Leading Debt Recovery Statistics
What if you could recover your outstanding accounts free of charge? Would you use a pre-litigation debt recovery company…
Glasgow based commercial debt recovery company Darcey Quigley & Co have applied a real focus on recovering all additional costs from debtors. Working under the Late Payment of Commercial Debts Act 1998, they don’t only recover your outstanding debt but in the majority of cases are recovering additional interest, compensation and reasonable costs from debtors known as LPI.
Managing director Lynne Darcey Quigley commented: “Having listened to our clients over the years we fully understand the importance of recovering additional costs from debtors, as in many sales the profit can be minimal. We have worked tirelessly to achieve higher paid rates on costs. These statistics are incredible and speak for themselves so it makes complete sense to use Darcey Quigley to pursue any overdue invoices”
What can you claim from your debtor?
Interest: You can claim interest at 8% above the Bank of England base rate from the date the invoice is due (at the end of the agreed credit window) to the point when it’s paid. You have up to six years to make that claim.
Compensation: This can be claimed for every overdue invoice – you can even claim it if an invoice has now been paid, providing you’re still within the six-year window.
Reasonable costs: The compensation is intended to cover your costs for recovering the debt but if these exceed the above figures, you can claim what hasn’t been covered.
This could be the cost to your business of implementing credit control procedures and/or hiring a commercial debt recovery agency.
Darcey Quigley’s recovery team work extremely hard to collect all additional fees. Head of Recoveries Pamela Dunsmore was delighted with the results of her team: “As Head of Recoveries I am absolutely delighted with this considerable increase in recovery of LPI charges for our clients. The Recoveries Team at DQ are focused not only on the speedy recovery of the cases we receive but also on ensuring, where possible, that the clients incur as little costs as possible. We are achieving amazing results and I know this will continue into 2020 and beyond”
Lets check out the statistics for 2019 in comparison to 2018:
|Dates||LPI Recovered (Interest & Compensation)||Reasonable Costs (Our Fee)|
|2018 – Jan to June||33.6%||38.6%|
|2018 – July to Dec||54.6%||56.7%|
|2019 – Jan to June||76.5%||76.4%|
|2019 – July to Dec||82.5%||87.4%|
As you can see in over 87% of cases they are collecting reasonable costs from debtors meaning clients have zero debt recovery costs!
This year they are planning on improving these success rates and recovery of additional costs in 2020!
If you are struggling with overdue accounts but had always questioned how much it costs, then choose Darcey Quigley, a risk free way of recovery.
Call: 01698 821468 or Email: [email protected]
For more information on what costs you are entitled to claim for your debtor click here.