Fees & Terms

“We believe that everyone should have the right to recover monies owed, without it being stressful, expensive or difficult, and that is precisely the service we provide”

Overview

We operate in a fully secure and compliant manner from our regional offices in London and Birmingham.. We are full members of the CSA (Credit Services Association) which is the main professional body for DCAs (debt collection agencies). We have a very experienced collections team who are totally focused in recovering your money and you will have access to a dedicated case manager who will report regularly regarding the progress of your cases.

Debt collection is our core business. We recover monies on behalf of our clients on a daily basis, always acting in an ethical and professional manner. We work on a no collection-no fee basis which means there are no up-front costs, hidden fees or subscriptions to pay. We aim to be transparent and straightforward in all our dealings with you. You can instruct us at any time, whether you have multiple debts, or just one off debts. In all cases our low fixed fee will be collected direct from the debtor, so you really have nothing to lose.

Zero Cost Debt Recovery

In most cases all costs can be added to the debt meaning that even after our fees are recovered from the debtor you will still receive full payment of the original debt.

For business debts (sole trader, partnership or company) you have a statutory right to claim debt collection costs and interest from the debtor. We will add both costs and interest (calculated on a daily basis) to your claim in accordance with late payment legislation.

For consumer (personal) debt the position is slightly different insofar as you must have written terms in place that will allow you to claim costs. If you are unsure whether you can claim costs please see our FAQ sheet or contact us on 0333 772 0278 for further advice.

Our Fees

Our low fixed fees for standard debts (minimum £100.00) are as follows:
Business debts - £50.00 + 10% of the original debt value.
Consumer debts - £50.00 + 20% of the original debt value.

Our standard fees as above will apply to all debts with the exception of debts which have previously been subject to litigation or action by a Solicitor, Collection Agency or other third party acting on behalf of the creditor, disputed debts and debts with balances outstanding more than 12 months (all classed as non-standard debts).

Our low fixed fee for non-standard debts of any amount is £100.00 + 20% of the original debt value.

In all cases fees are only payable against monies recovered thus maintaining the integrity of our no collection-no fee guarantee.

All fees subject to VAT at standard rate.

Trace and Collect

We can also provide a comprehensive debtor tracing and address verification service and have a success rate of over 90%. We use modern data gathering techniques and experienced investigators. All investigations are completed in full compliance of all relevant legislation and data protection requirements.

Our fees for tracing are as follows:
Successful trace - £100.00
Unsuccessful trace – No charge
Please note that trace costs will be added to the debt and are fully refundable subject to successful collection of the debt

Collection by Instalments

Whilst we will always try to collect the full amount owed in one single payment, this may not prove possible if the debtor does not have the means to pay in full. If the debtor cannot pay the full amount we will negotiate settlement by instalments and will undertake to collect each payment when due. We do not charge anything extra for this service. Once we have collected fees all instalments collected will be forwarded to the client in full.

Instructing Us

The easiest way to instruct us is by completing one of our online debt collection forms. Alternatively we are happy to accept instructions by email or post. We provide collection forms which can be completed or alternatively details can be provided on an email to which any additional information can be attached including excel spreadsheet, if sending multiple instructions.

For further assistance or advice please contact us:

Telephone: 0333 772 0278
Fax: 0845 862 0420
Web: www.k2collections.co.uk
Email: service@k2collections.co.uk
Head office: 70 Gracechurch Street, London, EC3V 0HR

Terms of Business

  1. K2 collections will undertake the collection of debts and/or provide other services in an ethical way, in compliance with all current legal requirements and legislation and within the code of practice of the Credit Services Association of which K2 Collections is a member.
  2. The client warrants that all instructions and information provided to K2 Collections are accurate and correct and amounts stated are legally due to the best of their knowledge.
  3. K2 Collections undertake to process all debts within agreed time scales. Where required, confirmation of receipt of all new instructions will be sent to the client.
  4. Debts paid to K2 Collections will be accounted for and remitted to the client on a regular basis or as otherwise agreed. Payments will be sent to clients by direct bank transfer.  Monies transferred to banks outside the UK may incur additional foreign exchange/bank fees.
  5. Monies paid by the debtor will in all cases be allocated firstly against fees due to K2 Collections. Thereafter the client is entitled to receive all monies collected in full and without deduction.
  6. Monies paid by the debtor direct to the client and/or notified to K2 Collections after instructions received will be treated as a collection from which fees due to K2 Collections should be deducted and refunded to K2 Collections. Thereafter the client is entitled to retain all monies received in full. Goods accepted by clients in lieu of payment or credit notes issued to debtor accounts will be treated as monies collected.
  7. The client undertakes to advise and confirm to K2 Collections of any direct payments immediately to ensure debtor’s records are updated on a timely basis and to avoid debtors being followed up unnecessarily.
  8. Fees will be payable within 10 days of date of invoice. K2 Collections reserves the right to deduct payment of any outstanding invoices from monies held on account.
  9. The client is entitled to cancel an instruction at any time subject to full payment of agreed fixed fee.
  10. Where the debtor disputes the account and K2 Collections is unable to resolve the dispute with the assistance and co-operation of the client, K2 Collections may suspend all action and return the account to the client.
  11. Where a debtor offers a reduced sum in full and final settlement of the debt, K2 Collections will refer to the client for a decision unless a previously agreed discretionary limit exists.
  12. Reports will be sent to clients as appropriate and on request.
  13. In cases where payment from the debtor is received by cheque which is subsequently dishonoured, or by card payment and the payment subject to a chargeback, the transaction will be reversed and any such payment sent to the client should be refunded to K2 Collections on request.
  14. Legal action against debtors is undertaken at the sole discretion of K2 Collections unless otherwise agreed. No such action will be taken without client’s written consent.
  15. K2 Collections undertakes that information provided by the client will be kept confidential and is passed to staff and outside contractors only on a “need to know basis”.
  16. K2 Collections undertakes to investigate debtor complaints promptly and comprehensively in accordance with their complaints procedure. Complaints or disputes that cannot be settled through this procedure may be referred to the Credit Services Association.