RecoverAble Solutions limited terms & conditions of business
RecoverAble Solutions ltd is a registered firm in England, company number 13234996.
VAT registration number 372 9439 63
1. Definitions & Meaning
1.1 Account listing form: The document that must be completed prior to instructing us to recover a debt, this includes online referral forms
1.2 Charges: Any and all costs incurred that are due to RecoverAble for payment
1.3 Client: The legal entity to whom we are acting for in relation to consulting on debt collection process or collecting debts on behalf of. Throughout these terms we may also use the words 'you, yours'
1.4 Debtor: The legal entity to whom we are instructed to pursue to recover an unpaid debt on the clients behalf
1.5 I.D: Personal identification we may require from time to time to safeguard either party from fraud or to comply with regulatory guidelines
1.6 Packages: Pre-agreed areas within your credit control process to which we will consult and support you
1.7 Panel Solicitors: Our chosen Solicitors practice, to whom will issue legal claims on our behalf and act as an advisor to us when required
1.8 Proposal form: The document that must be signed in order for us to act on your behalf as consultants for the purpose of assisting with your internal credit control processes
1.9 RecoverAble: The instructed agent to act on your behalf for debt collection and ongoing consultancy. Throughout these terms we may also use the words 'we, us, our'.
1.10 Speculative action: Any action you instruct us to undertake which incurs a cost with no guaranteed outcome
2.1 By providing a completed account listing form for debt collection or our proposal form for the purpose of consultancy work, you are agreeing to these legally binding terms of business and the conditions within
2.1.1 If you provide us with all necessary documentation to proceed with debt collection and are unable to complete an account listing form, we may seek
your approval to proceed via email or letter, if you confirm you still wish to proceed with our service, we shall take this as immediate instruction
and these terms will be enforceable thereafter.
2.2 Should you require any assistance in understanding our terms, please contact us before proceeding.
2.3 In the instance in which you instruct us to collect debt overseas, a handling fee will be charged upfront, this charge will be pre-agreed prior to
instructing us and payable, regardless of whether we collect the debt or not
3. Our Obligations
3.1 RecoverAble will endeavour to act, at all times, in the best interest of the client and will use all available resources to recover the clients delinquent accounts
3.2 RecoverAble will ensure to provide clear and concise information to the client and their employees. We do not provide legal advice and will only make recommendations based on our experience within debt collection and in line with current legislation
3.3 Recoverable will update the client within 24 hours of any payment being made directly to us from the clients debtor and will ensure all payments made are kept in a separate account
3.4 We undertake, upon successful recovery of client funds, to make payment to you 14 days after recovery. We hold funds to protect both RecoverAble and the client from any potential clawback or fraudulent payments, save as to any legal or regulatory requirement in which
RecoverAble are duty bound to hold or return said funds.
3.4.1 All funds recovered will be paid by BACS to the clients chosen bank account. The account RecoverAble make payment to must be registered to the entity to whom the original debt was owed. In the instance that you are an authorised third party or agent acting on behalf of a client, we will need signed authority by the client to pay into an account other than theirs.
3.5 Should the payments made total less than £30 in that calendar month, the client can choose to hold funds with RecoverAble, or release in line with clause 3.3.1
3.6 We will ask for I.D to make payment to sole traders or individuals, this is to protect you from fraud and in line with regulatory requirements
3.7 We will not take speculative action or incur costs without your prior written approval.
3.8 RecoverAble will act on your behalf on a consultancy & support basis or as an agent for debt collection matters only.
3.9 We will act compliantly and in line with best practises when dealing with your debtor(s).
3.10 RecoverAble may speak, on your behalf, with the companies chosen panel of Solicitors to obtain legal advice or to other relevant suppliers and agencies for the purpose of debt collection, if we believe this is in your best interests
4. The Client’s Obligations
4.1 The client agrees to account honestly and accurately in order for RecoverAble to conduct their general business as prescribed within these terms of business and within a timely manner.
4.2 The client will provide all necessary information, documents and correspondence to enable RecoverAble to conduct the services as prescribed within these terms of business.
