Tollers offers a specialist debt collection and recovery service. This is a dedicated service which we can tailor to your individual needs. We can offer the full range of debt recovery services to include:
- Effective assessment of customers’ creditworthiness and credit limit
- Review of you terms and conditions, to maximise their adequacy in the event of late payment or payment dispute
- Invoice and statement scheduling structure
Assisting implementation of the statutory right to charge interest on late payments
At Tollers we take the view that debt recovery is only a small part of the issue of risk management.
Effective credit control starts from the moment a prospective customer wishes to engage your services or purchase your product. Therefore:
- Know your customer – is it an individual, a partnership, a division of an organisation, an unincorporated Association or Company?
- Ensure you have genuine knowledge of your new customers whenever you are offering a credit facility
- Define the agreement with your customer – ensure your agreement is in writing and that you have an up to date set of standard terms which are incorporated into the Contract (our Corporate Business Unit will be happy to advise and/or draft standard terms of business pertinent to your particular requirements)
- Carry out appropriate credit checks upon your customer – seek references were appropriate and carry out credit reference searches to assist you in deciding whether and to what extent you will offer credit facilities
Tollers are able to provide cost effective credit reference services for prospective business customers. We are also able to offer an ongoing monitoring service of key customers, to give you the earliest warning signs (please see attached brochure for details)
- Monitor your customers’ payment record and have a clear and defined procedure for chasing
- Take timely and effective action. In our experience the earlier the debt is placed in our hands, the greater the likelihood of recovery. A simple letter before action or, in appropriate circumstances, a statutory demand will usually be sufficient in those circumstances. However, if necessary, Tollers offer a fixed price for obtaining undisputed debt judgments, utilising a dedicated debt recovery management system. Thereafter if the debt remains unpaid we will discuss with you your options for enforcement and likely cost. Using our experience and judgement we will recommend the most appropriate course of action to take
And if the debt is disputed:
We have a team of lawyers willing to provide advice and guidance on how to resolve the dispute, whether by negotiation, mediation or Court action.
Tollers will agree with you fees for standard forms of work in relation to debt recovery. Where claims are contested by your debtors they will be discussed with you individually and an individual action plan for that debt recommended. Tollers Debt Recovery Services is probably your most effective route to a payment resolution.