Last month Wonga was ordered to pay £2.6 million in compensation after it was found to have engaged in unfair and misleading debt collection practices. The Financial Conduct Authority fined the payday loan company after it emerged that the company had sent letters to customers from fake law firms pressuring them to repay outstanding loans. Reports have now emerged that the Student Loan Company and several High Street banks may have sent similar letters.
Effective debt recovery can be an important element in many businesses; nevertheless it is not acceptable to act deceptively. Debt recovery ought to be managed in an open and fair manner and specialist advice sought where appropriate.
We offer an effective and comprehensive business debt recovery service. We have successfully recovered debts for a variety of clients, including asset based finance companies, unsecured lenders and wholesalers. Our service is tailored to our clients’ needs and the process is handled in the right way for each business and the market in which it operates.
If you or your business need any assistance with debt recovery services, please contact Rachel Brown in Druces LLP’s Commercial Litigation Team.