Installments
From time to time it is apparent that debtors simply don’t have the means to settle their debts and as such instalment plans should be accepted. In such a situation we arrange for standing orders and payment books to be generated and our payments collection department ensure that the monthly payment is received throughout the agreed instalment plan.
If the debtor fails to keep to the instalment plan we default to the collection stage with the appropriate enforcement, which will depend on the circumstances of the debtor, but may include one or more of the following:
Report of bad debt to credit reference agencies
- Charging notice against property
- Visits to the debtor’s doorstep by our bailiffs to discuss their indebtedness
- Capitalisation of personal guarantee.