Here are some of the most frequently asked questions we receive about debt recovery. If your question is not answered below, please feel free to contact us on 0800 009 6106, or email us on hello@mydebtrecovery.co.uk

We will deal with most types of debts and specialise in business to business (B2B) debt recovery. If you have provided a product or service to a customer and they have not paid their invoice on time, we can help you to recover your money. The only type of debt we do not pursue are consumer (CCA Regulated) debts.

My Debt Recovery works on a no collection, no fee basis so if we are unsuccessful in recovering the monies owed to you, you don’t pay us a penny. If we are successful, we charge a {33ddf7b5ad3dbf17894843a83128c9e530756aa55b5972ffa080cd81c7bd73af} of the money recovered for our services and this is usually based on the age and value of the debt.

Yes, if you are owed money from another business, you can claim interest of 8{33ddf7b5ad3dbf17894843a83128c9e530756aa55b5972ffa080cd81c7bd73af} above the Bank of England base rate. Under the Late Payment of Commercial Debts Act (Interest), you are also entitled to charge a fixed amount to cover some of the recovery costs. Below, we have set out those charges:

  • Up to £999.99 – £40 
  • £1,000.00 to £9,999.99 – £70 
  • £10,000.00 or more – £100

Depending on the circumstances of the debt, we may also be able to recover your reasonable debt recovery costs.

Ideally, we would like to see any paperwork that proves the debt. This may typically include a contract, purchase order, delivery/sign off documents, quote, email exchanges and a copy of the outstanding invoice. Any correspondence in relation to the debt you have had with the debtor.

Yes, we’ve helped multiple clients recover monies internationally from Europe, South America, Australia and many others.

The debt may be paid in full or by a series of instalments. When paid in full, we will account to you for monies received and send a payment to you, net of our fees, within 7 days. When payments are made by instalments, we would usually account to you once £500 or more is collected.

We will attempt to recover any outstanding debt over the value of £1,000. If it is a little under £1000, we may still be able to assist you, but bear in mind our minimum fee from collections would be £150.

Of course, we work with a range of businesses from those who only have one debt to collect, right through to those who have multiple debts and retain us on a regular basis.

We would always advise that you chase payment for your invoices as quickly as possible, to maintain your cash flow. Under the Limitation Act, you can collect outstanding invoices up to six years old. Our lowest commission is charged on debts under 6 months old so the sooner you get it to us, the less our charge will be.

We pride ourselves on our professionalism and how we handle our cases. Our team are highly professional and will make every effort to maintain your relationship with your customer. We actually have a number of clients who were originally debtors that we collected monies from.

This can vary depending on the debtor, type of debt and whether the debt has been disputed. We always aim to collect debts as quickly as possible, but whether this takes a few days or several months, will depend on whether the debtor can pay, disputes the debt, has assets we can recover against or the need for formal litigation proceedings.

We would always advise that you chase any outstanding invoice that is owed to you. Sometimes, all it needs is a gentle nudge so make sure you send payment reminders by letter, email and/or phone calls. This will also help in the future should you require evidence of your communication with the debtor.

To avoid late payments, engage with your customer in advance of the invoice due date to ensure prompt payment. 

However, if you have done everything you can to engage with the customer and they are still not paying, don’t delay in getting the debt over to us.

Contact our team on 0800 009 6106, email us on hello@mydebtrecovery.co.uk or complete one of our contact forms.

Get In touch

Get In touch

0800 009 6106