Pre Legal Collection Services
At Credit Style we understand that cash flow is important but so is customer retention.
That is why we do not run fixed collection systems but assess each individual debt on its own merits. We also understand that there is a difference between Credit Management and Debt Collection. By working closely with our clients we ensure that their own credit resources are employed to maximum effect using the experts at Credit Style in a support role.
Credit Style’s pre-legal collections services include:
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Ledger clean ups
A cost effective solution where high volumes of debts have exceeded the agreed terms of payment and the team at Credit Style take temporary responsibility for collecting the older debt e.g. 60-90 + days overdue. This allows your own credit control team to collect ‘fresh’ debt as it falls due for payment and thereby stop it from ageing. This will immediately improve your cash flow, protect you from bad debts and begin to educate your customers that your terms of payment mean what they say. The ledger clean up service will help you if you are struggling to manage queries, have suffered IT problems or undertaken an acquisition which has effected your sales ledger position or if you simply need some help to reduce Days Sales Outstanding (DSO).
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Collection support
If you have ten debts or more each month that remain unpaid for more than thirty days after your agreed credit terms then Credit Style can help. Our expert staff will contact your customers and negotiate payment with the clear objective of getting your money into your bank as quickly as possible. If you have less than ten debts each month then Credit Style’s online collection system is the solution for you. A choice of services at a fixed price controlled by you every step of the way and available 24/7, guarantees a cost effective flexible service which encompasses the wealth of credit management experience offered by Credit Style.
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Letter Before Action (LBA)
If you have exhausted Pre Legal Collections the strongest action without actually issuing legal proceedings is to send an LBA (solicitor’s letter). Credit Style will issue an LBA for a fixed fee within 24 hours of receiving your instructions.
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Tracing Service
If you cannot find your debtor you will not be able to collect what is owed to you. Credit Style will undertake trace action in a fast, professional manner and on a fixed fee basis.