Contact our debt recovery specialists. Call 0141 331 2332
In ancient Greek folklore a phoenix was a bird which cyclically regenerated or was otherwise reborn again. It’s a nice idea and most of you will be forgiven for thinking that the phenomenon could never happen. However, if we substitute for a “bird” a “limited company” then the concept is almost one of legal abuse.
Many English solicitors are mystified with Scotland’s procedures for the recovery of undisputed debt. This should not be the case. Like our English cousins, ultimately the process involves disposing of a debtor’s moveable property for auction and sale or to put it more prosaically “to convert the court’s judgement into cash”.
On 19 November 2019, Stephen Cowan presented a CPD webinar with The Sheriffs Office on the topic of cross-border enforcement between England & Wales and Scotland.
MMP Financial, trading as "My Money Partner" and "Swift Sterling", has gone into administration. Both businesses offered loans of up to £1,500 over periods ranging from two to seven months, with the entire process being completed online. "Piggybank" another short term lender, collapsed 24 hours prior to MMP Financial’s administration, leaving their 45,000 customers in a state of financial uncertainty. Piggybank offered loans of up to £1,000 to new customers for up to five months. Interest due on the borrowing would typically equate to an annual percentage rate (APR) of between 1,255% and 1,698%. In addition, in 2019 Wonga and Instant Cash Loans also collapsed.
The Times has reported that some of Britain’s largest retail stores are plunging shoppers into record levels of debt. The paper accuses the stores of allowing many shoppers easy access to credit facilities which charge up to 30% of interest on outstanding balances.
Citizens Advice Scotland have reported that debtors with combined arrears of £6.4 million of council tax debt problems have approached them. This represents arrears for 2018/19 with the level of individual indebtedness averaging £1,900 out of a total of 3,999 people seeking advice.
A Scottish Trust Deed is similar to bankruptcy but perhaps without all the bells and whistles. Once the debtor enters into a Protected Trust Deed (PTD) he is committed to an agreed payment schedule. Ultimately, creditors will receive a small percentage dividend although this can often be lower than what they will receive if the debtor had been made bankrupt.
Facing debt and cash flow problems is challenging for any business. However, where a debtor, supplier or client becomes insolvent, this could cause you great financial difficulty. In this post, we provide an overview of the signs that indicate a business may be approaching insolvency and set out the steps you can take to mitigate your losses.
UK debt charity, Step Change, has called on the next Government to commit to measures that will help people and businesses deal with debt. The measures proposed by Step Change include assigning an independent regulator for bailiffs and enforcement agents and creating legally binding practice standards for debt collection and enforcement.
Head of Policy, Research and Public Affairs at Step Change, Peter Tutton, said:
“It would be a tragedy for people in problem debt if the positive work in progress … got lost somewhere between this government and the next. So, we urge in the strongest possible terms that all the work in progress is carried over by the next government.”
Testimonials
Yuill + Kyle are an extremely focused firm who are achieving great results for us north of the border. Their client-focused staff keep us 'in the loop' so we are able to make timely decisions, helping us to recover more of our money.
I would not hesitate to recommend Yuill + Kyle's services to other business colleagues. I recently sent Yuill + Kyle's pre-sue letter to 2 debtors. Within 2 days of Yuill + Kyle sending these letters one of the debtors paid his £560 and the other his £750, all for the fee of a 7 day letter!
I instructed Yuill & Kyle to send a pre-sue letter to my debtor. This resulted in the debtor paying their outstanding £2750. We also received a letter of apology from them!! Great result!!
I have to say that Yuill + Kyle have represented my best experience to date with solicitors, and although I was unable to take this matter further on this occasion I would have no hesitation in using you again or recommending you to others.
I would really like to recommend your services to everyone considering litigation. Your online service is fast, efficient and easy to use. We found that your costs are simply unbeatable for pre-litigation and I feel sure that when we require legal support, Yuill + Kyle will be our first choice.
Yuill + Kyle successfully recovered £19,000 for our client. We were delighted with their professionalism and fully intend to use them again in the future.
"Stephen Cowan displays calm equanimity in the face of challenging, complex and often adversarial situations, and responds quickly and professionally."
Contact our debt recovery specialists.Call 0141 331 2332
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