Financial Recovery

financial recoveryRecovering debts and property can be an expensive and frustrating business for creditors. With this in mind, we have designed a recovery strategy and reporting system to keep expense to a minimum, remove some of the frustrations for creditors and bring matters to a conclusion as swiftly as possible.

Three steps to a conclusion.

Financial Recovery Step 1 - Notice Prior to Court Proceedings

One of our Debt Investigation Officers will hand deliver a Notice Prior to Court Proceedings to the debtor. We find that this invariably produces the desired result. Around 60-70% of debtors respond within 7 days or so by arranging payment with their creditor. Our Debt Investigation Officer's remit is not simply to deliver the notice, but also to gather relevant information to allow us to assess the likelihood of successful recovery by means of court and enforcement action. Our assessment and recommendations are submitted to the creditor. We may recommend no further action, after all – there is no point in a creditor throwing good money after bad!

Financial Recovery Step 2 - Court Proceedings for recovery of the outstanding funds or goods

In the event the debtor fails to make payment or contact with the creditor we will make an assessment as to the likelihood of successful recovery by means of court and enforcement action. If favourable, we can arrange court proceedings on behalf of the creditor with a view to obtaining an extract decree for payment (court order) in favour of the creditor.

Financial Recovery Step 3 - Enforcement action (diligence)

Following the grant of an extract decree for payment (court order), we will pass same to our diligence department at John Campbell Messengers-At-Arms & Sheriff Officers for the execution of diligence (judicial enforcement action) with a view to recovering the original debt, with interest, court expenses and diligence fees.