Credit Management and Debt Recovery
They leak profits from the UK economy at a rate of more than £1m an hour. A large company will lose £88,000 a year. The average smaller business will be £14,000 worse off. Bad debts haemorrhage profits.
Many finance directors and credit managers who wrestle with the problem of debt recovery have found the solution in outsourcing to recovery+, the debt recovery branch of lawyers Bond Pearce.
Bad debts usually begin with credit and shop cards, or secured lending in the retail and leisure industries. recovery+ acts for a range of clients, including national retail outlets, banks and institutions, insolvency firms, local businesses and government.
"Most clients will have an annual turnover of more than £5m," Stephen Dilley, associate at Bond Pearce and manager of recovery+, says.
"The problem is that even those businesses do not necessarily have the time or resources to chase these debts through the legal process.
"That's what we are here to do."
Debt recovery experts pride themselves on their speed of response and assessment. "We can differentiate quickly between the 'can't pays' and the 'won't pays'. There is a risk that you throw money at a futile case," Stephen says.
"But we're tenacious when it's needed. It's easy to be fobbed off. From issuing a letter-before-action to full court proceedings when necessary, we have an excellent track record of recovery."
Recovery+ staff are highly-qualified and experienced, providing a flexible format that enables clients to choose from a fixed-fee service with no hidden extras or the option to pay by results.
"If a defended matter becomes more complicated, we offer competitive hourly rates drawing on the expertise of the commercial litigation and insolvency team at Bond Pearce," Stephen says.
"Litigation is not always the best way forward. We often negotiate the best terms for settlement on a client's behalf, saving money in the long run - but still achieving a positive result."
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