Debt Recovery. Simplified.

Debt Recovery:

Every company that trades will require assistance with collecting payment for outstanding invoices at some stage. Our commercial recoveries offering provides a cost-effective solution that can serve as an external credit control resource.

Letter Before Action: £1.50 plus VAT

As a CoCredo customer, you can now take advantage of the Letter Before Action (LBA) service - the first stage of any legal claim to recover overdue invoices. The Court provides a formal protocol that must be followed, and each LBA issued fully complies with it. Key requirements:

Corporations or Partnerships:

• Must be given 14 days to respond or make payment before legal action begins.
• This period may be shortened if the debt is formally admitted.

Individuals or sole traders:

• Must be given 30 days to respond or make payment.
• The LBA must include the appropriate response pack.

Failure to comply with the Protocol can result in a reduction in interest claimed and cost recovery. Contractual or Statutory Interest can be added together with Late Payment Compensation and costs.

Legal Proceedings:

If the Letter Before Action does not result in payment, we can issue legal proceedings on your behalf.

In most cases, this involves issuing a Claim Form detailing:

• The outstanding invoice(s)
• Applicable interest
• Court fees
• Legal representatives’ costs
• Additional legal costs (where applicable)
• Late Payment Compensation

Depending on the circumstances and the debtor’s position, insolvency proceedings may also be recommended as an alternative course of action.