Do you have a business debt that is overdue? At CEA Limited we can recover this debt for you quickly, ensuring you get the money you’re owed.
If you’re considering commercial debt recovery, we’ve put together some of the most common questions that are asked. Our experienced debt collection team are also available to answer any queries you may have either by phone or email.
How long does it take to recover a debt?
Our aim with every case is to recover the money for our client as quickly as possible. This can vary depending on the particular case but is usually measured in weeks rather than months. The more information that you can provide regarding the debt and the debtor, the sooner we will be able to start. Once we are instructed, we will make contact with the debtor.
Is it worth pursuing my debt?
The answer to this will vary depending on the size of the debt and the circumstances of the debtors. At CEA Limited we are always honest about the potential success rate of a particular debt. For smaller debts, such as those under £100, it may be worth considering righting it off. However, you need to ensure this doesn’t set a precedent for other customers.
We will check the viability of any debt before taking any action. This includes researching the company to check they are still operating and have submitted their most recent accounts. Where the individual or company has become insolvent, there is very little chance that the debt will be recovered.
Do I need to have a CCJ first?
No, you don’t need to obtain a County Court Judgement (CCJ) before using our debt collection services. We can collect your money quicker than going through the court process. As soon as we receive your instructions, we will make contact with the debtor and start the recovery process.
How do I start the debt recovery process?
All we require to begin recovering the debt are copies of the outstanding invoices and any other information you have regarding the debtor. This can be emailed to us at office@cealimited.co.uk. One of our team will then be in touch to discuss the case and our fees.
Can you trace a debtor if I don’t know where they live?
Yes, we use some of the latest tracing software to locate current addresses of debtors. The more information you can provide us with, such as full name, previous address, date of birth, the quicker we will be able to locate the individual.
Are you able to recover a debt from abroad?
Yes, if your debtor is based abroad or has moved since accumulating the debt then it is still recoverable. We have experience of negotiating with debtors in multiple countries and can call on a network of agents globally where required.
Will chasing a debt affect my client relationship?
Sometimes businesses choose not to chase up a long-standing debt because they don’t want to lose the client. If it’s a long-term client then it’s worth trying the usual methods first to try and reach an agreement. However, you should also factor in the time and costs associated with recovering an unpaid invoice. This might make the client appear less valuable. A good customer will probably appreciate the efficient credit control measures you have in place.
Will I have to accept a lower payment from the debtor?
At CEA Limited we strive to get full payment from the debtor. However, this isn’t always realistic, depending on the customer’s financial circumstances. For instance, they may be able to afford a large one-off payment and then make regular payments to clear the remaining debt. In some situations, it may also be beneficial to compromise on the amount if this will get the debt paid sooner. Taking a lower payment could save you the time and costs associated with taking court action.
How much will it cost to recover the debt?
The costs and fees associated with debt recovery vary depending on the type and size of the debt. Commercial invoice debts are covered by late payment legislation, enabling us to recover late payment charges and interest from the debtor. This means we can provide commercial debt recovery and unpaid invoice collection to creditors at an extremely cost-effective rate.
Is there a time limit to recovering my debt?
We always advise clients that it’s best to start the debt collection process as soon as possible. This provides more chance of success, maintains your cash flow and sends the right message to clients and customers. However, if you have any old outstanding invoices, these can be collected on up to six years from the invoice date. You will need to have maintained regular contact with the customer regarding the debt over this period, such as sending out statements or reminders.
In order to start the debt collection process, simply contact one of our team today on 0113 532 8350 or email office@cealimited.co.uk.