4.3 The client will provide any documents provided by any entity, agent or body that relate to the ongoing debt collection matter
4.4 Should any payment, whether in full or in part, be made directly to the client, whether in cash, cheque or electronic transfer, the client undertakes to inform RecoverAble as a matter of urgency
4.5 The Client will not instruct any other agency to act in the capacity of debt collection on any live cases with RecoverAble
5.1 RecoverAble will be due payment for any debt collection consultancy work where fees are pre-agree with the client and detailed in our proposal
5.2 RecoverAble will be due commission on all money collected at the pre-agreed rate. Our Standard commission rate is 10% and will remain so if no alternative arrangements have been made
5.3 RecoverAble will be due payment for any ancillary charges and pre-agreed legal costs and fees.
5.4 RecoverAble will be due payment for commission from the moment a debt is listed/submitted by either online listing forms, completing an account listing form or providing written confirmation to proceed. Should the client receive payment same day as listing the debt with us, it will
remain our sole discretion as to whether commission would be due
5.5 Should RecoverAble receive payments by instalment, whether that be weekly, bi-weekly, monthly or any other form of instalment or agreement, the client agrees to continue with such agreement until the debt is paid in full. Should the client wish to discontinue the services of RecoverAble whilst an agreement to pay is currently ongoing, RecoverAble hold the right to charge commission on the remaining debt balance
5.6 Should RecoverAble become aware of a payment being made directly to the client and there is a failure to notify us, we may render our commission charge for the total of the debt in question. Whilst we will endeavour to contact you by all means necessary, failure to communicate may lead to this clause being enforced
5.7 RecoverAble holds the right to withhold funds due to the client if we become aware of any fraudulent or illegal activity or in the instance in which we are asked to cooperate with a legal body or entity.
5.7.1 Should we suspect funds are being used for an illegal or illicit activity, to which we as a company are at any exposure to risk, we will contact the relevant authorities and hold funds in the interim
5.7.2 In any instance in which funds to which we have handled and paid to you or your authorised third party are later investigated, clawed back, cancelled or any other, you agree to hold us harmless and fully indemnified from any legal or other remedial action taken by any third party, regardless of their regulatory or individual status
5.8 If the client makes us aware of a payment, or wishes to close an account that has paid directly to the client, our commission charge will be due for payment
5.9 RecoverAble charge VAT at the prevailing rate
5.10 From time to time, RecoverAble may require legal disbursements or legal fees to be paid in advance. If this is necessary, we shall write to you and provide a clear and concise expectation of the cost and timeframes for payment
5.11 Should RecoverAble be in receipt of debtor funds and the client is unable to pay for any agreed speculative action or consultancy fees, we may use debtor funds to pay or part pay any invoice outstanding.
5.12 In the instance in which a contra agreement is made between the debtor and client on a case listed with RecoverAble, to which the balance is reduced or cleared in full by said agreement, we would be due commission for the sums written off.
5.13 Should we begin collection activity and we are instructed to close a file due to the debt being paid prior to listing, we reserve the right to charge close out fee no greater than the full amount of comission that would be due had we collected the balance on your behalf.
6. Terms of Payment & Late Payment Charges
6.1 Our invoice(s) are due for payment within 30 days
6.2 Any overdue invoices may attract interest at a rate of 8% above the current Bank of England base rate.
6.3 Continued failure to make payment of our invoice(s) may lead to us instructing Solicitors. Should this be necessary, any costs, disbursements or fees in recovering the debt will be the clients sole liability to repay, along with the aforementioned interest, as per clause 7.2
7. Consultancy & Support Packages
7.1 RecoverAble are not Solicitors and do not provide legal advice in any capacity. We will provide you with reports, information and recommendations based on experience and on the information you provide to us. We do not make any guarantee to the effectiveness of any method. We work with clients individually and will utilise our experience within your particular industry.
7.2 RecoverAble do use a panel of Solicitors and may, at any time, ask for legal advice and guidance throughout the pre-agreed period of consultancy, should we feel that would be beneficial to you and in your best interests.
7.3 Should you wish to increase the level of support throughout the term of our engagement, we will provide you with a new proposal with any increase in costs clearly outlined.
7.4 Should you select a full support package, our working hours are extended to 8am – 6pm Monday to Friday and 9am – 12pm Saturdays for you to contact us. The working hours are extended to assist you outside the normal working day.
