Cred-X Commercial Debt Recovery

Terms of Service

1. Definitions.

a) {Cred-X, We, Us, Our} - Shall mean "Cred-X" in the capacity of the commercial debt recovery company, its representatives, its agents, solicitors or any such person, organisation or body duly appointed to represent its interests or that of its clients. b) {Client, You, Your, Creditor} - Shall mean the business responsible for appointing Cred-X and/or receiving the services supplied by Cred-X, its authorised staff, representatives or appointed parties. c) {Debtor} - Shall mean any UK business or Limited Company indebted to our Client and subject to instruction having been delivered to Cred-X from you to recover overdue sums. d) {Debt} - Any sum due to the Client from the Debtor upon which Cred-X has been instructed by the Client to act in the capacity of Agent to recover such sums due.


2. Governance and Law.
All agreements between Cred-X and the Client, all instructions, communications and actions by shall be conducted wholly under English Law.


3. Data, Privacy and Confidentiality.
Any data relating to the Client, its business, ledgers, debt position and its representatives shall be considered by Cred-X to be strictly private and confidential material at all times.
We may disclose your Personal Data acting in good faith if we believe such action is necessary to conform to a legal requirement or comply with the English legal process, protect and defend the rights or property of Cred-X. Any requests for deletion of Personal Data must be made in writing only and be authorised by either a Director of the Client if an incorporated body or Principal stake holder if the Client should be unincorporated.


4. Best Practice.
Cred-X will attempt to provide the highest quality of service to the Client at all times and to the best of its ability, however, Cred-X offers no warranty or guarantee of successful recovery on receiving instructions to recover any Debt from a Debtor.
In the event of any conflict of interest (one Client asking us to chase another existing Cred-X Client) we reserve the right to decline to act upon the individual instruction, however, as a courtesy to both Clients we may discretely contact the Debtor Client in an attempt to facilitate an amicable arrangement between the two parties.


5. Clients' Obligations
You agree to ensure that all Debts passed to Cred-X are considered "Clean" ie.
a) You must notify us of the exact business name, address, post code and contact details of the Debtor
b) You must ensure that the Debt is not in query, disputed in any way or that any such previously noted disputes have been properly resolved.
c) All Debts claimed from the Debtor are accurate and reflect a true record of the sum due.
d) d) In the event of the Client instructing Cred-X to recover a debt by the Low Cost Recovery (VIII b) method and subsequently cancelling said instruction, the Client shall pay Cred-X the equivalent of the total interest charge had it have been payable by the Debtor.
e) e) New clients placing their first instruction may be asked to make payable an initial deposit equivalent to 5% of the value of the debt or £50 which ever may be the greater figure. This deposit would be refunded upon receipt of allowable interest from the debtor

Cred-X reserves the right to amend the Charge System (VII) should we find that the Client has failed to abide by these obligations (see Fees and Charges)


6. Litigation.
In the event that the Debtor fails to settle the account Cred-X will receive your instructions before proceeding with any legal action in the English Courts on your behalf. Upon receipt of written instructions to proceed with litigation Cred-X will instruct solicitors to begin proceedings to recover the balance due.
Where possible, the litigation costs of any undefended action resulting in recovery will be recovered directly by the solicitors from the debtor, however, defended claims or difficulties in enforcement may result in additional charges. Cred-X will attempt to notify you before any such charges are incurred.
Please be aware that Cred-X is not liable for any Litigation charges incurred. All Litigation charges are payable by the client.


7. Indeminty.
You agree to indemnify and keep indemnified Cred-X against any loss or damage arising from all actions, proceedings, claims, demands, costs (including legal costs), awards and damages however they arise, directly or indirectly as a result of any breach or non-performance by you of any of your obligations under these terms and conditions.


8. Fees and Charges
Cred-X is able to offer two distinct charge systems.
a) Standard Fee - Where service charges are payable by the Client at agreed rates
b) Low Cost Recovery - Where possible, the fee for Cred-X services shall be equivalent to the Statutory Right to Interest recoverable from the Debtor. The Client agrees to assign the debt and Statutory Right to Interest to Cred-X. Cred-X shall apply Interest upon the Debtor in accordance with the rates indicated by the Late Payment of Commercial Debts (Interest) Act 1998 unless the Client and Debtor have already contracted to different rates. Should any contractual interest rate existing between the Client and the Debtor be less than the equivalent rate permitted under the Act, the Client shall agree to indemnify and reimburse any shortfall to Cred-X as supplementary commission. In the event of non-payment of interest by the Debtor, the Client shall indemnify and reimburse Cred-X equivalent to the charges applicable under the Standard Fee.
c) Hourly Rate - A standard flat rate of £75 per hour chargeable in six minute increments plus disbursements shall be applied. In such case the client will be provided with time based billing report.
Cred-X reserves the right to amend a 'Interest Offset Recovery' request to a 'Standard Fee' instruction in the event that it is found that the Client has failed to abide by the terms identified in Clients' Obligations. If you have elected to use the 'Low Cost Recovery' option you hereby agree to assign any interest awarded direct to Cred-X as settlement of our fees in full.

V 1.0.5