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REDWOOD COLLECTIONS & THE EXPERT WITNESS COMMUNITY
- May 4, 2020
- Latest News
Redwood Collections are proud to have been working alongside Expert Witnesses for many years and have assisted greatly in recovering overdue sums and as such; have become one of the leading debt collection agencies for the Expert Witness community.
AN EVER-PRESENT PROBLEM
Our partnership with expert witnesses has taught us that non-payment of invoices is an industry-wide recurring problem. This seems even more pertinent for small, independent firms, who are often incorrectly led to believe they simply cannot be paid their fee before the conclusion of the case they were engaged to advise in.
THE IMPORTANCE OF TERMS & CONDITIONS
In the majority of cases we have seen, late payment can be prevented by having clear, concise payment terms agreed at the point of instruction. This could be detailed in your terms and conditions, on an instruction form or your equivalent and would set out the point at which both parties agree payment will become due.
HAVE YOU REVIEWED YOUR CURRENT PROCESSES?
Redwood Collections often provide guidance to clients in an effort to improve their internal credit control procedures and in turn limit the number of bad debtors that require referral to us.
We would recommend swift and robust action to non-payment of your invoices and spotting the trends early. If your own processes fail, it is wise to instruct us sooner rather than later as we find the majority of debts that become more difficult to collect are those in which months went by and the momentum has been lost.
We can also review your current internal processes and make suitable recommendations to help streamline the collection phase.
WHEN ALL ELSE FAILS
Sadly, it is sometimes not enough to have preventative measures in place and occasionally a bad debt will rear its unsightly head.
Should you provide us with a timely instruction and still all efforts fall on deaf ears, we have the option of escalating the matter and issue legal action (fees apply). Your dedicated Account Manager will provide you with all the options available and any associated costs.
HOW TO RECOVER YOUR DEBT COLLECTION COSTS
Should your terms and conditions not have an accompanying clause, any costs associated with legal action or referring the debt to a DCA may be reclaimed under the Late Payment of Commercial Debt (Interest) Act 1998.
PROTECTING YOUR GOOD NAME
We pride ourselves on our compliant, professional and driven dedication to succeed which is not only demonstrated by our status as an FCA authorised debt collection agency but also in the way we work as we have chosen to operate on a ‘no collection no commission’’ basis (12% for Experts, typically 15%), charge no upfront joining fees, not require the signing of any onerous contracts and to also provide all our clients with a dedicated Account Manager.
More information on the services we provide can be found at www.redwoodcollections.com however, should you wish to discuss your particular case in more detail; please don’t hesitate to contact Matthew Sales on 0208 288 3611 or msales@redwoodcollections.com.
