You can entrust us to collect your debts quickly safe in the knowledge that we have:
- One of the highest debt recovery rates in the industry
- An impressive 95% success rate using only debt collection letters
- An experienced commercial dispute team if you need to resort to mediation or the Courts
You can also get most of your commercial (Business-to-Business) debts collected by us at no cost. We add our fee onto your debtor’s invoice as covered by the European Directive 2011/7/EU that came into force on 16th March 2013.
However, actions speak louder than words and we wanted to share with you some of our successes:
Success with Statutory Demands
A statutory demand is a written warning that states if your debtor does not pay or come to some other arrangement with you within 21 days of receiving it, then you will start court proceedings. This is an effective way to get paid and we recently recovered a £6,000 debt for a client using this approach.
Success for an Aviation Business
If your debtor does not pay or come to an arrangement with you within 21 days of receiving a statutory demand, then the next step is for your solicitor to serve a winding up petition. A winding up petition requests the Court to order your client’s company to be liquidated as it is insolvent.
Using this approach, Else recovered a late debt of £31,600 for an aviation company which supplies replacement parts for aircraft in the UK. In this case, the debtor paid the debt within 2 weeks of the petition including full interest, compensation and associated legal costs.
Manufacturing
Else recently recovered a £5,000 debt plus statutory interest, legal costs and compensation for a manufacturing company. This company specialised in the manufacture and import of brakes, axles, cables and couplings for trailers.
We served a threat to liquidate their debtor if the full payment with interest, legal costs and compensation was not received within 72 hours. The company quickly complied.
Money Recovered
Else recovered £170,000 on behalf of a trustee in bankruptcy. A trustee in bankruptcy is the person or company who manages the financial affairs of a bankrupt person and the distribution of their assets to their creditors.
In this case, the individual, facing bankruptcy, decided to sell an undervalued property to a friend before the bankruptcy order was made against them. An undervalued property is one sold for a much lower price than its actual worth, e.g. selling a £370,000 house for £200,000.
This move effectively cheated the bankrupt’s creditors out of the difference between what the property was worth and what the friend had paid for it. We acted for the trustee and recovered the difference of £170,000 for the estate so the creditors would rightly receive the full benefit of this sale.
Overseas Debt Collection
It can be difficult to collect debts from overseas due to different customs and laws. One large corporate legal firm was owned £120,000 by a hotel on the subcontinent. The hotel is worth £80m but has £30m worth of debt.
The legal firm had initially written this debt off as it is notoriously difficult to recover large amounts from companies based in this region. They handed the debt over to Else Solicitors who, through pure persistence and negotiation skills, had the hotel agree to pay £60,000 over several instalments. These instalments are now being made and our client is delighted.
Why Use Else for Your Debt Collection?
Else Solicitors has a long-standing reputation as the debt recovery solicitors. We work hard to ensure that you get paid whether this is through rigorous credit control, debt collection letters or legal action. Debt recovery is one of the things we do best and we can collect late and even “old and abandoned” debts on your behalf.
You can also use Else as an extension of your credit control procedure. Many businesses have found this to be highly effective. It saves you time so you can concentrate on your “good clients” and removes the frustration of chasing late payers.
You are invited to contact us and discover why we are considered the best and why even large international law firms use our debt recovery services.
If you have outstanding invoices, please contact Laura Charles, Team leader for Debt Recovery on 01283 526210 or laura.charles@elselaw.co.uk.