We are happy to answer any of your questions. Some of the most asked questions are answered below.
Contact us if you have any questions not answered here.
1. What recovery services do you offer?
We have a range of services but our most used, proven, and established service is Fairway Gold – free commercial debt recovery and debt collection service for all commercial debts below £3000 (and only 2% commission on recovery if your debt is over £3000).
2. How can you offer it for free, what’s the catch?
Our free service levies late payment costs onto your overdue customer, which we take as our fee. That way, you get to keep all of your debt (or only pay 2% if the debt recovered is over £3000).
3. What if I don’t want my customers to pay a late payment fee?
No problem. If you decide you do not want your customer to pay a late payment fee, you can switch to our Bronze service where we will charge you 10% on the recovery of the debt. If we are unable to recover your debt then there is no commission fee payable by you.
4. What if my customer is having cash flow problems?
If your customer is having genuine cash flow problems, we can arrange a payment plan so that their debt to you is paid off within a reasonable amount of time. We’ll even monitor the payment plan for you to make sure your customer sticks to the agreement.
5. What if you cannot recover the debt?
On the rare occasion that we are unable to recover the debt during our pre-legal process, we will discuss the merits of taking the case legal and recommend the best course of action for you.
6. How do you actually recover the debt from my customer?
We use a variety of communication and bespoke tracking methods to contact your customer, including emails, letters, and scheduled outbound telephone calls. We discuss the debt with your customer to resolve any issues and impress upon them the need to deal with the matter so that further interest and possible legal costs can be avoided. We also make reference to their potential entry on ROSI (The Register of Outstanding Invoices) which may affect their credit rating with other suppliers and financial institutions. This motivates your customer to deal with your debt above any others.
7. How can I be sure that you will act in a professional manner?
We act in accordance with the code of practice set out by our trade body, the Credit Services Association, of which we have been a member since 2002. This means all our letters, emails, phone calls, and processes adhere to the high standard required in order for us to maintain our membership. Our methodology is to use a diplomatic but firm and professional approach.
8. Ideally, I would like to keep my customer, are there any services you offer that are a bit more customer-friendly?
Absolutely! We have a range of ‘softer’ services including an online credit control service (via our AccountAssyst.com online credit management software), a free ‘letter before action’ service that gives your customer 7 days to respond, and a full debt recovery service that levies no cost on your customer (instead we charge you 10% on the recovery of the debt). We would recommend you talk with one of our advisors to discuss which service would be best suited to your needs.
9. What if I only have a few debtors issues a year?
Our service has no minimum or maximum threshold so you can refer as many or as few overdue invoices as you see fit. Due to the unique nature of our service, we can also handle debts from as little as £1 upwards.
10. I already have trade credit insurance, why would I need your services?
Most trade credit policies are not viable below a certain debt level in which case we could provide support for any debts below this threshold. Many of our clients hold credit insurance policies and work with us alongside them.
11. What do I need to do to start referring debts to you?
The first step is to have a quick no-obligation chat with one of our team via our free Advice Hotline 0330 229 1991 They will discuss your needs with you and advise you on what service is best for you and your business.