Premium Collections

Unpaid Invoices

admin — Tue, 07 Feb 2012 15:41:54 +0000

Unpaid invoices are the thorn in the side of many companies. The order has come in, the work has been completed, the customer seems happy and then communication stops. At Premium Collections we have a specialised team who will handle all your outstanding invoices and collect monies owed to you. We’re so confident in our success rates that we offer a no collect no fee on the majority of debts so you really do have nothing to lose with us. From a single invoice to large volumes we can collect from both the UK and internationally.

Speak to the team today and let us show you how we can get your cashflow moving again…

Corporate Debt Collection

admin — Mon, 23 Jan 2012 23:33:58 +0000

When it comes to corporate debt collection then the team here at Premium Collections lead the way in recovering outstanding monies. Our staff are trained to treat each client individually and realise that no two situations are the same. This approach means our recovery rates are high and client satisfaction has never been greater.

We can collect commercial debt across the UK and in many other parts of the world. From a single invoice to a recurring work we have the procedures in place to get your money collected quickly with little fuss.

Company Debt Collection Cyprus

admin — Sun, 22 Jan 2012 08:47:10 +0000

As well as offering a comprehensive service for company debt collection across the UK, Premium Collections also operate in many countries around the world. We are currently working for a number of clients who are using our company debt collection services in Cyprus. If you have monies outstanding to you then get in touch with the team in the office today and we can look after as little or as much as the process as you like. This will free your time to concentrate on growing your business and make sure you’re not held back by the time consuming process of chasing invoices.

Debt Collection in Cyprus

admin — Fri, 16 Dec 2011 10:55:09 +0000

If you have done business with a company in Cyprus, and your invoices are not settled, you can collect the debt through Premium Collections Ltd.

Premium Collections Ltd offers you an effective solution for collecting your outstanding invoices in Cyprus. We are affiliated with an international network of debt collection agencies. All the associated debt collection agencies are members of their own national industry organisations and must be qualified to be part of the network. Because of this we can assure you that your debt collection case will be handled by a specialist, reliable debt collection agency in Cyprus.

This approach, of using a local debt collection agency, is effective. The debt collection agency in Cyprus knows the national legal regulations relating to the collection of claims: whether debt collection costs in Cyprus can be charged to your debtor, and if so how much; whether there are fast-track procedures & whether attachment is possible;. Our debt collection partner in Cyprus knows exactly which steps are possible and how best to approach your debt collection case. We remain in close contact with the overseas debt collection partner. We will keep you fully informed about the state of play. This means you have a single point of contact for all your debt collection cases in Cyprus

No-win-no-fee debt collection
Even in Cyprus, your debt collection case is handled on a no-win-no-fee basis.

Assessment of judicial debt collection procedure opportunities in Cyprus
If the debt collection case is not resolved extrajudicially, you will be given an assessment of your case in Cyprus. This advice includes a description of the judicial procedure, an assessment of the costs, the time it generally takes and an assessment of your chances with this case. On the basis of this advice you can then judge whether you want to go ahead with the case or not. If, at that point, you conclude the debt collection case, you do not pay a debt collection commission: no win no fee.

Fee Paying Litigation:UK Heading for US Style Litigation?

admin — Fri, 16 Dec 2011 10:22:05 +0000

Until 2001, if you had been injured in a road traffic accident (RTA) you simply made arrangements with a Solicitor to obtain compensation on your behalf. The question of costs was very rarely mentioned as it was an unspoken truth that the Solicitors expected to recover their costs in full from the negligent driver’s insurance company.

When Lord Woolf reformed the framework surrounding compensation claims in 2001, the system of No Win No Fee (NWNF) was introduced, which in theory allowed claimants to bring claims without the fear of accumulating large legal costs bills if they lost the claim, thus providing access to justice to individuals who previously may have been put off from claiming.

This access to justice was protected by the issuing of what was known as After the Event Insurance (ATE), an insurance policy that guaranteed that the legal costs would be paid in the event of the claim not succeeding.

In legal circles this type of arrangement is governed by a Conditional Fee Agreement (CFA) which in layman’s terms basically means, that the lawyer agrees to take the clients case on, work for free for the duration of the claim, irrespective of the length of the case, before ultimately getting paid their costs on a fixed fee regime, with the possibility of achieving a success fee, if indeed the claim succeeded (therefore the fees are paid conditional upon success in the case!).

Quite where this system of accessing legal services and obtaining compensation came from is a bit of a mystery now, although at the time it probably made some sense. In any event the system was introduced and has been utilised since then, albeit utilised in what can only be described as a battlefield, as claimant lawyers and insurance lawyers have knocked lumps out of each other arguing as to the rights and wrongs of the system.

This battle has raged for 10 years and has now led to a further change in the legal framework surrounding these claims, from Conditional Fee Agreements (CFA’s) to Contingency Fee Agreements (COFA’s).

In the newly proposed regime, the claimant will now have to commit to giving his lawyer a percentage of his recovered compensation to contribute towards the lawyers costs in the event of a successful claim.

