Debt is a natural part of the business world and at some point it is likely that you will have to deal with a debtor. There are many options to choose from when deciding how you will recover this debt, and there are some factors that you should keep in mind:
– How much will it cost to recover this debt?
– What are my chances of recovery?
– Is the debtor able to pay?
The last thing you want to do is to spend more time & money to try recover the debt, with no result.
Tempest has recognized that there is quite a lot of risk involved for the creditor in the debt recovery process, and we have designed our debt buying service to provide a market solution that will deal with bad debtors in an effective way which eliminates all risk involved with the debt recovery process and at NO up-front cost to you, so you can start your recovery process today.
Selling your debt outright may be the right option for your business and has its unique benefits:
- guaranteed cash in-flow for your business.
- free up resources to focus on generating more value.
If you currently have bad debt(s) that you would like to walk away from, while still receiving compensation, contact Tempest today for an evaluation.
When deciding to recover debt there are many avenues to consider, however, many options such as engaging with a lawyer, carry risk as recovery is not guaranteed, while your legal fees will be. Our ‘Arrange a Split’ model allows you to eliminate 100% of the risk in the recovery process.
We cover ALL legal costs
This includes all up-front costs associated with filing documents, court fees, and any other fees that may be required to take your case through the Courts.
We provide expert lawyers for FREE
Our in-house legal team are specialized in debt recovery and insolvency, and will be managing your file as well as doing all the work required for the best chances of recovery.
1. You contact Tempest with a debt you would like to arrange a split with.
2. We will evaluate the debt and come back with an % offer to split on all recoveries.
3. If both parties are satisfied, an deed of assignment will be signed, which will assign the debt to Tempest, giving us the right to to the debt.
4. We contact the debtor to enforce the debt.
5. If the debtor does not co-operate with good faith, legal action is swiftly taken to receive judgement.
6. Judgement will be enforced for recoveries.
7. From the recoveries, the court filing fees will be repaid first.
8. Remaining recoveries are split according to the deed of agreement.
We buy these type of debts outright or arrange a split:
✔ bad debt
✔ unsecured debt
✔ old or historic debt
✔ disputed debt
✔ rent or lease arrears
✔ unpaid goods or services
✔ insolvency debt
✔ debts which collection agencies are unable to resolve
If you are unsure whether or not Tempest will buy your debt, contact us today before you write it off!
Case studies and examples coming soon.
Frequently Asked Questions
Are there hidden costs?
There are NO hidden costs! These are the only costs that will effect you:
1. Previously agreed % split that Tempest takes on recoveries.
2. Court filing fees which will be initially repaid to Tempest in the case of recovery.
Are you a debt collection agency?
We are not a debt collection agency, as our recovery process is much more efficient and effective.
In the case the debtor does not engage with us, we promptly take legal action.
What happens if no recoveries are made?
If enforcement of a judgement still prevent us from making any recoveries, we will promptly start our process to bankrupt or liquidate that debtor.