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.
Showing posts with label effective debt collections. Show all posts
Showing posts with label effective debt collections. Show all posts
Tuesday, 8 February 2011
Tuesday, 18 May 2010
COST 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.
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.
0800 4 96 95 94 or EMAIL
Monday, 17 May 2010
JARGON BUSTING - THIRD PARTY DEBT ORDER
The cost to apply for a Third Party Debt Order is £100 (correct as of April 2010) and to apply you need to complete form N349 which is downloadable from the HMCS website.
It can be a very effective tool in collecting debts but it is quite complex.
Firstly, you need to have secured a CCJ against the debtor and the debtor needs to have either:-
a) Not paid the CCJ within the given timescale (by the court)
b) Not kept up to instalments
Once you have completed the Third Party Debt Order the court will freeze the debtors bank account and issue a date for a hearing. The debtor would be given no prior warning and would simply not be able to access any funds (and no funds will be able to be paid in), as with everything the debtor would be given the chance to appeal. At the hearing the judge would decide whether to grant the order and indeed pay the creditor from the funds held in the bank account.
This may all sound simple BUT there are several things to consider such as:-
• Not possible on a joint bank account unless both account holders are liable for the debt
• Only available if the debtors bank (head office) is in England or Wales
• The date is very important i.e. you need to be sure funds are in the account to cover the debt.
• If for example the CCJ is for £2000 and there is only £1999 then you would not get anything.
If you would like any advice on effective debt collection then please do not hesitate to contact me.
It can be a very effective tool in collecting debts but it is quite complex.
Firstly, you need to have secured a CCJ against the debtor and the debtor needs to have either:-
a) Not paid the CCJ within the given timescale (by the court)
b) Not kept up to instalments
Once you have completed the Third Party Debt Order the court will freeze the debtors bank account and issue a date for a hearing. The debtor would be given no prior warning and would simply not be able to access any funds (and no funds will be able to be paid in), as with everything the debtor would be given the chance to appeal. At the hearing the judge would decide whether to grant the order and indeed pay the creditor from the funds held in the bank account.
This may all sound simple BUT there are several things to consider such as:-
• Not possible on a joint bank account unless both account holders are liable for the debt
• Only available if the debtors bank (head office) is in England or Wales
• The date is very important i.e. you need to be sure funds are in the account to cover the debt.
• If for example the CCJ is for £2000 and there is only £1999 then you would not get anything.
If you would like any advice on effective debt collection then please do not hesitate to contact me.
Wednesday, 21 October 2009
TENABLE SOLUTIONS LIMITED
Tenable Solutions Limited was formed to help businesses who are struggling with financial pressures; the aim is to recover the business and effectively turn it around. We spend a lot of time trying to improve our services and we have ascertained that business believe their problems worsened because they did not know where to turn for advice. Frighteningly many are members of organisations such as The Federation of Small Businesses and The Chamber of Commerce. Although these organisations have "legal helplines" etc the information that they have received has not been adequate or tailored to their individual issues. It became evident there was clearly a need in the business world, this is where Tenable Business Support Service was formed. The service offered far out rivals any from other organisations and membership costs just £25 per month - with a discount for annual membership.
Many of our clients have personally funded their businesses during the current economic climate - this has led to large credit card bills and loans which they are struggling to pay. Pure Financial Management is a debt management plan which can take away the stress from creditors and enable the client to make lower monthly payments. Although initially this was formed to help business people, Pure Financial Management can help ANY individual with debt problems and alleviate the stress and worry that debt can cause.
Many of our clients at Tenable Solutions Limited have problems with bad debts owed to the company. Many of them have tried to collect these debts but failed, this of course then has a knock on effect in their business. Tenable Debt Collection uses effective debt collection methods.
Another string to our bow at Tenable Solutions Limited is Tenable Accountancy, this is a service designed to help sole-traders, partnerships and small Limited companies with all their accounting issues.
If you would like to discuss any of the issues above then please do not hesitate to contact me:-
Many of our clients have personally funded their businesses during the current economic climate - this has led to large credit card bills and loans which they are struggling to pay. Pure Financial Management is a debt management plan which can take away the stress from creditors and enable the client to make lower monthly payments. Although initially this was formed to help business people, Pure Financial Management can help ANY individual with debt problems and alleviate the stress and worry that debt can cause.
