1. Service Provider
- We (The Client) hereby instruct Select Credit Management Ltd (SCM) to commence immediate commercial debt recovery action and to act on our behalf as the service provider.
- We agree that these terms and conditions as set out herein will apply to us for using the services of Select Credit Management Ltd and that additional accounts referred to Select Credit Management Ltd will also be subject to these terms and conditions.
2. The Service
- Select Credit Management Ltd will determine the most suitable collection methods for a placed debt.
- Select Credit Management Ltd reserves the right to refuse and to terminate the collection process at any time, without explanation and with no liability to itself.
- Select Credit Management Ltd is employed as the client’s agent working on behalf of the client.
- Select Credit Management Ltd will provide the service through the use of its own personnel or through the use of a servant or agent of the company including without limitation, any lawyer appointed (“the agent”) for the purpose of collecting the placed debt.
- Select Credit Management Ltd will not be liable for any indirect or consequential loss or damage, which may be suffered or incurred as a result of the service provided or otherwise, where action is taken as a result of client instructions or the client failing to supply or notify Select Credit Management Ltd of appropriate information.
- Select Credit Management Ltd operates in partnership with Oriel Collections Ltd for certain workload.
3. Fees & Charges
- A commission will be due on any amount recovered where settlement is made by payment to Select Credit Management Ltd or its agent or directly with the client by acceptance of money, or where the client instructs Select Credit Management Ltd to hold, suspend or discontinue action without reasonable explanation. An administration fee may apply to any discontinued and / or terminated accounts.
- By instructing Select Credit Management Ltd the creditor client and / or insolvency practitioner confirms their agreement to pay Select Credit Management Ltd their tariff commission fee rate and any applicable charges plus VAT that arise from the workload.
- We charge our agreed commission on claims paid and pre instruction debtor payments to cover administration costs on the workload.
- We charge £100 + VAT per hour for all time based work, eg terms and condition reviews and consultancy services.
- On matters where client’s instructions are not received within a reasonable period of time, Select Credit Management Ltd reserve the right to discontinue the action and submit a charge for all fees incurred to date, which may include the commission fee, together with any solicitor’s fees, court fees and agent’s fees, which have been incurred.
- The charges apply to standard matters where the debtor & client are based in either England or Wales. Charges for any other matter (foreign, contested etc.) will vary. A written quotation for any such matters will be provided upon request from the client. If no such written request is made by the client then the client agrees to be bound to the charges applied by Select Credit Management Ltd.
- Where a repayment schedule is arranged Select Credit Management Ltd reserve the right to invoice fees at such time as sufficient instalments have been received either by Select Credit Management Ltd or by the client to cover such costs.
- Where a debtor is paying the creditor client directly via a repayment plan our commission charges + VAT is chargeable and remains payable to SCM on demand. Th creditor must keep Select Credit Management Ltd updated on the repayment plan and confirm the status upon our request.
- A full debtor remittance reconciliation can only be administered and completed once we have received all the direct debtor payment details from the creditor client.
- We charge a minimum of £75 + VAT per LBA (Letter Before Action) sent from our solicitor associate. Where correspondence is entered into by the debtor with our solicitor associate further charges may apply.
- All legal workload, time and disbursement charges from our solicitor associates will be charged onto the creditor client.
- On debtor and ledger instructions and workload where either no funds are recovered directly or matters are paid pre-instruction / previously paid to the creditor and where correspondence is entered into with the debtor we charge a minimum of 5% + VAT of the instructed debtor balance and per debtor case to cover our correspondence administration workload and for providing the creditor client or insolvency practitioner with closure details / notes for their files. This fee is chargeable to the creditor client and / or any collected funds.
- Select Credit Management Ltd reserve the right to charge the agreed commission rate for previously paid / pre paid instructions. We will confirm the relevant remittance details to the creditor accordingly.
- All fees, charges and commissions will commence from when Select Credit Management Ltd is instructed either verbally or in writing.
- Select Credit Management Limited charge a minimum of £100 + VAT per debtor for terminated / cancelled / written off accounts. The fee is charged per debtor to cover our administration costs for setting up a debtor on our system and pursuing the debtor by all available methods including letter, telephone, email, fax and text message. Additional charges will apply to the minimum charge where we have used tracing, solicitor or enforcement services to enhance the recovery process. We only accept termination / cancellation / written off instructions in writing signed, dated and posted to our registered office.
- Where Select Credit Management Ltd is jointly instructed and / or doubled up and acting alongside any other recovery agencies on the same debtor matter(s) our commission fee rate + VAT is still applicable against any recovered monies and chargeable to the creditor client.
4. Obligations of the client and Select Credit Management Limited
- Any accounts referred to Select Credit Management Ltd must be true and valid
- The client agrees to notify Select Credit Management Ltd of any payments, offers or correspondence that is received directly from the debtor immediately.
- Disbursements i.e. court fees, tracing fees etc. are the responsibility of the client. Select Credit Management Ltd shall have the right to deduct from monies collected and retain and/or account for any money due to Select Credit Management Ltd an agent.
- The client agrees to supply Select Credit Management Ltd, when requested, relevant information to assist in the collection of an account, or deal with a query without delay.
- The client agrees that any information provided for the issue of a Claim Form or other legal document to be prepared by Select Credit Management Ltd or it’s agent will be correct and verified and that Select Credit Management Ltd will not be liable or responsible whatsoever for any errors, omissions or action taken against the client as a result of any proceedings.
- Select Credit Management Ltd will not commence any legal proceedings without prior consent from the client.
- The signatory or person or organization that submits any debt collection instruction or any other request for services declare that they have proper authority to do so and will be liable for any fee or other as a result of that submission.
- Documents sent or passed to Select Credit Management Ltd are agreed to be transported at the sender’s own risk. Select Credit Management Ltd does not accept responsibility for any documents or other in any way whatsoever received from any source. Select Credit Management Ltd reserves the right to dispose of any documents still in its possession three months from date of receipt.
- Any information supplied by Select Credit Management Ltd is to be treated as indicative only and the client agrees any information supplied in respect of any credit reference, trace enquiry, company report etc is to be treated in the strictest confidence and must not be divulged to any third party/parties or outside source whatsoever.
- Select Credit Management Ltd will provide reports and updates to the client when requested
- The Client agrees that all invoices rendered by Select Credit Management Ltd to the client are due and payable on receipt of the invoice.
- Select Credit Management Ltd reserves the right to charge interest at a monthly rate of 5% on the outstanding invoices.
- This or any other contract that exists between Select Credit Management Ltd and the client is agreed to be governed by English law and no other.
- Select Credit Management Ltd reserves the right to offset any money held against invoices outstanding.
- Select Credit Management Ltd will deduct any fees, charges or commissions as outlined in the provisions of paragraph 5.
- Select Credit Management Ltd reserves the right to alter, cancel, reject, and withdraw any of its services or terms at any time without penalty or compensation and without explanation.
- The terms of the Agreement between the client and Select Credit Management Ltd shall be kept strictly confidential at all times.
- Details of individuals and cases will be kept confidential at all times and will be subject to the provisions of the Data Protection Act 1998.