This is a set of Terms & Conditions for the services provided by Elite Debt Recovery Ltd. Here is a summary and clarification of the key points in these terms:
1. Contractual Relationship
- Elite Debt Recovery Ltd is contracted to pursue debt recovery on behalf of the client.
- The service can include visits to debtors’ addresses or other legal means as deemed necessary.
- The contract cannot be modified unless specified by Elite Debt Recovery Ltd.
2. Service Scope and Duration
- The service is provided either for a fixed term of 180 days or up to one year, depending on the contract details.
- Services commence immediately after the contract is signed and subscription fees are cleared.
- If no debt recovery occurs within the initial 180-day period, Elite Debt Recovery Ltd may extend the service at no extra cost.
3. Obligations of Elite Debt Recovery Ltd
- Elite Debt Recovery Ltd is not liable for delays if the client fails to provide accurate and complete details of the debt.
- The company excludes liability for circumstances like bankruptcy or insolvency of the debtor, or any delays outside its control.
4. Cancellation and Termination
- The client may cancel the agreement at any time, but only the initial subscription fee will be due.
- If no recovery occurs or the debt becomes uncollectible, the contract may be concluded, and the company will provide a report if requested.
5. Litigation and Legal Proceedings
- In some cases, Elite Debt Recovery Ltd may recommend legal action to recover the debt.
- If formal legal action is needed, the client will work directly with the company’s solicitors, and all associated costs will be covered by the client.
- Elite Debt Recovery Ltd will charge a commission on any money recovered through legal proceedings.
6. Receipts & Payments
- Elite Debt Recovery Ltd will charge a 15% commission on all amounts recovered unless otherwise stated in the contract.
- The client is required to notify Elite Debt Recovery Ltd within seven days if any payment is received directly from the debtor.
- If a debtor sets up an installment arrangement, the client must pay Elite Debt Recovery Ltd commissions on all agreed installments.
7. Payments and Default
- If a debtor defaults on an installment plan, Elite Debt Recovery Ltd will attempt to recover the full balance but will not refund any commissions or fees previously paid.
- Any money received directly by the client from the debtor is subject to commission and is considered a recovery.
8. Governing Law
- The agreement is governed by English Law, and both parties submit to the jurisdiction of English Courts.
This document outlines the terms under which Elite Debt Recovery Ltd will operate to recover debts on behalf of the client, detailing their responsibilities, liabilities, and how commissions will be charged for services rendered.