Our debt recovery team handles a significant volume of high value work for commercial and business clients. To pursue successful recovery we are required to use all avenues and approaches to recover debt. Our success rate reflects our approach of working with our client to review the options and identify the most appropriate solution.

To support our Debt Recovery service we have developed Debt Solutions. This is a service where we can work with personnel within your business to review how your business offers credit, manages creditors and reviews the degree to which your present practices are exposing you to bad debt and where we might improve the potential for rapid recovery. As we are experienced in managing debt for a group of commercial clients we are able to advise on the operational side of debt management as well as recovery through legal channels.

For example Debt Solutions will review your business on the following:

• Are you aware of your legal right to charge interest on unpaid debts?
  Legislation was phased in which introduced a statutory right to claim interest on unpaid debts. Since August 2002, this legislation is in force and all businesses are entitled to claim interest at base rate plus 8% unless a contractual rate of interest has been agreed. This legislation is designed to deal with the late payment culture in the UK.
  
  
  
• Have you assessed the implications for your business of the legal changes in the field of debt recovery?
  In December 2002 the Abolition of Poindings and Warrant Sales Act was implemented and replaced by the Debt Arrangement and Attachment (Scotland) Act 2002. As a result of this Act the options available require to be considered in great detail before a creditor can decide which is the most commercial of the enforcement routes to proceed down. Blood from a stone? The new debt payment programmes in Scotland attempts to address this. The Scottish Parliament approved regulations providing for the introduction of a national statutory debt arrangement scheme. The regulations launched debt payment programmes allowing debtors to make orderly and regular payments towards their debt. The scheme will have a significant impact on the way in which personal debt is recovered in Scotland - in particular by reducing the availability. The scheme came into operation on December 2004 but to date is still in the teething stages. We can provide an overview of the regulations, a case study of how the regulations are likely to work in practice and conclude with briefing notes providing essential information for credit providers and employers.
  
  
  
• How effective are your current credit control and debt recovery procedures e.g. are you allowing debts to remain outstanding for too long?
  Our team works closely with clients and their credit managers to recover outstanding debts efficiently and cost effectively. And we get results. Our statistics show that of the debts referred in April 2003. 80% were settled in full within 7 days.
  
  
  
• Do you know all your options to maximise the recovery of unpaid debts and how to go about implementing them?
  By putting proper procedures in place at the outset, all businesses can improve their chances of a successful recovery. Knowing who you are dealing with and obtaining necessary information at the start is essential. Our experienced team can guide you through the procedures to help minimise the pitfalls and maximise the recoveries.
  
  
  
• Are you swamped with the paperwork involved in managing and recovering outstanding debts?
  Where clients have high volume debt we can develop an Extranet to meet your needs. Our dedicated Extranet (a password protected website) provides a secure system for instructing all debt recovery work, reviewing progress and costs. This reduces paperwork and maximises efficiency.

If you would like to discuss Debt Solutions please contact Gillian Carty.