Written off debts
At Tempest, we purchase a wide range of debts, but perhaps the best commercial opportunity we offer to our clients is that debt that has been written off.
Sometimes we pay a few cents in the dollar for old debts, where our client has written the debt off, but we prefer a deal where we purchase a book of old debts for a nominal price and agree to share with our client a percentage of what we recover.
And here is the surprising thing; we often recover money.
Debt does not go ‘stale’ for six years, and even longer in some circumstances. People do not pay for several reasons; a business failure, disruption in their personal or professional lives, but these events do not last forever.
When we re-visit these cold cases, we often find that the debtor has moved on, re-established themselves and are now in a position to settle these obligations. Many are often not surprised to hear from us. They know that the obligations are out there and, in a strange way, having an opportunity to square these away can bring some closure.
Many are worried that we will move to bankrupt them or damage their credit rating, but that is not how we think and is very rarely the approach we take. Usually, the reason why your customers fall away is not due to any failure on your part, or sometimes even theirs. Life is never a straight line, and even good people can get into strife.
Our role is to get these individuals to re-engage with their past obligations and to work through a process that can bring a satisfactory resolution. Our approach is too respectful but diligent, in working to get these old issues resolved.
Of course, sometimes people are unreasonable and, on occasion, even dishonest. We do not shy away from enforcing legal rights where this is the only option, and at Tempest, we have a team of lawyers to do just that. However, this is rarely necessary. Just knowing that we can and are willing to engage with the legal process is enough to ensure that we don’t have to.
So, let’s have a chat about those old debts. We purchase debts up to five years old, even if they have been written off. You may find that there is a lot of lost value in those old accounts, and we would like to help you unlock them.
If you have a written off debt you’d like to dicuss with us or have any questions related to debt buying or recovery, please get in touch with us today.