If you are in a position where you need to recover money owed to you, but know the debtor does not have the funds to pay, then it is likely you will need to seize goods to cover their debt.
Using a high court order called a writ of control allows you to take control of goods to cover the sum of their debt. Once seized, goods can be sold with money raised going towards repaying the debt.
Before you begin using a writ of control to recover debt, it is worth understanding the four different stages of enforcement you will need to take before money can be repaid.
The first stage you will need to complete is called compliance. To comply, you will need to notify the debtor of the writ of control and the intention to take control of their goods in 7 days’ time. During the 7 day notice period, the debtor has the option to repay the debt in full, or agree to a payment plan and stagger their repayments.
There is a fixed fee of £75 for this stage.
Enforcement Stage 1
The first enforcement stage will involve a high court enforcement officer (HCEO) visiting your debtor. This visit gives the debtor the option to immediately pay the debt in full or the HCEO can take a Controlled Goods Agreement. A Controlled Goods Agreement details the items in the property that can be taken away to be sold.
The fee for this stage is £190 as well as 7.5% of the recovered debt that is over £1000.
Enforcement Stage 2
If your debtor breaks the payment agreement, refuses entre into a controlled goods agreement or suitable payment plan, then your HCEO will need to enforce your writ.
The fixed fee for enforcing this writ is £495.
The final part of a writ of control is the sale or disposal stage. Your HCEO will remove items able to be seized from the property and sell them at a local auction on your behalf. Money raised at the auction will be used to repay the monies owed, recovering the debt.
This stage costs £525 and a 7.5% percentage of any sum raised over £1000.
Recovering monies owed is never easy, which is why our team of trained, professional HCEOs are here to help with the process. Whether you are beginning the process or have already started you writ of control application, if you are in need of professional assistance, then get in touch with our enforcement agency.
Able Investigations have years of experience with taking control of goods, and can provide valuable aid when recovering debts. For more information, you can call us on 0345 366 0000 or you can fill in our contact form.