Debt Recovery Solutions
At Know-it we provide digital debt recovery solutions backed with over 14 years of experience. Collect-it is our debt recovery service that consolidates your business case for court proceedings and provides an instant quote for debt recovery solutions.
What Are Debt Recovery Solutions?
Debt recovery solutions and services are the processes of recovering debt undertaken by a professional agency. Typically these debts will include overdue invoices from either services or credit agreements. Often these debts will have been unpaid for a large amount of time and therefore may have been written off by the original business.
Debt recovery services can involve a variety of different methods or steps to recover the unpaid debt. This process will start by locating the debtor and informing them of the debt which can then escalate to legal action if necessary.
Our Stress-Free, Digital Debt Recovery Services
Collect-it Is Partnered With Debt Recovery Experts Darcey Quigley
Collect-it works in partnership with Darcey Quigley who are commercial debt recovery experts with over 14 years of experience. Recovering unpaid debts can be stressful and time-consuming which is why it’s important to be able to rely on a debt recovery solution that is tried and tested. Darcey Quigley works with us to carry out the debt recovery process and provide support for your case each step of the way.
Darcey Quigley supports the debt recovery process with their pre-litigation approach, focussing on getting you paid without destroying your relationship with your customer.
Get Instant Quotes and Live Updates
We believe it’s important to provide a modern, user-friendly debt recovery solution that takes the guesswork out of debt recovery. Collect-it provides a simple, easy to use interface which provides instant quotes and live updates so you can clearly track the progress of your case. When you start your claim, you’ll be provided with an instant quote, so you can act quickly and improve cash flow. Unlike traditional debt recovery services, you’ll always be up to date with our live dashboard which allows you to check the progress of your case.
Finally, once your case has been resolved you’ll receive an instant email confirming the outcome.
Only Pay A Fee If Your Debt Is Collected
Collect-it operates on a no-win, no-fee basis meaning you only pay if your debt is recovered. We understand that when debts are repaid on time cash flow can be directly affected, that’s why we will only charge a fee once the debt is successfully recovered.
To help small businesses we charge a percentage fee, that is quoted upfront before the recovery process starts. We believe that even businesses with small unpaid debts should have access to industry-leading debt recovery solutions.
The Steps To Debt Recovery Solutions
Tracking and Tracing
The first step to our debt recovery solution is to track and trace the debtor. Once the debtor is found they will be contacted by telephone, post or email to ensure they are aware of their outstanding debt.
On rare occasions, the debtor may not be traceable, in this case, we may contact the debtor’s employers and family members but the information of the debt will not be disclosed.
Contacting the debtor
Our first contact with the debtor is typically through general reminder letters or emails. If we don’t receive a response, the next step of the process is to send a stronger letter or email demanding that the debt is paid and outline the actions that will take place if it is not. Letters and emails can range from strong reminders to final warnings and ultimately summons to the small claims court.
If previous debt recovery solutions haven’t resolved the issue, in-home visits can be used by enforcement agents or bailiffs. Bailiffs are legally allowed to seize some of the debtor’s possessions which can then be sold at auction to recover the cost of the debt. However, this is not a preferred method of debt recovery and is only used in extreme cases.
It is preferred to offer the debtor another payment plan so they can fully repay the debt. Debt negotiations offer the debtor a method of paying the debt that is suitable for them, this will increase the likelihood of the debt being repaid without legal action.
Court Proceedings And Legal Action
If the previous step hasn’t successfully led to the debt being repaid, court proceedings and legal action will be used. Before sending the case to court we will send a final warning to the debtor which will inform them of the legal action taking place.
Collect-it, our debt collection solution, allows businesses to quickly and easily form a legal business case. Collect-it records all actions taken preceding legal action which can then be exported, saving you valuable time.
From this stage onward the case is undertaken by the court where it will finally be resolved.
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