Debt Collection - How it works

In this Section...

How We Work

Our primary aim is to secure full payment as quickly as possible whilst maintaining your relationship with your customer. Our proven approach to collecting overdue accounts for businesses of every type and size, both in the UK and overseas, is based on over 60 years of specialist debt recovery experience.

Upon receipt of your instructions to recover the debt, the details will be entered on our database and a dedicated collector will be assigned to manage your file and keep you informed of how the collection is progressing.

The collector's first task is to call the debtor within 24 hours of assignment of the debt and to send a first letter requesting full and immediate payment of the overdue account. If you have provided a fax number, a fax will also be sent out automatically to your customer.

We will also send you a letter that confirms the start of collection action and provide you with our unique reference/case number for the collection file which you will need to quote when contacting us.

We will make every effort to collect the overdue account pre-legally, but should the debt remain unpaid after amicable efforts are exhausted, it may be necessary to proceed with legal action, if possible. If legal action does become necessary, we can offer competitive legal fees for both the UK and export litigation, from a pre-legal review through to enforcement for undefended mitigation.

The Process of Debt Collection

Once we've received your debt collection request form, a member of the Euler Hermes Collections team will contact you as a priority in order to confirm the details and set the debt collection process in motion.

Through our comprehensive debt collection process, we can provide you with monthly updates to ensure you are fully informed of the current status of your debt. These can be more frequent upon request.

How Much Does This Service Cost?

Our standard cost for collection of the debt will be deducted from the gross debt collection. The resulting balance will then be forwarded on to your company.

Prices & Fees

Our fee's are dependent upon the age, size and location of the debt placed and are available on request.