Many of our clients at Tenable Solutions Limited have problems with bad debts owed to the company. Many of them have tried to collect these debts but failed, this of course then has a knock on effect in their business. Tenable Debt Collection uses effective debt collection methods.
Another string to our bow at Tenable Solutions Limited is Tenable Accountancy, this is a service designed to help sole-traders, partnerships and small Limited companies with all their accounting issues.
If you would like to discuss any of the issues above then please do not hesitate to contact me:-
EMAIL or call 0800 4 96 95 94
Monday, 14 September 2009
TENABLE DEBT COLLECTION.....
The words “debt collection” comes with a lot of stigma. Over the past few years this industry has been tarnished due to unlicensed companies. This makes it difficult for people to know where to turn when they need to collect a debt. Tenable Debt Collection is a subsidiary of Tenable Solutions Limited and we hold a fully up-to-date consumer credit license; this allows us to legally collect debts.
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.
We firmly stand by our company ethos to be honest with our customers, there are no hidden charges. Our experienced staff have a wealth of knowledge on all aspects of debt collection – they can be contacted during office hours to receive a no obligation quotation.
For more information please call 0800 4 96 95 94 or EMAIL
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.
We firmly stand by our company ethos to be honest with our customers, there are no hidden charges. Our experienced staff have a wealth of knowledge on all aspects of debt collection – they can be contacted during office hours to receive a no obligation quotation.
For more information please call 0800 4 96 95 94 or EMAIL
Wednesday, 19 August 2009
EFFECTIVE DEBT COLLECTION.......
Many companies may offer debt collection services, how do you know who to choose and in the end who will be most effective at getting your money? If you have tried every available avenue yourself then why would another company sending a letter work any better?
Ok, sometimes it does – sometimes people may be frightened when they receive a letter from a third party but this is a very small percentage.
You need to decide what action you are prepared to take. Effective debt collection will cost you; this is not fees but court costs. There are lots of routes you can go down to collect a debt BUT you need to ensure that you follow the correct procedures before each step.
For example, if the debt is owed to you by a Limited Company you can issue a Winding-Up Petition if the debt is over £750 – this in effect means that if the company doesn’t pay or doesn’t offer you an acceptable amount / instalment then the company will be “wound up”.
If the debt is owed to you by a Sole-Trader / Individual then you can get a Stat Demand issued for bankruptcy – this can be very effective if the debtor owns their own property. If they do own their own property then another option would be a “charging Order” on their property.
As with everything there are pro’s and con’s – especially with the bankruptcy route – if the debtor doesn’t own any assets then you are not likely to see your money and may be a blessing in disguise for them as it will not only wipe out your debt but other as well.
If you are owed monies then it is best to get advice. We offer free informal advice therefore if you wish to discuss anything then please get in touch:-
Ok, sometimes it does – sometimes people may be frightened when they receive a letter from a third party but this is a very small percentage.
You need to decide what action you are prepared to take. Effective debt collection will cost you; this is not fees but court costs. There are lots of routes you can go down to collect a debt BUT you need to ensure that you follow the correct procedures before each step.
For example, if the debt is owed to you by a Limited Company you can issue a Winding-Up Petition if the debt is over £750 – this in effect means that if the company doesn’t pay or doesn’t offer you an acceptable amount / instalment then the company will be “wound up”.
If the debt is owed to you by a Sole-Trader / Individual then you can get a Stat Demand issued for bankruptcy – this can be very effective if the debtor owns their own property. If they do own their own property then another option would be a “charging Order” on their property.
As with everything there are pro’s and con’s – especially with the bankruptcy route – if the debtor doesn’t own any assets then you are not likely to see your money and may be a blessing in disguise for them as it will not only wipe out your debt but other as well.
If you are owed monies then it is best to get advice. We offer free informal advice therefore if you wish to discuss anything then please get in touch:-
0800 4 96 95 94 or EMAIL
Monday, 20 July 2009
DEBT COLLECTION ADVICE..........
When trying to collect a debt you need to ensure that you have all the evidence. Make sure you print off those emails, make notes of those conversations. If it comes to a hearing in court you need to have all of the ammunition there and then to ensure that the judge goes in your favour.
We can help with effective debt collection if your methods have failed.
If you want any advice or help with debt collection please do not hesitate to contact me:-
We can help with effective debt collection if your methods have failed.
If you want any advice or help with debt collection please do not hesitate to contact me:-
0800 4 96 95 94 or EMAIL
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