FAQs: Debt Collection or Pre-Litigation? AND What is Retention of Title ad can I use it?

0:00 In this FAQ episode of "Minimise Debt, Maximise Cash with Top Service," the team addresses two frequently asked questions.   00:34 Should I choose debt collection or litigation? Top Service offers both debt collection and litigation services, and both are very successful. The teams are trained to collect money in the shortest possible time. They use various techniques and information to create a unique collection strategy for each case. The main difference is that the litigation service is designed to prepare a case for legal action, while the collection service is for when legal action is not being considered. If a case's circumstances change, the team member will discuss with you whether it should be escalated to the litigation team.   1:43 What is retention of title, and can I use it?  Retention of title is a contractual clause that allows the seller to keep legal ownership of commercial goods until they have been fully paid for. While it's a simple provision, enforcing it can be tricky. For example, if raw materials are mixed with other materials, the original item is no longer salvageable. In such a case, a "mixed goods" clause might be more useful. There can also be complications in getting access to the goods, or health and safety measures to consider. A retention of title clause should not be used as a substitute for good credit management practices. It's best to seek advice from a solicitor, especially when writing the clause into a contract.  For any other questions, you can contact Top Service on LinkedIn by searching "Top Service Limited" or check out their YouTube channel for a video version of this podcast.  To enquire about Top Service services for your Business, go to https://www.top-service.co.uk/contact-us/ Music by Purple PlanetRead transcript