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How can I check if a company has gone insolvent or bankrupt?
You can search the government's free Companies House register or the London Gazette if you’re looking for an insolvent or bankrupt company. These websites offer free information on a company's insolvency status, including filing of insolvency-related documents. Examining the company's financial statements and notices on these platforms can provide insights…
VIEWWhat is the smallest amount a debt collection agency can chase?
Debt collection agencies typically do not have a minimum invoice value for pursuing a debtor, leaving the decision down to the creditor.While some agencies may charge a handling fee for debts below a certain amount, factors beyond cost, such as principles and reputation play a role in deciding whether or…
VIEWDoes having a CCJ mean I’ll recover my debt immediately?
No, not always. Having a County Court Judgment (CCJ) in your favour doesn’t necessarily mean your debtor will instantly pay you. In many cases, it will have the desired effect and result in the debtor paying the full debt immediately or reaching an agreement of payment by instalments. But some debtors…
VIEWWhat is the process for international debt recovery?
International debt collection involves a two-stage process.Initially, a professional debt collection agency operates from the UK, attempting contact through calls, texts, and emails during the debtor's business hours.If unsuccessful, the agency engages a local partner in the debtor's jurisdiction, leveraging their understanding of local language, culture, and legal protocols. This…
VIEWWhat is a County Court Judgment?
A County Court Judgment (CCJ) is a legal ruling issued by a county court against an individual or business that fails to repay a debt. It can be applied for by creditors to recover what they are owed, and debtors have four options: pay the full amount immediately, pay later or…
VIEWHow much paperwork do you need to trace a debt?
To initiate the debt tracing process or perusal of a debt all you need to provide is the invoice, contract, or confirmation of a verbal agreement, along with the debtor's name and their last known address.…
VIEWWhat happens if my contact has 'gone away' or has no current address?
When a debtor has no current address, it's crucial not to write off the debt immediately. Instead, consider seeking professional help from a debt collection agency (DCA) experienced in debtor tracing. DCAs can use various methods, such as searching electoral rolls, financial data, and online platforms. If the initial trace is unsuccessful,…
VIEWI’m owed money, when do I bring in a debt collection agency?
While there is no definitive answer, you can introduce a debt collection agency as soon as an invoice is overdue. It is a good idea to limit the number of invoices that are unpaid for 90 days, to avoid cash flow issues. Or, if your resources are limited and a non-payer…
VIEWWhat if I have no written contract?
Not Having a Signed Contract Doesn't Excuse Non-Payment.While a signed contract is the most robust form of agreement, other types of agreements can also hold legal weight:Written Agreement: Communication through emails, texts, or messaging apps like WhatsApp can sometimes serve as a written agreement. For example, if both parties agree…
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