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How long does it take to Recover a Debt?

New clients often ask us how long it will take to collect a debt, which is difficult to answer. We are always confident in our ability to recover payment, but at which point during our 14 process payment is received is impossible to predict. Some debtors will simply wait until the very last minute to make payment. Others will pay as soon as they receive our correspondence and realise that a third party and additional costs are involved, next day payment is achieved in around two out ten instructions we receive. It is usually a surprise to the client who has spent months chasing for payment and either been ignored or given every excuse in the book.

This debt collection involved a London based Commercial Letting Agent and a London based Property Development Company. Our client, the letting agent, issued an invoice for just over £4,000 related to work carried out in renewing the lease on retail premises that formed part of significant residential development. Unfortunately, the debtor ignored the invoice and all attempts to resolve the situation.

It could be in less than 24 hours!

We commenced action and issued a Notice by post on a Tuesday. We then emailed copies of the Notice to several email addresses that our client had provided at 09.00 on Wednesday. Before we even made telephone contact with the debtor, payment, including the charges that make up Advocate’s fee, credited to our bank account just after 12.00 that day. The total invoice sum our client had been chasing for months was transferred to our client less than 30 minutes later via a same-day faster payment.

Our action resulted in the debtor paying the whole debt and our fees within 3 hours of receiving our debt recovery correspondence. Our client received a cost-free debt collection and 100% payment in less than 24 hours after receiving their instruction.

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