Debt Recovery Services Offered in Uk-Practical Aspects
Debt recovery agencies offer such services in association with its network of debt recovery professionals including collectors and lawyers across various industry sectors. The services offered by such companies include commercial, corporate and sovereign debt recovery. Such debt recovery companies combine a variety of pre-legal recovery and negotiation strategies aimed at amicable settlement while looking to avoid litigation for debt recovery. The aim is to avoid litigation unless it is absolutely necessary as clients may want to continue having a commercial relationship with the debtor in future.
Pre-legal debt collection services include a combination of letter and possibly telephone based requests. Pre-legal debt collection strategies and methods include issuing of a letter before contemplated action and in instances where a client has several debts to be collected, prioritizing such client’s debtors for payment. In deserving cases, pre-legal negotiation strategies also include working on a new repayment plan for debts which would have otherwise been written off. Communication with the debtor, face to face negotiations with the debtor (where possible), letter before action, collections is the typical pre-legal debt collection services. On failure of pre-legal debt collection measures, recourse is made to legal action for debt recovery. Debt recovery companies work with and instruct lawyers for this purpose across different jurisdictions. Such companies also coordinate and manage any kind of litigation against the debtors. They aim at not only securing judgments and awards but also at enforcing them. To seek successful enforcement of judgments and awards, such companies can at client’s instructions also offer other services that help in identifying attachable assets. Such ancillary services include preparing trace reports and making necessary collections, preparing pre-sue reports, asset trace reports, company search report and property related search report.
Morgan Walker Legal Services Pvt Ltd under the trade name Debt Recovery Counsel provides such services on a No Success/No Fee Agreement basis. On successful recovery of a debt however, a small commission is charged. Lower the claim amount higher the commission charged. The commission rates also vary depending on other criteria such as individual one off claims, bulk debt recovery requests, international debt recovery etc. Claims run on Morgan Walker Legal Services Pvt Ltd’s web managed service costs you nothing win or lose. Personal phone calls and personal visits and conversation with representatives and /or solicitors engaged by Morgan Walker Legal Services Pvt Ltd are however additionally charged for. Whilst best efforts are made to avoid matters progressing to litigation, if matters however do so progress, solicitors who enter into a No Success/No Fee Agreement in relation to their legal costs are appointed. You may in the process be advised to take out a litigation protection insurance policy to protect against any other potential costs. The No Success/No Fee Agreement that you would be required to enter into with us, would further clarify the terms of engagement and percentage of success fee charged on engaging lawyers engaged by Debt Recovery Counsel.