13:19 PM, 13th April 2013, About 10 years ago
I 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”.
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.
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