Log InWhat Information do you need to recover my debt?
All we require is the debtor’s name, address, telephone number, email address (if known), the amount owed, the date payment became due and any other information which you think maybe of assistance. If we require any further information we will contact you.
How do I instruct you to collect a debt?
Most of our clients prefer to complete an online Collection form. We can also provide a paper form and are happy to except instructions by email if preferred.
How much will it cost?
There are no upfront charges or hidden costs. Out fees are added to the debt and only payable against monies recovered. Full details of fees and terms are available on request.
What is the difference between a ‘Commercial’ and ‘Consumer’ debt?
If the debt is owed by a business, either a sole trader, partnership, limited company or organisation, then the debt is classed as ‘Commercial’. Debts owed by one or more individuals, not connected with a business activity, would be classed as ‘Consumer’.
My debt is ‘Commercial’. Can I add your costs and interest to the debt?
Under current late payment legislation debt recovery costs can be added to the debt and recovered from the debtor. You are also entitled to claim statutory interest at a rate of 8% over
Bank of England base rate.
Do I have to do anything to claim costs and interest from debtor?
No – We will automatically do the necessary calculations and make a claim for costs and interest on your behalf.
My debt is ‘Consumer’. Can I add your costs or interest to the debt?
Costs can be added providing you have written terms in place which would entitle you claim costs. If in doubt we recommend that prior to instructing us you notify the debtor in writing. We
suggest the following wording:
“If we do not receive full payment of the outstanding account balance within seven days we will be referring matter to our debt collection agency, K2 Collections Limited, whose costs will be added to the debt and payable by you in addition to the current outstanding balance”.
You advertise ‘Zero Cost’ Debt Recovery. How does this work?
Our costs are added to the debt and collected from the debtor, and only payable against monies recovered.
Do I have to pay anything in advance?
No – We don’t ask for any payment in advance.
What happens if you can’t recover the debt?
We are successful in recovering the vast majority of debts we are asked to collect, but if we can’t collect your debt for any reason, we don’t charge you for our efforts in trying. All we ask is that you do not withdraw the case before all collection activity has been concluded.
What happens if the debtor does not have the means to pay?
We will always try to collect the full debt balance in one go. However if the debtor simply does not have the financial means to do this, we will negotiate settlement of the debt by instalments and will undertake to collect each instalment when due.
What should I do if my debtor has moved address?
No problem – We provide a free tracing service for all of our debt collection clients
How will you keep me informed and will I have a named contact?
You will have a designated Case Manager who will keep you updated by email. Alternatively we can arrange 24/7 online access so you can see the progress of your cases anytime.
Any other questions?
If you have any other questions please ask. Call us on 0333 772 0278 or email service@k2collections.co.uk and we will be pleased to help you.