Licensed under the Consumer Credit To
Recover Debit:
1.
Debtor / Creditor
Debtors (customers) must be commercial
and based in the UK (i.e. debts must be
business to business). Creditors
(suppliers) can be from anywhere in the
world.
2. Suitability
We reserve the right to refuse any debt.
3. Termination
We reserve the right to terminate the
collection process, if we feel there are
disputes that will not allow us to
pursue the case successfully or if it is
uneconomical to pursue the case or
unlikely to be recovered within a
reasonable period, without liability to
Quest
4. Conduct
Quest will determine the method of debt
collection
All costs will be agreed upfront
5. Cancellation
Should you cancel your instruction
before the debt has been collected, and
you have not spoken to/or contacted your
debtor, there will be a cancellation fee
of £50. However, if the debtor has paid
you direct, or you come to any
arrangement with your debtor without our
involvement, the whole fee will be
immediately payable to Quest
6. Our Fees
The fees payable, only on successful
recovery, are as follows:
7.5%
of the outstanding balance where the
date of the invoice is up to 360 days
(approx.12 months) from the invoice
date.
15%
of the outstanding balance where the
date of the invoice is more than
one-year from the invoice date.
There is a minimum fee charged of £50 on
all amounts recovered unless the amount
is under £150, then the minimum fee is
£25.
Our fees
are always shown on the debt case
request form.
All payments are requested to be paid
direct to Quest Connect Limited and will
be paid out as soon as the payment
clears our bank.
We do this to ensure:
a) The cheque is cashable, and if not we
can take immediate debt collection
action,
b) the debtor will pay us (the debt
collector) quicker than paying you (the
creditor) direct,
c) we can act quickly if the debtor does
not respond to our collection efforts,
d) it saves you time and money as we
deal with the case from start to finish:
i.e. you just bank our cheque.
If late payment interest charges are
negotiated by us, on your behalf, there
will be a 25% charge for this service on
all interest collected.
7. The Debt
All debts must have been invoiced to the
debtor a minimum of 30 days prior to
requesting Quest to collect any debt. A
copy invoice must be available at all
times, and produced within 48 hours of a
request by ourselves. All queries must
be disclosed at the time of ordering our
services, and by not informing us, you
are stating that no query exists between
the creditor (you) and the debtor (your
customer/client).
Please Note:
Unless we are instructed to charge Late
Payment Interest, we will only collect
the invoice amount. However, we do
encourage the use of the Late Payment of
Commercial Debt (Interest) Act (1998).
For more detailed
information on late payment
click here
8. Liability
Quest will not accept any third party
liability due to non-disclosure of
all/any contentious or damaging
information be that intentional or
unintentional. Therefore, Quest reserve
the right to seek damages and costs from
the creditor (you) where the debtor
suffers any loss due to our involvement
and the debtor seeks damages.
9. Our Service
We will write to your debtor explaining
our relationship to you and making a
formal demand for payment,
We will contact your debtor by
telephone, twice if necessary,
If payment is not received we will pay
for a Solicitors letter to be sent, or,
with your agreement, a winding up order
(no fee payable by you).
In 85% of debts the above action will
result in settlement. Failing payment,
we will offer you our best advice. We
will advise you of options and costs BUT
if this involves solicitor's further
work and court fees, we would negotiate
stage payments with you if you
personally authorize further action to
be taken. You can at this stage cancel
your debt recovery order without cost to
you. If you cancel your order prior to
Quest completing the free 'no collect,
no fee' stage (and the debtor has not
paid you) the full fee is payable (as if
the debt was recovered in full). Of
course, payment of the debt by the
debtor at any time will also result in a
full fee charge.
10. Represented Cheques
In the event of a cheque bouncing and
being represented then clearing the
banking system, there will be a one-off
charge, to the creditor of £8.00 for
each cheque.
If the cheque does not clear the banking
system then there will be no charge.
11. Payout Error
If we collect a debt by way of a cheque
from your debtor and we pay you out in
error (say, the banking system took 10
extra days to send the cheque back to us
as 'unpaid' or 'refer to drawer') you
must immediately repay all amounts that
we have paid to you upon request. We do
not become the principal debtor under
any circumstances.
IMPORTANT
If you disagree with any of our terms
you must not request our services. You
should check our terms on each occasion
you use our services as they may alter
in some administrative way. Our current
rates will always be seen on the debt
request form.
All figures exclude VAT.
