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Partner with PRS & Get Paid Faster
Bad debt is our business and resolving yours is our number one priority.
We work hard to deliver positive results for businesses of all shapes and sizes. Our swift and efficient recovery of outstanding debt ensures you are set up with tactics and solutions to mitigate bad debt in the future. Our approach is proactive and holistic.
Why choose PRS?
We take action within 24 hours of receiving your debt claim and make contact with the payee a minimum of twice per week in pursuit of recovery.
We have a wealth of knowledge to share and endeavour to ensure you leave us armed with the means to mitigate bad debt in future.
We partner with market leading litigation lawyers who pursue debts through legal pathways in the event of an unsuccessful recovery.
What is our debt collection process?
On day one, we issue a demand to the debtor giving them 7 days to pay the debt. This demand may be made by letter, email or telephone as appropriate. We will also start conducting background searches on the debtor including:
- Asset searches
- Company searches
- Personal directorship searches
- Trading information on the business
We start looking for motivation for the debtor to make payment and locate any assets that the business or Director may lose personally if they fail to pay the debt. Within the first month, we will conduct intensive collection activity by phone, email and mail to maximise recovery.
We will manage all settlements as well as any payment arrangements. We never accept any payment arrangements without your prior consent.
What are the legal costs?
The legal costs vary depending on the course of action. We will advise you on what we believe the best path of action is to take. We will provide you with a quote from the law firms that we recommend.
The law firms we recommend go through a stringent process to be on our panel of solicitors. They must be competent and they must be commercial. The law firms we use charge on an event basis and not an hourly rate. All costs are capped and quoted so it is easy to budget for the expected costs. You will find we have negotiated the better rates than you will be able to find elsewhere.
How do I get started with PRS to recover my debt?
To commence the collection process with our firm, we need to understand your exact collection requirements as our rates are negotiable and they depend purely on the age, size, nature and volume of your outstanding accounts. If you believe your matter is self explanatory and you wish to commence immediately, please proceed to our homepage and submit your debt online.
Alternatively, you need to complete an Appointment of a Commercial Agent form as well as our Terms and Conditions. Please contact our office to discuss your matter and we will send you the engagement forms. Once we receive these documents back with a copy of the outstanding invoices/s for collection and any supporting documentation such as contracts, credit application, purchase orders, we will commence actioning your accounts within a few hours.
What if you only collect half the debt or a part of the debt?
We only charge half the commission or we only charge the agreed commission rate on the funds recovered.
What is the cost for PRS to pursue my debt?
PRS earns an income on a performance base commission meaning PRS only earns commission if your debts are paid. Our motivator in collecting your outstanding money is commission, and there is only one way we can make commission. There are no joining fees, administration fees or charges for the letters we send out.
How does PRS go about pursuing bad debt?
Our business model has many variations however our letter, phone call and face to face collections ensure that your account is given the best service possible. PRS pay and subscribe to numerous databases to locate debtors and conduct asset searches.
What can PRS do to assist with the management of bad debt?
Most businesses plan for bad debts and certainly factor in they will have write offs every year. As a general rule, your 90+ day debtors should represent a maximum 5% of your total aged debtors. Professional Recovery Services can assist in implementing best practice credit management and internal policies for you whilst re-educating your customers to pay within trading terms.
PRS commonly sees a problem where a client eventually places a debtor on stop credit and then allows future trading on a “cash sale”. Should any of the above interest you, or sound familiar, PRS can assist with implementing change as well as “tricks of the trade” to ensure any bad debts that arise will have the best chance of recovery.
What can PRS do to assist me in recovering a Building and Construction debt?
A special piece of legislation called the Building Industry Fairness (Security of Payment) Act 2017 may protect you, and if applicable, you need to act very quickly so we can determine if you are eligible and you are contractually allowed to enforce the Act.
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