Debt Collection and Recovery in the UK and worldwide remains frought with problems. On the face of it business is very brisk however although busy, debt still requires a great amount of expertise to result in satisfactory conclusions.
Creditors are so often frightened off by the possibility of huge legal costs.
In our opinion this is due to the legalised way Solicitors are able to extract enormous fees from their clients ‘Win or Loose’. Seldom does anyone criticise a Solicitors bill and certainly most pay even when it is completely excessive.
We desperately try to emphasize the ‘No Win No Fee’ approach at Debt Collection, with the addition of legal fees if the collection is just impossible without. Where possible we try and broker a deal between the two parties and often find this approach works well.
We recentely heard of a divorce case where the legal fees were well in excess of £120,000 for each party. Neither party was happy and as usual there was only one winner!