Debt Recovery Services
Your cash flow is our business.
Putting in place an effective credit control management system is fundamental, whatever the size of your business. Outstanding invoices over 30 days have an immediate impact on your monthly cash flow but chasing them requires time, sensitivity and a knowledge of the appropriate courses of action available to you. Other demands on your time and budget, staff absences or an ineffectual system can result in invoices not being tracked and pursued efficiently and arrears accruing.
Making late payments a thing of the past.
It’s crucial for any business to ensure that those you trade with do so on your terms, not theirs. As part of our credit management services, we offer the following, all designed to make your business more efficient and profitable.
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A trusted worldwide network
When necessary and in order to achieve the best results as cost effectively as possible, we work with other specialists such as private investigators, solicitors and other international debt recovery agencies. But we only ever engage the services of professionals that have been tried, tested and are trusted by us.
We work across the United Kingdom, and are able to recover monies almost anywhere in the world.
- Derbyshire Debt Collection
- Sussex Debt Collection
- Surrey Debt Collection
- London Debt Collection
- Nationwide Debt Collection
- International Debt Collection
Dynamic credit control services
Highly efficient and cost effective outsourced credit control services tailored to your business, including the implementation and administration of an effective credit management system on your behalf, either at your offices or virtually.
Essential investigative services
Company and personal reports and searches to confirm a debtor’s circumstances and ability to pay so that you have the information you need when deciding if and how to pursue a debtor.
Quick and effective pre-legal proceedings
With both personal and commercial debts, a professional “letter before action” (or late payment demand) is often all that is required to bring about payment and can avoid the need for legal proceedings or further delay.
Straightforward international Debt Recovery
With a network of trusted international debt collection agencies, LR Collections Ltd are in the unique position of being able to recover monies almost anywhere in the world upon request.
Credit Control Services
Even if your company has an established credit control or finance department, we can provide cost effective services to work alongside your existing team and assist them by taking the strain out of chasing overdue account and ensuring they meet their end of year collection figures. It can be Streamlined, affordable and efficient – so, outsource your credit control to LR Collections Ltd.
Reduce existing arrears, prevent debt and maintain a long-term steady cash flow. Outsourcing your credit control can help streamline your business performance and free up your time and budget.
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As part of our outstanding and unique services, we offer you:
- A choice of in-house or virtual services.
- A choice of whether to pass your whole ledger to us or use us at a specific points, such as at 30, 60, 90 days etc.
- A choice of whether we contact your clients in your name or ours.
- Weekly or monthly on-line reporting on all of your outstanding debtors.
- Pricing based on your various requirements.
International Debt Recovery
International debt recovery and collection doesn't have to be complex.
Over the years, we’ve built up a trusted network of international debt recovery agencies who we’ll work in conjunction with, should you need to recover overseas debts. All of these agencies have offices in their respective countries and have been chosen by us for their local knowledge, contacts and in-depth debt collection expertise.
They’ll advise on the best course of action, take appropriate measures on your behalf and if necessary take the appropriate legal action, making sure you get your money.
Investigative Services
Take control with our investigative services.
For effective debt recovery you need reliable information to dictate collection tactics, particularly if you are considering pursuing legal action. Checking credit ratings and company and director histories to see whether they are solvent or have any other outstanding judgements against them is a pivotal element in deciding whether to incur the cost of legal proceedings.
And in the event that you’re considering offering credit, an accurate and up to date credit report is also essential.
Essential Credit Reports/Company Searches.
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At LR Collections, we have the facilities to undertake the following checks on your behalf:
- Full Company name and number.
- Trading address.
- Registered office confirmation.
- Credit score.
- Directors.
- Linked directorships of directors.
- Any charges.
- Annual reports.
- Linked companies.
We are able to provide comprehensive reports on limited and non-limited companies but as the regulations are less stringent for non-limited, it is possible the information for these will be limited.
Demystifying the pre legal and legal process of debt recovery.
If you’re not familiar with the legal system, the procedure for debt recovery can seem daunting and complex. But our experienced and friendly legal team will guide you through the process, explaining the procedure in easy to understand language and advising you of the most appropriate course of action.
