EFFECTIVE DEBT COLLECTION

There can be many reasons why businesses experience difficulties during a recession; your business may be successful it may just be struggling due to other people / businesses owing you money. Debt collection is a minefield! There are many misconceptions in this area and not many businesses know how to collect debts effectively, for the minimum cost and effort.


The words “debt collection” comes with a lot of stigma. Over the past few years this industry has been tarnished due to unlicensed companies (we hold a fully up-to-date consumer credit license; this allows us to legally collect debts). This makes it difficult for people to know where to turn when they need to collect a debt and many turn to their / a solicitor but this accrues large legal bills and you can end up spending more than the debt!

We are proud to say that we use effective AND lawful techniques to collect debts whether they are commercial or personal. Many debtors are using the current economic climate as an excuse for the debt and on the back of this are offering token payments in respect of their debts. We work solely for you and we will work with you to find a repayment that suits you – if this cannot be adhered to there are other options available which you may not have considered. If the debt is owed to you by an individual you could have a charging order placed on their property – this would mean that you hold a charge on their property and it would need to be paid prior to the sale of a house in the same way their mortgage would. Another option could be issuing a Stat Demand for bankruptcy; this is a very, very effective way to collect a debt especially if the debtor has assets or is afraid of the publicity that bankruptcy brings! You could even do both – this would mean that if the bankruptcy was granted you would still hold a charge on the debtor’s property. If the debt is owed to you by a company then there are also various routes you can go down, a petition can even be issued to “wind-up” the company.

Of course the above options are examples; your individual case would be assessed and then you would be advised on the best course of action. One thing is for certain though – we do not send numerous letters to the debtor in the hope that at some point they make contact. We use all our knowledge and facilities to get your money back and recover your costs.

If you would like to discuss how Tenable Solutions Ltd can assist your company please do not hesitate to give me a call for an informal chat.