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We hear so many myths and misconceptions about commercial debt recovery. But one of the most common things we hear is “I can’t afford commercial debt recovery – it’s too expensive”. But with My Debt Recovery and Escalate on your side then there is no reason that your business should ever write off viable debts that we can collect. With restrictions on the issuing of Statutory Demands set to ease off in the next few months, we know some of our clients are looking to get themselves first in line so we’re taking this opportunity to introduce you to Escalate.
What is Escalate?
At My Debt Recovery, we will always try everything in our power to recover the commercial debts that you have handed over to us. However, sometimes the only option we are left with is to pursue legal action. Clients can be put off by this process as it can be lengthy and expensive. Solicitors often bill by the hour and costs can spiral. But, My Debt Recovery is part of Escalate, a smarter way to resolve commercial disputes that prioritises your cash flow by focusing on a quick settlement, removing upfront costs and minimising risk.
So how does this help me recover my commercial debts?
If, after our intensive and extensive debt collection process, your debtor is still not forthcoming with payment, we are able to utilise Escalate to conduct legal proceedings against your client. We have access to specialist legal teams and all of your upfront and ongoing costs are funded for you.
The work is carried out on a fixed fee basis, which is totally transparent and those fees are only payable upon a successful outcome and you don’t have to pay the defendant’s fees if you lose. This innovative way of approaching legal proceedings means that you can save time and money and focus on running your business, whilst we and our team of experts get to work on your case.
How does the Escalate process work?
We’ll already be working hard to negotiate with your debtors and incentives are offered in an attempt to induce an early settlement. However, if the debtor is unwilling to settle within the first few months then we can progress to litigation. As we mentioned before, the upfront and associated costs of legal action (which are transparent and fixed) are covered and will only be applicable if we reach a successful settlement.
Isn’t this the same as “no win, no fee” offers?
Not quite. When a solicitor offers you a “no win, no fee” arrangement, there will still be upfront costs that you will need to cover. These include court fees, barrister/expert fees (if applicable) to name a few. These costs are not generally recoverable if you’re unsuccessful and can topple into the realm of tens of thousands of pounds.
Can Escalate work with me on an existing dispute?
Yes! We can revisit disputes that are up to six years old, enabling businesses to start to recover monies that were previously written off and providing an unexpected, but often welcome cash flow injection, upon a successful case.
What are the costs of resolving a dispute?
Escalate charges a fixed fee of 30% of the amount recovered, ensuring you will receive at least 70% of the monies received. There is complete transparency and certainty from the very start of the process, with no unexpected costs and remember that you don’t pay unless there is a successful outcome.
How do I find out more or get started?
If you want to find out more about the Escalate process then you can download our brochure here, or give us a call. We’re ready and waiting to help you to recover your commercial debts and continue to run your business.
