Sterling Debt Recovery specialises in collecting delinquent debt in a manner which provides the best cash outcome for our clients. We employ well educated collectors to work in a professional and persistent manner, achieving better results and maintaining a professional corporate image.
Our service objectives are :
- Get the best cash outcome for our client
- Retain a professional image
- Provide useful feedback and advice to the client
- Make it easy to do business with us
Different debtors respond better to differing types of communication, so whilst our focus is on negotiating payment over the phone we will also use a process of letters, emails and fax and sms where appropriate.
At Sterling we use technology in a conservative manner to assist the recovery process, whilst we recognise it’s importance we do not rely on it to achieve results. Our debt recovery system has been developed using best of breed technology to automate administration as far as possible. Letters, emails and reports are produced automatically allowing our collectors to focus their efforts on investigating and negotiating with debtors. Our system also produces status and reconciliation reports for clients, but our collectors can also be contacted for more in depth updates.
Whilst many debtors can be categorised as ‘can’t pay’ or ‘won’t pay’, many will believe they have a valid dispute, Sterling will examine the facts in relation to the terms of business in order to explain to the debtor clearly that their dispute is invalid and the consequences of persisting with non-payment. In some cases we may escalate the debt to our solicitor* in order to resolve the dispute, usually without the need for legal process. Our collectors will negotiate with ‘can’t pay’ and ‘won’t pay’ debtors in the most appropriate manner to collect the debt as quickly and cost effectively as possible. The explicit threat of a litigation and enforcement route is usually successful in persuading ‘won’t pay’ debtors to resolve the matter. In some cases they may believe they are protected by a Limited company or believe their assets are hidden, then often the ‘corporate veil’ can be lifted or other litigation/enforcement route threatened that can achieve payment.
Where Sterling are unable to collect in our debt recovery process we may recommend escalating the debt to our legal team*. Where we believe litigation is appropriate we will contact you to discuss our reasoning, explaining the process, the potential costs and the likelihood of success. Whereas most law firms judge a success to be a win in court, this will not necessarily achieve payment and even if it does the costs of action can exceed the value of the debt recovered. At Sterling our objective is to achieve a cash positive result, so we consider the chances of effective enforcement as well as the costs and risks of litigation when advising on taking action.
*Sterling Debt Recovery uses an independent 3rd party solicitor. You can see more information here legal services.