Debt Collection for Landlords “No Win No Fee”

by Mark Alexander

5 years ago

Debt Collection for Landlords “No Win No Fee”

Make Text Bigger
Debt Collection for Landlords “No Win No Fee”

No win no fee debt collection for landlordsI have negotiated a “No Win No Fee” debt collection service for landlords.

It constantly amazes me how many landlords post stories on our forums of tenant debts which landlords have mentally written off. Stories range from rent arrears, tenants who have absconded whilst in arrears to horror stories of damage caused by tenants to landlords properties which the tenants have never bothered to pay for.

I decided some time ago that it was about time to turn the tables on these scoundrels and for over a year I’ve been looking to negotiate a deal which every landlord I know would see as a “no brainer”.

Good News!

I have done a deal for “No Win No Fee” Debt Collection for Landlords!

The firm I have partnered with have been in the business since 1992. I’ve visited their offices, met their staff and reviewed their procedures. I was impressed and have given them a case of my own to look into. They know the landlord market too, they are a market leading tenant referencing company for letting agents and also provide rental guarantee warranties. Their debt collection team  are, therefore, very familiar with collecting debts from tenants. Their collection rate is a whopping 83%!!!

The deal is very simple. They will only charge you 15% of what they recover. If they recover nothing you pay nothing! It doesn’t even matter if you don’t have the tenants new address as they offer tracing services too. The tracing fee is just £69 and is only invoiced if they manage to track down the person who owes you money.

The instruction form took me just a few minutes to complete. The minimum amount information they needed was my name, address and contact details, the amount of the debt I am claiming, a tick box on whether the debt is disputed or not, the last known address and contact details of the person(s) owing me money, their full name(s) and why they owe it. Other than a signature agreeing to their terms (about six lines only) that was it. I went prepared with a whole bundle of papers which they were very grateful for but apparently that was not necessary. You certainly don’t need a judgement debt for them to commence collection proceedings.

I mentioned to them that some of the debts which landlords might refer to them might be quite historic. Apparently that’s not a problem and can sometimes be beneficial as peoples circumstances change, often for the better, as they move on in life. They can chase debts which are up to six years old 🙂

Therefore, if you are owed money by a former tenant I highly recommend that you get in touch.

If you complete the form below with YOUR contact details (not the details of the person who owes you money) I will drop you an email outlining what you need to do next.

Comments

Adam Alexander

5 years ago

Hi Mark

Sounds great!

Is it also available to letting agents?

Mark Alexander

5 years ago

@Letting Agent YES 🙂

Adam Alexander

5 years ago

I'm in 😉

Trasi

5 years ago

I've just found this forum via Twitter. I'm not a landlord, I'm a tenant but I do welcome this initiative which you might find a bit strange. I have never been late paying my rent in my life but since my parter left me I have become a single mum claiming benefits. I do also work though. I have had difficulties in the past finding a landlord who will take me on simply because I claim benefits. I am stereotyped as a potential bad payer which really isn't fair. I know some people consider private landlords to be a soft touch and it's these people who make life so difficult for people like me. It's about time they got their comeuppance! Go for it landlords, don't be a soft touch.

Mark Alexander

5 years ago

This weekend I have been busy creating a list of all the tenants who owe me money. I've gone back six years as that's the maximum allowable. Fortunately I can only think of one in the last two years as my personal financial circumstances and my learning experiences of the past have all resulted in me being far more diligent of late.

Given that the debt collection company I have "partnered" with have an 83% collection rate and only charge 15% of the money they manage to recover, by my calculations, I could be in for quite a tidy little windfall.

It's all money I had mentally written off so every £1 collected will be a bonus to me. Also, whilst some will no doubt criticise me for saying this, it also gives me a certain sense of sadistic pleasure to know that that the people who thought they'd got one over on me have a few nasty shocks coming their way.

Iain Duncan Smith MP at National Landlord Investment Show London