So if £32,000 is recovered on a 20% COFA, the lawyer will deduct £6,400 from the compensation award to contribute towards their costs of acting for the client. This process is widely used throughout the United States and has been for very many years.

It is a much simpler process for all parties concerned and one which the claimant will understand completely from day one, as opposed to the impossible task of trying to explain the ins and outs of a CFA.

Indeed in many cases, a significantly large percentage of claimants already expect that there will be a deduction from their compensation award, even though to do so has been un-legal for the past 10 years.

In creating this new framework Lord Justice Jackson has necessarily had to make some collateral changes such as scrapping the indemnity principle and introducing 1 party cost shifting, which in effect maintains the claimants ability to bring a claim without risk of costs, but crucially negates the need for ATE Insurance to be in place and thus provides a much needed costs saving to the ultimate paying party (the insurance company).

No doubt the media will scare up some headlines and roll out the usual extreme and absurd scare stories about daft claims being made, but the fact is that this new regime proposed by Jackson should make life simpler for all stakeholders.

The claimant will understand his legal obligations when making a claim.
The claimant’s lawyer will understand what they will be paid if successful (or not).
The insurance company have had a welcome shot in the arm from the loss of paying ATE premiums.
And the whole process in these low value RTA claims should be speeded up considerably.

So in answer to the headline question…yes the UK is going down the US route in RTA litigation and what a welcome relief that is for many!

Corporate Debt Collection Procedures: A Step by Step Guide

admin — Fri, 09 Dec 2011 16:39:49 +0000

The secret to any successful business is good customer relations. Maintaining the valuable relationships built during good financial times, shouldn’t be put in jeopardy during poor ones. When collecting a debt, it is important to remember to keep things casual, at least in the beginning phase of debt collection. The key to collecting any debt is to act quickly. Don’t allow too much time to pass without notifying your client that credit terms have been broken. Remember that you want to retain these individuals as customers, so treat them with respect.

The following is an example of a collection notice that should be sent when the debt is approximately 30 days delinquent:

Thank you for your recent purchase. Our records indicate payment has not yet been received for the enclosed invoice(s). Please take a moment to review your records.

If you have any questions, please do not hesitate to contact our office. We will be happy to answer any questions you may have.

We appreciate your prompt attention to this matter.

If you haven’t heard from the recipient of the letter within five business days, a phone call should be made. Speak only to the person responsible for paying the debt. If that person is not available, leave a message with your name, position, and contact information. NEVER DIVULGE THE REASON OF YOUR CALL TO A THIRD PARTY.

Once you contact the person responsible for the debt, remember to keep the tone casual. The initial call should be for the purpose of obtaining information. Ensure that there are no problems with the merchandise, or service received. Take notes throughout the course of the conversation. These notes should include the date of call, who was contacted, and the date payment was promised.

The following is an example of the initial collection call that should be made:

“Hello, this is Samantha with Premium Collections. I’m calling in regards to your invoice number F140. We have not yet received your payment. Can you tell me when you may be able to pay?” ALLOW THEM AN OPPORTUNITY TO SPEAK. Then, follow with, “Thank you for your time. I’ll make a note of the payment date, and look forward to seeing you soon.”

As you can see, there was nothing threatening about this phone call. It simply serves as a courtesy, and lets the customer know that the debt has not gone unnoticed.

Unfortunately, not all debtors will pay after this first notice. It is quite likely that you will need to make another phone call and/or correspondence connection. Still, remain cordial. There are many reasons why a debt will remain unpaid. It is imperative that you verify that there is no error on your, or your company’s part. Verify that the debt remains unpaid, speak with the salesman involved in the transaction, and any sub-contractors that may have played a part in the transaction. Verify that all work has been completed and that the service was satisfactory. Once you are certain that there are no loose ends, contact the customer again regarding the debt.

The second collection call should occur five days after the scheduled payment date, as it is common courtesy to extend a five day grace period. After that time, again, contact the person responsible for paying the debt.

The following is an example of the second collection call:

” Hello. This is Samantha with Premium Collections. I’m calling in regards to your balance of £ 5,000.00 that has recently gone past due. When we spoke on May 10, 2011, I was told a payment would be mailed. Can you confirm if payment was sent?”

LET THEM SPEAK. Then, politely thank them for their assistance. Do not hang up the phone until a new payment date is arranged. If your company accepts credit cards as a form of payment, alert the customer to this fact. Some customers will immediately make partial, of even full payment while they are on the phone. Remember to take notes during this phone conversation, as well.

If the debt still remains unpaid after 55 days, place the customer on credit hold if you have not already done so. Then, send a written correspondence alerting them to the fact that their charge privileges have been suspended.

The following is an example of the credit hold correspondence:

Several attempts have been made to collect your past due balance of £ 5,000.00. At this time, we have no option but to place your account on CREDIT HOLD.

Please contact our office at once to arrange a payment date. It is imperative that you do not ignore this request for payment.

Thank you in advance for your prompt attention.

