Debt Recovery Overview

At some time or another all businesses have to deal with bad debtors. This is unfortunately an issue all business owners have to deal with at some time or another. The difference between businesses that recover bad debts and those that write them off is how the bad debtor is managed.

In some cases the appointment of a third party debt collection agency is all that is required to secure payment from bad debtors. The reason for this is that debtors are more likely to respond to your request for payment once they know that late payment and bad debts will not be tolerated.

How Rebt Recovery works

An invoice which lies unpaid for more than 60 days is considered a bad debt. Debt Recovery is not simply a letter to the debtor threatening legal action, it’s working with the debtor to secure payment in the quickest and most effective means possible.

Unlike some debt collection agencies we will not simply bombard the debtor with threatening letters demanding payment. We have developed a tried and tested systematic approach which works to secure payment as quickly as possible whilst working hard not to damage relations with your customer.

We will attempt to resolve the issue by speaking with the customer and working with them to ensure payment is swift and in full.

Benefits of Debt Recovery

Most cases are settled promptly once the debtor knows a third party has been appointed to recover the debts

  • Save valuable time and resources by allowing someone else to secure payment on your behalf
  • Debt collection agencies are very experienced in securing payment from debtors.
  • Send a message to other customers that bad debtors will not be tolerated
  • You can dramatically decrease the amount of ad debt your business writes off

Is Debt Recovery right for your business? It could be if:

  • You have invoices which are more than 60 days overdue
  • The debtor is a business
  • The outstanding debt is more than £1,000

How much does Debt Recovery cost?

There are a couple of considerations when determining the cost of using a debt collection service:

  • The stage of the debt Is the debt in its infancy and a seven day letter is due to be sent out or is the case ready to go to court.
  • Size of the debt Debt recovery agents will usually charge you a percentage of the value of the debt. Naturally the percentage decreases the larger the value of the debts.

Why use Touch?

Touch take a professional systematic approach to debt collection trying to ensure that relations with your customer are not damaged. We don’t just aimlessly write letters demanding payment from your debtors we work with them to resolve the issue and secure payment in a timely fashion.

This is done by both post and on the telephone speaking with your customer. Which we have found to be much more effective than needlessly threatening legal action like some so-called debt collection ‘specialists’.

Simply submit the details of the case online and we will contact you to discuss the debt in more detail. Once we have all the necessary information we will make every effort to secure payment from the debtor.

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