Debt Recovery

 A broad outline of the services regarding the debt recovery includes:

  1. To proficiently manage the debt account(s) given to usby your company and taking every necessary steps for prompt recovery of the said outstanding debts.
  2. To ensure the timeous and urgent recovery of all debt sum through the employment of appropriate legal and fast track procedure which shall be outlined below
  3. Where possible to enter into with your prior written consent and approval any settlement satisfactory to your Company.

Procedure & Strategy

 In order to achieve these objectives we will adopt the foregoing procedure and strategies:

  • Your debt claim is reviewed and the data is entered into our debt collection program.
  • We arrange a meeting with the debtor to know the mind of the debtor and to also know the best strategy to adopt in recovering the debt.
  • We prepare a letter (to be delivered physically) demanding payment to be made within 14 days from the debtor company/individual
  • We follow up with phone calls.
  • We attempt to arrange payment, resolve any disputes and obtain clear commitments on debt resolution by letters and or phone calls.
  • If we obtain payment commitment we work to ensure the payment(s) materialize via several strategies available at our disposal while conscious of the business relationship between your company and the debtor (if any).
  • If debtor fails to cooperate in resolving the debt we make final pre-legal collection attempts which include further letters with warnings of commencing:
    1. Winding up proceeding (in the case of a corporate debtor(s) or
    2. Bankruptcy proceedings ( in the case of an individual debtor(s)
    3. Summary Judgement proceedings ( Where debt sum is undisputed)either under the undefended list procedure in the High court civil Procedure Rules or under Order 11 of the Lagos High Court rules.
  • We send our update and recommendations to your Company, including details on embarking on a legal action or by using other alternative mode of settlement via: the Lagos Multi-door Court house to obtain a very fast judgement.
  • After obtaining the approval of your Company to proceed on alegal claim against the Debtor Company; we immediately commence the process by preparing and filing a claim either at the Multi-door Court or the regular court.
  • We then serve the court processes on the Debtor Company or secure an invitation letter from the Multi-door Court house (depending on the mode of action we commence). We usually record a huge success at this stage.
  • If we use the Multi-door, any amicable agreement facilitated by the presiding mediator can be enforced like the judgement of a regular Court with the help of an ADR Judge. This mode is also very fast, efficient and maintains business relationship.
  • If we use a regular Court and judgment is awarded in our favour while debt remained unpaid,we will file a petition for the winding up of the company or issue a Writ of Attachment of the asset of the company or Commence a Ganishee proceedings by writing letters to all the 25 banks in Nigeria to provide details of the account of the debtor with them (if any).
  • We also attempt to locate and verify debtor assets within jurisdiction.

We will initiate account levies/ garnishment orders/ liens/ etc. to satisfy the judgment debt.

POLICE INVOLVEMENT

Ordinarily police should never be involved in debt recovery exercise same being a civil and not criminal matter. However there are instances which qualify a debtor to have acted criminally to wit:

  1. Where the debtor has obtained money, goods or services by proffering fictitious aliases and addresses.
  2. Where the debtor has obtained money, goods or services through tendering falsified documents.
  3. Payment for goods and services with dud cheques.

Anyone of the above mentioned, can bring debtor/creditor situations under criminal matters. The police then commence investigations upon receipt of a complaint/petition of this nature from us. At this stage we ensure we get a clear commitment for payment of the sum from the debtor who will continually report to the station until debt is fully paid.

WHAT WE NEED FROM YOU

As a first step you will avail us with clean copies of the following documents;

  1. The contract/terms of service between your Company and the Debtor Company (if any)
  2. Receipt(s) evidencing indebtedness (if applicable)
  3. Statements of Account of the debtor with your company (if applicable)
  4. Invoices issued in respect of the debt (if applicable)
  5. Copy of any letter of demand delivered to the Debtor Company(s). or any evidence of attempts made to recover the debt
  6. Contact details of debtor company or its directors to wit: Emails (official or private), phone numbers, physical addresses and any other relevant information on the debtor company or individual

FEES

At L.L Partners Agency we have pioneered the ‘no collection no fee’ approach to our commission. But in most cases we charge an Administrative fee to enable us with some logistics.

We also charge minimal professional fees on disputed debts since this will require core legal services from the start. Our fees are open and transparent and are regularly reviewed. Once we have all the information we need, you will be provided with a quote and be informed of all of our costs from the outset before we proceed with any action.

If you require a professional debt collection agency to deliver unrivalled results and affordable fees get in touch today.The basis for calculation of our fees is as follows:

  1. For debts from N5,000,000 (Five million Naira) and within Lagos; we charge 15% of any sum recovered regardless of mode of recovery,such as out of court settlement etc for time devoted to the service of your Company;
  2. For Debts above five million and outside Lagos; we charge 20% of any sum recovered.
  3. For debt below Five Million Naira we collect 5% or ( Contact us to discuss % fees)
  4. For all debts we charge upfront administrative fees.
  5. Discounted rates for large claims

Please let us know if we can be of assistance to you in any other service that we offer.

Thank you as we look forward to working with you and giving us the opportunity of serving you.