Debt Recovery Agency and Nationwide Debt Collection
To speak to one of our advisers please call
We are available until 8.00 p.m. Monday to Friday.
Getting your money back In three working days! *
Do you want your money back within three working days?
- We have over thirty combined years’ of experience in the debt collection industry, with an average success rate of 93 per cent.
- Our no-nonsense approach will often mean we can get your money back within THREE Working Days!*
- For debts that are owed by a limited company, we don’t normally use statutory demands!
What is a statutory demand?
A statutory demand is a formal legal demand seeking immediate payment of a specific debt. A limited company must owe more than £750 and an individual more than £5,000 for this process to be valid. Upon receipt, the debtor has 21 days in which to pay the amount owed. If the amount is not paid within those 21 days, the creditor can, in the case of a company, present at court a winding-up petition, or a bankruptcy petition (for an individual).
What's the downside of using a statutory demand?
In the case of a limited company, three weeks can be a long time in business before you can start court proceedings, since, in those three weeks, a company can be put into administration, by either its directors and or shareholders, or by a floating charge holder.
Directors and or shareholders can also apply to have the company placed into liquidation or a CVA. In such circumstances, you have no control over the proceedings and the company officers can dissipate its assets (“asset-stripping”), invariably putting them out of reach of creditors. Time can therefore be of the essence.
Three day Letter Before Action
Pursuant to sub-section 122(f) of The Insolvency Act 1986, limited companies may be wound up if they are unable to pay their debts, as and when they fall due. For such debts above £750, in most instances, The Insolvency Rules do not require a company to be issued with a statutory demand prior to issuing proceedings.
However, first, you must formally bring the debt to the attention of the debtor. *Our Three-day Letter Before Action sets out in a prescribed format the debt and the consequences of failing to comply with the demand namely full payment; in order to achieve maximum impact, all such letters are usually served in person by our nationwide network of agents within 24 hours on the company’s registered address.
This type of demand cannot be used for an individual or sole trader: our standing Direct Acess Counsel, advises us that the law is quite clear about this and that a statutory demand must be served upon an individual, in accordance with The Insolvency Rules.
First Capitol debt collection puts you in control.
All methods are tried and tested. By using our service, you will have access to a wealth of experience and expertise, which can significantly improve your chances of recovering what is owed.
*Please note: No two debts are the same; we can never, therefore, guarantee the outcome of any case, or that we can get your money back within three working days. For free no-obligation advice, call us today.
Benefits of our debt recovery and debt collection services:
No two debts are the same, therefore we will never sacrifice quality for quantity
Our debt collection and debt recovery services include:
**For debts in excess of £10,000.
How It Works
Contact Our Recovery team
Discuss your needs with one of our experienced recovery consultants
We'll start the recovery process by contacting your debtors
We'll recover the amount you are owed together with debt interest