Debt Recoveries | Terms & Conditions
Interpretation
1. These terms and conditions apply to the collection of outstanding debts by ‘Debt Recoveries’ for subscribers and clients.
2. 'Debt Recoveries' is used throughout these terms and conditions as an abbreviation for Debt Recoveries & Collections Ltd.
3. 'Subscriber' denotes any individual, company or partnership using the fixed fee or subscription service provided by Debt Recoveries & Collections Ltd.
4. "Client's" denotes any individual, company or partnership using the Debt Collection service provided by Debt Recoveries operated under the ‘no win - no fee’ service.
Use of Information and Confidentiality
5. All information given by the subscriber/client to Debt Recoveries will be treated in the strictest confidence. It will remain private, complying fully with the regulations stipulated under the Data Protection Act.
6. All information provided by 'Debt Recoveries' under these terms and conditions, shall be treated in confidence by the subscriber/client and shall not be copied or otherwise divulged to any third party whatsoever.
Liability
7. Reports statistics or information provided to the subscriber/client may in whole or in part represent advice or opinions sourced from third parties, the accuracy of which 'Debt Recoveries' will be unable to verify in every case. 'Debt Recoveries' accepts no liability for any unforeseen oversights or errors.
8. Under no circumstance will 'Debt Recoveries' be responsible for any loss or damage incurred as a result of the subscribers/clients use of any report form information advice or guidance offered or supplied by them.
Debt Collection
9. 'Debt Recoveries' are authorised by and on behalf of the subscriber/client to collect payments and issue receipts in relation to the subscriber's debtors as and when necessary. Payment of any recovered balance will be issued to the subscriber 5 (five) working days after being banked allowing sufficient time for administrative clearance and in the case of ‘no win - no fee’, after deduction of commission at the appropriate % rate. Both Subscribers and Clients hereby agree that 'Debt Recoveries' will also be entitled to deduct all/any banking fees which they may from time to time incur, including any fees payable to a credit/debit card company in the event of a debtor using the online debtor payment gateway to settle any outstanding debt.
Sum Recovered Commission
0 - £1000 15%*
£1001 - £5000 12.5%*
£5001 - £10000 10%*
Over £10000 7.5%*
(*PLUS V.A.T.)
10. It is imperative that the subscriber/client recognises that whilst every effort is made by Debt Recoveries to recover the outstanding balance in any case in which it is instructed to do so, no guarantee is made that such money will be recovered.
11. The subscriber/client must notify 'Debt Recoveries' immediately, by updating the relevant case status by 'logging in' and doing so; if there is any change in the amount due from any debtor which is in the process of being collected for and on their behalf by 'Debt Recoveries'.
12. It is the responsibility of the subscriber/client to advise 'Debt Recoveries' where any payment is received directly from the debtor (once 'Debt Recoveries' have been instructed) both before and after legal proceedings have started.
13. It is agreed that the time Debt Recoveries takes to perform any obligation under this contract shall not be of the essence.
14. 'Debt Recoveries' may from time to time accept settlement of any given debt by instalments but only with the specific agreement in advance of the subscriber/client. It is hereby agreed that extra admin fees will be payable in this event, the amount of the same will depend on the length of the term during which the instalments are to be paid, the number of instalments, and the amount of the same. FURTHER DETAILS UPON REQUEST
Law of Contract
15. This contract shall be governed, construed and enforced in accordance with English Law, which shall be the proper law of this agreement. Both parties hereby submit to the non-exclusive jurisdiction of the English Courts.
Money Laundering Regulations
16. To comply with these Regs 'Debt Recoveries' requires the following details before we can remit to you any/all sums recovered on your behalf.
Sole Traders
* Copy of your Business letterhead
* Copy utility bill sent to your business at its trading address.
* Copy utility bill sent to the sole trader at his/her residential address.
Partnerships
* As above, but also copy utility bills sent to no less than 2 partners.
Limited Company
* Full company name.
* Company registration number.
* Registered office address, and, if different, the trading address (NB: If your trading address is different than your registered office, then we also need to see a copy utility bill showing the company name and address.)
THESE ARE CURRENT AS AT MARCH 2010
