||DEBT RECOVERY TERMS AND CONDITIONS
OUR DEBT RECOVERY SERVICE
Credit Professionals Ltd (hereinafter referred to as "CPL") will act as Agents for the Client/Creditor in the collection of overdue invoices and for any other ancillary services requested.
Commission is payable when:
For commission purposes the debt age is based on the oldest invoice on the account at time of
placement. The total balance due will then attract this rate band.
- a payment is made by the debtor or a third party or settlement is reached (including as a result of legal proceedings)
- the debt is reduced after we are instructed (for example, a partial credit is given or
compromise is reached). Our commission in respect of the reduction will be 50% of the
commission that would have been payable if that amount had been collected. Any balance
remaining due will then be subject to our full commission rate
Close Out Fee
If our instructions in a case are withdrawn before we recommend that it be closed, we reserve the
right to charge a Close Out Fee equal to the commission that would have been payable if the debt had been successfully
collected. Examples include:
- Associate company to one of your key accounts
- Debtor has already paid and proof obtained
- Irate debtor where you wish to withdraw
- Passed out for collection in error including contra accounts
- Debtor disputes debt and you wish us to stop action
- An account is placed on “hold” for more than 30 days.
Clients will be responsible for our charges immediately following receipt of instructions, by telephone, fax, post or electronic transfer.
So that our service for you can be as effective and efficient as possible you agree, by instructing us,
that you will notify us promptly of: -
Where the Client requires CPL to instruct its solicitors, Lovetts plc, to commence legal action, then the client shall be responsible for all solicitors fees and costs as invoiced by Lovetts plc direct to them.
- Any material change to the documents or information provided
- Any new information of any kind
- Any payment received towards or in satisfaction of the debt
- You will co-operate at all times with us and if there is any delay on your part affecting
our ability to collect the debt we may terminate the collection of the debt immediately and charge you the Close Out Fee.
- Whilst we are instructed, you will not instruct anyone else to collect the debt without
our written consent
- The Client acknowledges that CPL shall not be liable for any loss or damage suffered by the Client as a result of any collection activity.
- Any amounts payable to us or any agents may be paid out of any money recovered
Our rates refer to debts passed to us via our free Excel template or through our online website
forms. A charge of £1.00 is made for each debt submitted in alternative formats where the data cannot
be electronically loaded.
CPL's ancillary services, disbursements and/costs will be charged at the rate appearing in our current price list from time to time.
Any change in these terms or our other terms must be agreed in writing between us.
Where the Client is overseas, any fees for transferring collected funds will be to the Client's account.
VAT will be charged at the prevailing rate.
These terms should be read in conjunction with our Standard Terms & Conditions.