We can assist you with a fully comprehensive service for the recovery of both secured and unsecured debt. Many forms of credit involve security. This can range from a simple contract hire agreement whereby the creditor retains the title to goods during the lifetime of the agreement through to the provision of funding for the acquisition of land.
Secured credit of a regulated nature, may be governed by the Consumer Credit Act 1974, The Financial Services and Markets Act 2000 and the Regulated Activities Orders 2000. Such funders are subject to the scrutiny of the Financial Conduct Authority. Collection procedures in relation to secured credit have to follow the statutory provisions as laid out in the Consumer Credit Act 1974 and as required with adherence to the Consumer Credit Source book (the handbook). Many goods can be subject to the “one half rule” or the “one third rule” whereby the debtor can hand back goods without charge or in the alternative where the creditor must seek the permissions of the court before they can repossess same.
With certain cases a failure to follow the correct procedure can lead to serious regulatory consequences for lenders and lessors. The press has been full of recent cases whereby many funders have had to make reparations with their lenders and enter into costly remediation programmes. This can destroy a good business. Debt should therefore be recovered in a manner that gives proper regard to the regulatory landscape.
Examples that can apply;
The recovery of assets be they plant and machinery, vehicles, factory equipment, restaurant equipment and all other funded assets. The repossession of land and buildings.
All aspects of debt collection that arise from any form of financial instrument. Breach of contract charges, damage charges, settlement charges end of contract charges and reclamation of arrears.
The regulatory landscape
Our highly trained staff are fluent in the requirements of the regulations and the applicable policies such as Treating customers fairly, affordability and credit worthiness, vulnerable customers and financial distress.
It is our mission to protect the commercial, legal and reputational wellbeing of our clients’ interests.