European Debts
All debts for which instructions are given through our web site or on our Excel spreadsheet are subject to a £10 placement fee. Debts for which instructions are given on paper are subject to a placement fee of £12.50. Thereafter, our PreLegal service is charged on a contingency basis. Where a court claim has not been issued, our charges for European commercial debts are:
| Debts less than 12 months old | 17.5% |
| Debts over 12 months old | 20% |
For a one-off overseas collection the commission rate will be 22% for debts less than 12 months old or 28% for debts more than 12 months old
All our commission rates are subject to a minimum commission of £25.00 each time a debtor makes a payment and a minimum overall charge of £65 per successful recovery
We initially work the debt by letter, telephone and email from the UK for 21 days. Should that fail, Lovetts plc instructs a suitable third-party company from our network of companies with overseas agents. Where this is necessary the above commission rates will be increased by 6%. Depending on complexity, debts will normally be in PreLegal for between 45 and 90 days. A report on progress will be issued monthly to you and progress can be monitored daily through our online CaseManager system.
Debts outside Europe
All debts are subject to a placement fee of £15.00. Our rates are generally in the range of 22.5% to 40% dependent on the country concerned with a minimum commission of £65. Please contact our Marketing Department for a quotation. Currency conversions for commission purposes are taken from tables published at www.x-rates.com on the day of receipt of payment.
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