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Terms and
conditions for services provided by Financial Recoveries Ltd |
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| 1. Definitions |
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| .1 |
“FRL” means
Financial Recoveries Ltd whose registered address
is Unit 2 114 Roebuck Rd Chessington Surrey KT9 1EU
and whose registered number is 04697524. |
| .2 |
“The Client”
means the company instructing FRL to carry out services
required. |
| .3 |
“Services” means
any of the activities carried out by Financial Recoveries
Ltd on behalf of the Client, these services include collection
of accounts, tracing absconding debtors, legal services
and bespoke credit management assistance. FRL may sometimes
require the assistance of agents when providing the above
mentioned services. |
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| 2. Agreement |
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| .1 |
English Law shall govern
this agreement and all parties shall submit to the exclusive
jurisdiction of the courts of England and Wales. |
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| 3. Debt Recovery |
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| .1 |
The Office of Fair Trading
licence number 538106 licenses FRL as per the consumer
credit act 1974. |
| .2 |
FRL has in place professional
indemnity insurance to the sum of £250,000 and
the Client accepts that the liability to the Client
shall be limited to the sum insured provided always
that FRL shall not be liable for any indirect or consequential
loss or damage which may be suffered or incurred as
a result of the recovery services provided by the company. |
| .3 |
FRL maintains a separate Client
account with its bankers and undertakes to notify the
client whenever possible of any payment received and which
requires processing through the Client account. |
| .4 |
FRL will always endeavour to
recover cheques from Client's debtors made payable to
the Client. |
| .5 |
Any monies received and processed
through FRL’s Clients account will be accounted
to the Client as soon as such funds have been cleared. |
| .6 |
FRL reserves the right to charge
the Client for any charges incurred for the processing
of funds through the Client account, to a charge not exceeding
£4 + VAT for each transaction (with the exception
of foreign transactions where currency fluctuations and
conversion-charges would apply). |
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In the event that the Client
requires FRL to take payment of debts by way of credit
card then FRL will charge the client 2.5% merchant
service charge for all types of card payments. In the
event that payment taken by card is paid to the client
and then at a later point that card payment is charged
back then the client agrees that the monies paid to
them will be paid back to Financial Recoveries Ltd. |
| .8 |
FRL will enforce the Late Payment
of Commercial Debts act (1998) on all outstanding commercial
debts unless otherwise agreed (a copy of this act can
be found on our website at www.financialrecoveries.co.uk). |
| .9 |
FRL reserves the right to terminate
the collection of any outstanding debts either prior to
the commencement of the collection process or at any time
during the collection process. |
| .10 |
Fees and / or commissions due
to FRL will be charged on all accounts collected for the
Client, whether in whole or in part, in accordance with
the current rates agreed between the Client and FRL and
all charges, with the exception of court fees, will be
subject to VAT. |
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| 4. Credit Management Assistance |
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| .1 |
FRL will, on application,
provide Clients with other credit management services,
tailored to the Client's specific requirements and for
which a separate and or additional agreement or charges
will be reached if requested by the Client. |
| .2 |
Such services may involve
sales ledger management, outsourcing of credit control
functions, door to door collections, legal services
or general consultancy and for which the Client will
be liable for all incumbent overheads, disbursements
and charges whatsoever incurred by FRL or its agents
at the prescribed rates notified or agreed separately
with the Client. |
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| 5. Clients Liabilities |
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| .1 |
The Client warrants that
all debts referred to FRL for collection services are
true and a valid. |
| .2 |
Where the Client receives
any payments directly, credit or the return of the
goods, which necessitate the collection of, or the
reduction in the value of, an account already placed
for collection by FRL to be stopped, full details
must be notified immediately by the Client to FRL
who will charge the Client the normal fees and or
commission payable as if that account had been successfully
collected by FRL. Similarly, where the Client instructs
FRL to stop collection of an account for no valid
reason other than the legal insolvency, death or
any other demise of the debtor acceptable to FRL,
then FRL will charge the Client the normal fees and
or commission payable as if that account had been
successfully collected by FRL. In the event that
an all or part of an instruction is confirmed during
our chase process as having been previously paid
then FRL will charge the Client the normal fees and
or commission payable as if that account had been
successfully collected. |
| .3 |
FRL may require additional information
from the Client to enable FRL to collect the outstanding
debt. Any request for additional information by FRL to
the Client should be produced as soon as possible. In
the event that the Client has failed to provide such additional
information after the expiry of 14 days, FRL reserves
the right to re-assign the age of the debt and adjust
the commission rate accordingly. |
| .4 |
In the event that the Client
instructs FRL to institute any form of legal action, the
Clients will be liable in such cases for all charges,
costs, fees and disbursements of whatever nature incurred
by or billed to FRL until or unless recovered or where
non-recoverable from the Clients debtor(s) by FRL or any
other party acting on behalf of FRL and or the Client.
FRL will not be liable for any losses or damages arising
out of any incorrect information contained in such legal
processes. |
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| 6. Prices and charges |
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| .1 |
The prices and charges payable
by the Client are those quoted prior to the commencement
of work unless otherwise separately agreed in writing
to the Client prior to FRL being instructed to act by
the Client. |
| .2 |
Where prices and charges
are not quoted, FRL undertakes as far as is reasonable
and is possible to notify the Client of any extraordinary
or additional charges before such charges are incurred
or likely to be incurred. |
| .3 |
All fees and charges are subject
to VAT at the prevailing rate where applicable. |
| .4 |
FRL reserves the right to deduct
collection fees from all direct payments received on behalf
of the Client. |
| .5 |
Standard payment terms for FRL
are 10 days from invoice date unless agreed in writing
with a Director of FRL. |
| .6 |
FRL charges interest at 8%
above base on late payment of our invoices in accordance
to the Late Payment of Commercial Debts act (1998). |
| .7 |
In the event that an account
is closed prematurely by the client then FRL reserves
the right to charge and administration fee of 1% of the
debt value or £15.00 which ever is greater. |
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| 7. General Conditions |
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| .1 |
FRL accepts no liability
for errors or negligence caused by actions of employees,
representatives, suppliers or any other third party
contracted by FRL in fulfilling its responsibilities
and duties towards the Clients. |
| .2 |
FRL cannot be held responsible
for stoppages of work, delays in delivery of post, strikes,
lockouts, wars or any other calamity considered an act
of God or nature beyond the control of FRL. |
| .3 |
In the event of a Client failing
to pay any charges or invoices due to FRL, then FRL reserves
the right not to provide the Client with continuing services
and to withdraw all or any services without notice. |
| .4 |
FRL will at all times maintain
complete secrecy as regards the information obtained from
the Client in the performance of the services and shall
not disclose such information to any third party. |
| .5 |
Nothing in these Terms and Conditions
or the provision of the Services shall create or be deemed
to create a partnership or the relationship of principal
and agent or employer and employee between the Client
and FRL. |
| .6 |
The Client is not permitted
under these terms to attempt to employ any FRL staff whilst
employed by FRL or for a period of six months after leaving
FRL. |
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These Terms
and Conditions supersede all previous terms and conditions
in force between FRL and its Clients and prospective Clients
unless otherwise agreed in writing by FRL. |
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Licensed under the
Consumer Credit Act 1974 Number 619761
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Data
Protection Registered
Number: Z8121398
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