With The World Bank’s recent predictions of how the global economy is progressing, it’s important to remember that there are still ways to be in control of our finances. Enter Money Claim Collections, the buttress for businesses across the UK. Responding to the demands of the debt collection industry, Money Claim Collections is the perfect company to partner up with to ensure you receive what you are owed. We explore its myriad of services as it wins its esteemed title in our UK Legal Awards 2024.
In 2022, CEO of the Credit Services Association (CSA) Chris Leslie reported, “The CSA’s latest survey of member firms suggests that the UK collections sector now holds over £30 billion of consumer debt for collection, across more than 25 million customer accounts. In terms of commercial debt, the sector holds £4 billion across 1.5million accounts. So there is an ongoing and significant role for collections and debt purchase agencies to play in the economy, not to mention the employment contribution made by CSA member firms who employ over 11,000 people across the country.”
With factors considered such as the cost-of-living crisis and increasing interest rates, an ongoing difficult economic climate is anticipated, with UK consumers continuing to borrow. Therefore, this requires the collections sector to maintain high standards, working professionally with creditors to help them recover the money their customers owe them. Businesses rely on their customers making their payments on time for the purposes of cashflow, successful growth, and to avoid financial crisis. Unpaid invoices are a large-scale problem for SMEs, because it doesn’t only have the aforementioned implications, but it is also a time-consuming task to recover outstanding debt.
Thus, there is a beacon of light for these businesses in the form of Money Claim Collections, a company which was started by Founder Jonathan Poulter in a box room in his home. Only having been in operation for 18 months, it, in its first year, collected £2 million on behalf of its clients. Following rapid success and growth, he partnered up with lifelong friend and someone with just as much industry knowledge as himself, Joseph Kirby. The company now spans 10 specialists offering no-win-no-fee debt collections for the commercial sector. Its services can cover anything from basic letter sending and telephone calls to statutory demand and winding up petitions. The company contributes positively by offering companies and individuals risk-free debt collection that gains results, often for those who are unable to issue their own claims due to finances.
Boasting a wealth of experience within the commercial debt recovery industry, Money Claim Collections’ team of qualified specialists work tirelessly to recover clients’ overdue invoices, settle complicated contractual disputes, and ensure they are paid the funds that they are rightfully owed. To begin with, the team assess every case on its merit, and if they don’t think that it is worth pursuing, they will let the business/individual know and kindly decline and provide a reason why.
“Very professional debt collector. Sorted out a bad debt for Handy Concrete in under a week. A debt that we have been chasing for six months. Can’t recommend his [Jonathan’s] services enough. Don’t wait months for YOUR money; contact Jonathan. We will be in future.”
Handy Concrete
Should the company pick up the case, it will fall under one of four services, whether credit reports and investigations, debt recovery, dispute resolution, or court enforcement. Within its credit reports and investigations service, Money Claim Collections provides credit control and commercial investigations, alongside due diligence, international risk assessment, and fraud investigation services. Money Claim Collections can provide the support that its clients need in order to take on new work with peace of mind.
Further, the company can investigate the previous appointments and business history of company directors as required. This means that it can identify if a business leader has had many previous occasions where their companies have dissolved or liquidated, as this can be a sign of fraudulent behaviour and mismanagement. It can also find out key credit information behind sole traders and homeowners, enabling its clients increased security when offering a service or supplying goods.
Additionally, Money Claim Collections can trace and locate absconded and gone-away debtors. Upon a debtor’s disappearance, Money Claim Collections can use its inhouse intelligence software to locate debtors at their new address.
Next is its debt recovery service, which is crucial to any successful business who is struggling to receive payments for their services. Late payments and bad debts can have a largely negative impact on cashflow and stifle growth, as a result pushing a business towards financial crisis. And debt recovery laws and regulations are ever-changing, making it increasingly complicated to issue a claim.
As of 1st October 2017, Pre-Action Protocol was introduced, which is relevant to any business that is looking to claim a debt payment from a customer, and specifies the way in which both parties are expected to act, along with the actions that they should take before the situation can be taken to court. If court action can be avoided, then it should be, with this protocol designed to help resolve the issue first. Where court cannot be avoided, it is important that the debtor and creditor behave reasonably in order to steer clear of unnecessary costs and delays. It is at this stage of the process that a creditor will need expert advice and guidance in order to ensure that everything is completed correctly, with Money Claim Collections being the company to ensure this all runs smoothly.
