Commercial Debt

Letter before Action, Interest and Compensation

If another business owes you money we can help you recover the debt. Many businesses pay once they receive a letter from us demanding payment within seven days.

From the outset we will work with you to ensure we claim all monies you are owed including any interest and debt recovery fees as set out in your contract or agreement with the debtor or, or alternatively interest and late payment compensation under the Late Payment legislation.

Debt Value

  • Up to £999.99
  • £1,000 – £9,999.99
  • £10,000 or more

Debt Value

  • Up to £999.99
  • £1,000 – £9,999.99
  • £10,000 or more

Alternatively, we can claim interest pursuant to any contractual amount as set out in your terms and conditions/agreement with your customer.

Legal Recoveries

If at the end of the period there has been no communication or payment, we would discuss Court procedures, timescales and likely costs involved.

Claim Form

We use the quicker and cheaper Claims Productions Centre to issue claims through the County Court. We are able to handle any of your defended matters up to and including a final hearing. The work is supervised by Rachael Ward, our COLP lawyer (Compliance Officer for Legal Practice).

Judgment

Once Judgment is obtained and if no payment has been received there are a number of enforcement methods to be considered and a number of reports which we can obtain to help us identify which enforcement method is appropriate. We will advise you on a case by case basis given the circumstances of the matter.

Enforcement

The most common types of enforcement we use are High Court Enforcement Agents, Attachment of Earnings Applications and Charging Order Applications Order.

Insolvency

LRC can assist you with insolvency actions including Statutory Demands, Bankruptcy Petitions and Winding-Up Petitions.

Asset Trace Report

During the collections process we can obtain a Mini or full Asset Trace Report about your customer which would provide us with information that we can use to determine the most appropriate action to take. The reports are in-depth and include: associated addresses, insolvency details, legal proceedings, target company/business research, active directorships, dissolved directorships, overseas directorships, non-limited company research, shareholdings and land registry searches.

From the start of our relationship we will:

  • Save you time and valuable resources in the collection of money owed
  • Devise strategies to maximise recovery of your debts
  • Provide you with continued support. advice and assistance throughout the debt recovery process
  • Ensure that your reputation is protected at all times by always acting in a professional, compliant and ethical manner
  • Provide you with Debt Manager access to enable you to keep yourself updated as to the progress of your cases at all times

If you have any questions about our service or would like to discuss your matters with us in greater detail, please contact the Business Development Team on 0330 024 6342