will clarify your query immediately.
Our commission charges are paid at a percentage of the debt we collect. If you have a signed written agreement from your customer which states they have agreed to pay these fees, SBR can add these fees on top. If a matter proceeds legally, you will be pre-quoted as to what this cost will be. Legal fees are mostly recoverable, however they are at the discretion of the court. We try to recover every last expense and if you obtain a judgment, interest will be added on top of the amount you are awarded from the date of the debt.
Generally, this should be done if your customers exceeds your credit terms and you have contacted them more than three times or if you have customer(s) over 90 days plus and have had no response or payment. If your customer(s) are refusing to pay your account and they have exceeded your credit terms – act immediately. The faster the account is handed to a collection agency, the better the result!
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NO COLLECTION, NO COMMISSION. WE OPERATE ON A NO WIN NO FEE POLICY.