8. Termination of Services & notice periods
8.1 Where the client has agreed to ongoing consultancy, both parties agree to provide a minimum of 30 days notice to terminate this agreement
8.2 Where the client has instructed RecoverAble in the instance of debt collection, both parties agree to provide 7 days notice to terminate this agreement
8.3 RecoverAble may terminate this agreement with immediate affect should the client become insolvent, whether by way of voluntary or involuntary winding up order, bankruptcy order, receivership, dissolution, administration or if the client were enter into a voluntary arrangement with their creditors.
8.4 Should the client advise us that they intend to close their business, we hold the right to immediate termination of this agreement
8.5 Should the client conduct an act of fraud, or be involved in any form of illegal activity/practice, we hold the right to terminate this agreement with immediate affect
8.6 Should the client act in collusion with a third party, to which could be detrimental or harmful to RecoverAble, we hold the right to immediate termination of this agreement
8.7 RecoverAble holds the right to early termination in the instance that our invoices remain unpaid for any extended amount of time, or where a client refuses to make payment for any service provided by us
8.8 In the event of early or immediate termination any consultancy fees, charges, commission and ancillary costs shall become immediately payable.
9.1 The Client will indemnify and hold RecoverAble harmless from all damages, any losses, expenses and costs on a full indemnity basis should the client perform any breach of this contract. This clause does not affect your legal rights in the instance in which RecoverAble or an employee of our firm acts negligently or in breach of our contractual obligation.
10 Legal, enforcement & Insolvency Action
10.1 RecoverAble may, from time to time, make recommendations to proceed with legal, insolvency or enforcement of judgment or order via the High court or any other. These recommendations will be made solely on the information provided and whether the case warrants such action. We do not give any guarantees to the success of speculative action, however we undertake to always have your best interests in mind when making recommendations
10.2 If you would like legal advice or guidance prior to taking legal action, we can arrange for you to contact our chosen panel of Solicitors, further fees may be incurred and will be in line with the Solicitors terms of business.
10.3 RecoverAble has arrangements for referrals with their chosen Solicitors, information can be provided on this if you make a written request to firstname.lastname@example.org
10.4 The client may chose to appoint their own legal representative, however this cost will be the clients to bear and any charges outstanding to RecoverAble would remain payable
10.5 Once legal or insolvency action is instructed, you agree to a full disclosure of documents relevant to the case, regardless of whether you believe those documents are advantageous or not
10.5.1 Should you choose to withhold any information regarding the case, to which action has been taken, any negative impact this may have on matters will be your responsibility solely and you agree to hold us harmless against any adverse cost orders or other costs arising from your failure to provide a full and complete file or act dishonestly
10.6 In the event of late or non payment for action or ongoing proceedings, RecoverAble holds the right to delay or postpone the pre agreed action until our invoice(s) is paid in full
10.7 Ongoing speculative action and future costs can be extremely difficult to forecast. RecoveAble will undertake to always provide as clear information from the outset, however we give no guarantees to the accuracy of any forecast and the client should be aware that costs vary greatly from case to case
11.1 If you are unhappy with any element of our service, please put the complaint in writing via email@example.com. All complaints will be investigated and we will aim to have addressed the complaint within 21 days
12. Governing Law
12.1 This agreement is subject to the laws and exclusive jurisdiction of England and Wales
12.2 Should a court or governing body deem any clause within these terms & conditions defective, the remaining clauses will remain enforceable at all times.
13 Variations & Amendments
13.1 There will no variation or amendment to this agreement unless expressly stated in writing and signed by the Managing Director of our firm.
14 Your data
14.1 We do not sell, distribute or profit from your data. We only use your data for the sole intention of debt recovery and the services prescribed in these terms of business
14.2 Upon termination of this agreement, we will archive your data securely.
14.3 We undertake to ensure all reasonable measures are taken to safeguard all personal data we hold on you at all times.
14.4 You are legally entitled to a copy of all data we hold on you at any time, please make this request via email to firstname.lastname@example.org and we will provide all information within 14 days, save as to a subject access request, where we will follow regulatory timelines.
14.5 We may require I.D from you at any time in the form of driving license, utility bills, passport etc should we require it for our own internal anti-money laundering processes and/or to satisfy any regulations or criminal proceedings bought against you in which we are asked to co-operate with an external body.
14.6 Pursuant to clause 7.5, formal I.D will be required for sole traders and individuals prior to remitting any funds to you
14.7 We may write to you from time to time to market various services and products, if you do not wish to receive such communication, please email email@example.com