Pre-legal action procedure – is often all that it takes.
In the majority of cases a properly drafted letter before action (LBA) or late payment demand from a professional agency is all that it takes to ensure a debt is paid promptly.
Letter before action (LBA).
An effective LBA will contain sufficient information for the debtor to understand and identify the debt that is being claimed as well as the consequences of non-payment within the requested time. This is an informal letter issued by our legal team to a debtor requesting payment in the terms which should not cause offence but indicates that matters have progressed to the next level.
In order to be effective, a LBA has to include specific information. We’ll advise you of the information necessary and we’ll use our experience and expertise to present this information in the most appropriate and professional manner to ensure both a quick response and complete payment.
Late payment demands (LPD).
An alternative to a LBA, is a Late Payment Demand which allows you to claim interest and compensation under the Late Payment of Commercial Debts (Interest) Act 1998.
Issuing and pursuing legal proceedings.
If we are unable to recover your debt by way of an LBA or LPD, where appropriate, our team of solicitors will discuss with you the possibility of pursing legal proceedings. We will never commence any legal proceedings without discussing the full implications and process with you first and we’ll keep you informed throughout. Our legal team can advise and assist you with:
- Choosing and issuing the correct proceeding in the right court, including issuing a statutory demand, bankruptcy or winding up proceedings.
- Pursing a defended claim and the filing of evidence.
- Pursing an undefended claim.
- Understanding and enforcing the judgement.
- Where appropriate the recovery of the costs you’ve incurred.
Case studies
Liquidators –v- the debtor (aircraft parts manufacturer)
United Kingdom
Amount owed: £59,674.54
We successfully collected £61,225.95 which included £1,551.41 in late payment interest and collection charges paid by debtor. Our collection fee was £7,347.14. As a result of collecting the costs & interest we were able to reduce our collections cost substantially.
Publication Company –v- the debtor (a pet company)
United Kingdom
Amount owed: £954.00
We successfully collected £1,081.10 which included £127.10 in late payment interest and collection charges paid by debtor. Our collection fee was £129.72 and as a result it cost the client nothing to use our services and they obtained an additional amount in compensation.
Skip Hire Company –v- the debtor (construction company)
United Kingdom
Amount owed £5,714.00
We successfully collected £6,404.33 which included £690.33 in late payment interest and collection charges paid by debtor. The debt was over 2 years old, our collection fee was £768.52 and as a result it cost the client only £78.18 to use our services and recover what they had presumed would be a write-off .
Kitchen Supplies Co –v- the debtor (Large Hotel Group)
United Kingdom
Amount owed: £2,199.54
We successfully collected £2,948.99 which included £749.45 in late payment fee/interest all paid for by the debtor. Our collection fee on this matter was £263.94. As a result of collecting the costs & interest our client not only had the principle debt repaid (which had been outstanding for over a year) but the added interest/late fee incurred paid for our collection fee and our client also had a little extra for having to wait for the debtor to pay up once we were involved.
Waste Management Co –v- the debtor (Glass Supplier)
United Kingdom
Amount owed: £755.35
We successfully collected £841.97 which included £86.62 in late payment fee/interest all paid for by the debtor. Our collection fee on this matter was £90.64. As a result of collecting the costs & interest our client had to pay £4.02 for this collection….. which can’t be bad..
Sussex, Derbyshire, Surrey, London, Nationwide & International
To find out more about our services and our competitive fees call us today. Whatever the nature of your enquiry, you’ll find our team approachable and eager to help and when you call us, you’ll get through to a real person who can discuss the nature of your problem and the best way to proceed, whether it relates to credit management or debt recovery.
Worthing debt collection
LR Collections Ltd,
Podium House, 61 Chapel Road,
Worthing, West Sussex,
BN11 1HR
Brighton debt collection
LR Collections Ltd,
Basepoint Business Centre, Little High St,
Shoreham-by-Sea, West Sussex,
BN43 5EG
Derbyshire debt collection
LR Collections Ltd,
Dunston Innovation Centre, Dunston Road,
Chesterfield, Derbyshire,
S41 8NG