Our process is designed to help our clients recover what they are owed while keeping them informed and in control throughout the process.
Step 1 – Assessment
Firstly, we’ll assess your needs. For example, if your debtor has gone AWOL, we can look into tracing them for you, using state-of-the-art software to locate their address if needed.
We’ll then consider what type of debt you have, looking at the value, how many debts are outstanding, whether it’s a business or an individual that owes you money and other factors, as these can all affect how we work.
Step 2 - In-house debt collection
We would then start our third-party intervention; this means our account managers will begin communications with your debtor to provoke payment. Our commission is only collected upon successful recovery, giving you the peace of mind that we are working diligently on your behalf. This motivates us to act swiftly and effectively to get the results you need.
Our rates remain consistent, regardless of how long it takes to recover the debt, and we strive to recover any additional costs where we can in compliance with your contract or The Late Payments of Commercial Debts Act 1998.
Step 3 – Pre-litigation package
If initial efforts don’t result in payment, we will propose an appropriate pre-litigation package based on your requirements. This includes a letter of claim explaining the relevant pre action protocol set out by the Courts with the possibility of a solicitor’s review.
Step 4 – Evaluation for legal action
Don’t worry if your debt remains unpaid at this point, there’s still more we can do! Here, we’ll discuss legal action we can take. This can include sending serving a statutory demand, obtaining a CCJ or even beginning insolvency or bankruptcy proceedings.
When pursuing any type of legal action, it's important that you choose a reputable debt collection partner to work alongside you, as expertise in legal matters is essential for navigating the legal side of debt collection.
It’s important to note that all of the above stages are always run by you, the creditor, and it will always be your decision as to whether you want to progress further. Your account manager will be there to guide you through the process of recovering your money, helping your business Grow Stronger.
How do I get started?
When it comes to paperwork, all we need is:
- Proof of the debt
- The debtor's full name
- The debtor’s address
For corporate debtors, simply the company name and proof of the debt are sufficient.
Are you ready to take the first step?
Contact our debt collection experts today to discuss your requirements on 020 8126 5299 or email enquiries@redwoodcollections.com.
