Long Term Debt Collection

Sometimes debtors are genuinely suffering difficult times in their lives and it is clear that there is very little financial ability to repay any debt. However, we all tend to go through highs and lows, we therefore take the view that although a debtor is incapable of paying a debt at this point of time, we will continue to chase them over the long term.

A debt does not expire as long as it is continually chased; it remains due and in the case of a CCJ, can be renewed every 6 years. At times we may recommend your debt is transferred to long term debt collection; the reason we would do this would be based on our belief that the debtor has no means of settling the debt, but should be chased again in the future.

Our long term debt collection reviews the debtor financial profile every 6 months and chases them with a view of an update at which time we recommend to stay at the present stage of collection or progress to a more proactive track, subject to the debtor’s financial situation.

The cost of long term debt collection is all inclusive. In any initial costs or acceptance of taking on your debt the only possible costs would be progression to a more proactive track such as litigation or enforcement.