As you can see, the tone has shifted slightly. The cordiality is still present, but you’re letting your customer know that you are serious about collecting the debt.

It is very common to become frustrated at this point, but it is extremely important that you follow a strict set of guidelines. The following practices should be avoided when making collection phone calls, as they can be construed as harassment:

* Do not call at odd hours of the day or night. Calls should not be made after 10:00pm or before 7:00am.

* Do not make more than one call per week. The only exception to this is if you’re following up on a scheduled payment.

* Never call a third party, except to locate the whereabouts of the debtor. Remember, do not divulge the purpose of the call.

* Do not threaten the debtor in any way.

* Do not allow more than one person to call for collection.

- Do not make false claims that legal action will be taken.

There are bargaining tools that can used in collecting a debt, even if it has aged past 60 days of delinquency. Here are a few ideas you can use to receive payment on a past due debt.

- Suggest that a percentage of the finance charges be removed from the account. For example you could say the following. “We would like to help you in any way possible to clear this debt. If you can payment on your account today, we would be willing to remove half of the service charges accrued on the account.” BE FLEXIBLE. You want to make every effort possible to get this amount on your own, without having to pay for a lawyer, collection agency, or even Small Claims Court costs.

- Come up with a payment plan that both parties can agree on. For example you could say the following. “We understand that it may difficult to pay the full amount all at once. We would like to help you clear this debt, by extending a payment schedule.” Make it clear that payment would have to be received monthly by a specific date. It’s a good idea to type up a rough contract and have the debtor and the creditor sign the agreement. Again, BE FLEXIBLE. It’s better to get a small amount each month than nothing at all.

If you have exhausted all efforts, and still have been unable to collect the debt, send out a final notice. This correspondence should be short and to the point. There is no need for cordiality at this point.

The following in an example of the final notice correspondence:

FINAL NOTICE

Your payment, in the amount of £ 5,000.00, is due at once. Your account is now over 90 days delinquent, and we must demand your immediate payment.

If this payment is not received within ten days from the date of this letter, legal action will be taken.

I urge you to resolve this matter at once. This is the last request for payment you will receive from our office.

Do not delay. Make your payment today.

This correspondence should be sent out certified mail with a request for a signature upon delivery. Once the debtor receives the letter, they will be required to sign off that it was received. Then when you receive your copy, place it in the customer’s file. Other items that should be in your customer’s file should include:

- Notes taken during collection calls

- Copies of all correspondence sent to the debtor.

- A copy of the customer’s credit application (with signature)

- Copies of invoices, quotes, delivery confirmations, etc.

- Copies of monthly statements

- Copies of any payments made to the account

All of this information will be needed if you decide to take legal action against the debtor. The final collection options you have are:

Small Claims Court

Solicitor

Collection Agencies -

The process of collections can become tedious after time, however it is an integral part of any successful business. Remember that consistency is an important part of debt collection. You don’t want your company to be seen as an “easy mark”, or known for it’s harsh collection methods. Finding a balance between the two, while maintaining good customer relations, will help keep the good customers with you and weed out the bad ones in the process.

Collect Unpaid Invoices

admin — Sun, 13 Nov 2011 21:36:29 +0000

Need help to collect unpaid invoices? Cashflow is the lifeblood of any company and keeping it moving can often distract people from the day to day running of their business or department. Let the team at Premium Collections look after every aspect of your payment process to allow you to focus on growing the business and keeping it profitable.

We use a combination of many of our services to ensure we tailor a package that’s just right for your company. We collect many debts on a no collect no fee basis so you have little to lose and we pride ourselves on collecting monies that you may have given up one ever seeing.

Talk to us today and let us show you how we can help…

Private Investigation Services

admin — Thu, 20 Oct 2011 10:56:40 +0000

Our specialist staff also offer proactive & professional private investigation services throughout the UK. These skills allow us to maintain an even higher success rate in our debt recovery figures. We can offer these services independently of our debt or vehicle services for a wide range of situations or can incorporate them into our processes for you. For more information please visit our Premium Investigations website or speak to the team today to see how we can help…

Debt Collection Service

admin — Tue, 11 Oct 2011 10:30:31 +0000

With our no collect no fee policy its easy to see why more and more people are turning to Premium Collections to collect invoices outstanding to them. Cash flow is the key to any business and in these difficult times it’s becoming harder and harder to get invoices paid and money owed to you.

Our team at Premium Collections can help. With over 50 years experience in the commercial debt collection industry we have the knowledge to ensure we get your invoices paid and get your business moving again.

Speak to the team today and lets see how we can help. We often collect money that clients had written off a long time ago and with our no collect no fee policy you have nothing to lose and everything to gain.

Free Company Credit Report

admin — Fri, 07 Oct 2011 15:40:05 +0000

Premium Collections are offering a free company credit report for a limited time. A clear picture of a company’s financial situation is a useful tool in gaining an insight into possible reasons for non payment. Use our free offer in order to gain an insight into your Debtors situation.

Click on contact us below or call the team to claim your free report today.