“He [Jonathan] managed to collect monies owed within a matter of hours after I’d struggled for months. Great communication and very effective at what he does. Would recommend and also use him again.”
Wood Environmental Services
From there, Money Claim Collections’ dispute resolution service is dedicated to getting to the bottom of any dispute by using exclusive yet tried and tested methods, whether the debtor has chosen to fabricate false disputes, or it is simply a matter of miscommunication. Debt disputes can be devastating for a business, however a timely response can ensure it is dealt with swiftly and effectively, minimising the impact on commercial operations. Money Claim Collections’ highly motivated team are on hand to resolve the situation to a satisfactory conclusion that will be acceptable to the creditor.
The company has found face-to-face collections to be a highly successful method of enforcing debt payment, mainly due to the fact that this makes the debt real to the individual, as they can no longer ignore it and just put the letter in the bin or block phone calls. When one of the company’s debt collection agent visits the premises, this makes the debtor take notice, which usually prompts immediate payment.
When no real dispute has been raised and every other method has been attempted to acquire payment, Money Claim Collections is in a position to begin statutory action against the debtor. This is the step before issuing a winding up petition, a legal statement from the creditor to the debtor which states their intention to force liquidation and closure of their business if the funds aren’t received.
Within its work, Money Claim Collections delights in its various success stories, with its biggest accomplishment to date being the collection of £65,000 within 24 hours of instruction on behalf of a client who had been chasing invoices for 12 months. It also collected £35,000 on behalf of Olympus Fitout Contractors within two hours of instruction. Also among its accomplishments, it is pleased to have taken on huge leading companies as its clients such as Ash Waste and Bagnall and Morris.
Not only is Money Claim Collections’ offering proactive and effective for its clients, but it is also bringing debt collection into the digital world, enabling its clients to upload files for assessment, receive live updates on their case, and speak to its expert collectors on live chat, among other features. As a result, clients are afforded an efficient, speedy service – Provided the company receives all documentation required, it will begin chasing within the hour, striving to complete the case without delay.
“Money Claim Collections collected £62,000 for us within 72 hours of instruction from a debtor that has been ducking and diving payment for years. We will definitely be using them again.”
Malpas Tractors
It has become clear the great contribution of Money Claim Collections towards its industry, which overall has a “reasonable” track record in providing good customer outcomes, according to CSA. Across the industry, CSA recognises how, for debtors who have been contacted by a debt collection agency, the majority have found their experience to be “good” or “excellent”. This shows how the process of debt recovery isn’t harsh or stressful like it is often depicted to be. In reality, individuals are pleasantly surprised at the helpful, patient support that is available to them, with this including the opportunity to arrange payment plans in order to complete payment over a longer period, or to attain a settlement arrangement that involves forbearance.
There are certainly myths and misconceptions about the industry, and these can damage the confidence of individuals when it comes to dealing with debt collection agencies. From the debtor perspective, the best thing they can do is cooperate with creditors and their collection agencies early on in order to tackle the problem debt, and, if needed, address any struggles and access support that they may not know exists. Understanding that debt collection can be a sensitive issue, Money Claim Collections’ team are trained to take a professional and tactful approach, and they can handle the most challenging of cases.
Reputable debt advice services such as National Debtline or Citizens Advice are also available to provide free, confidential, independent support when it comes to managing money and dealing with debt problems. These advisers understand that debt may seem difficult to deal with and that it can feel overwhelming, but they will work to find the best solution for every individual and help them to achieve a fresh start with their finances.
Ultimately, as a creditor, it is now more important than ever that debt collection is prioritised, and Money Claim Collections is here to help resolve unpaid debts and maintain financial stability. If you are a business or individual who is struggling to acquire payment from a customer, please reach out to Jonathan Poulter or Joseph Kirby and their team, who are on hand to make sure you get paid the all the monies that are lawfully yours.
For further information, please contact Jonathon Poulter or visit www.moneyclaimcollections.co.uk
