Traditional methods for resolving disputed and hard to collect debts can be time consuming and costly. Using collection agencies, even on a no win no fee basis will leave your relationship with your customer in tatters and they will be very unlikely to want to do business with you again.
Settl.it offers you a no win no fee alternative that maintains relationships with your customers and increases the chances of reaching an amicable settlement with no hassle and minimal cost since our service fee is only 10% of the amount settled (deducted from the payment to you).
You are in full control of the process as you simply set a minimum amount that you’re willing to accept – which is kept secret from the other party. They are invited to make up to 3 bids to settle the debt and if one of them equals or exceeds your minimum their offer is accepted. They are then required to pay the agreed amount to you via a settl.it trust account. We then transfer the amount, less our fee, to your nominated bank account. It’s as simple as that!
You have nothing to lose. If you don’t reach a settlement using settl.it you can simply proceed with a traditional method.
Collecting a debt of £5,000 using traditional methods could mean you only recover
£1,351*
or
%
An amicable settlement on settl.it of £3,500 will save you
£1,949
Plus you’ll retain the relationship of valued customers.
Collecting a debt of £15,000 using traditional methods could mean you only recover
£6,001*
or
%
An amicable settlement on settl.it of £13,000 will save you
£5,699
Plus you’ll retain the relationship of valued customers.
* after estimated costs of litigation, and your own time costs
Create a claim
1. Enter your claim
Depending on the settl.it service you use, you can enter claims individually, upload a spreadsheet containing multiple claims or settl.it can arrange secure file transfer from your data centre. Invoices and other relevant data can be attached to the claim.
Invite to settle
2. Invite to settle
settl.it emails the parties owing you money and invites them to settle or negotiate online.
This invitation can also be sent by post.
Negotiate
3. Negotiate
The other party has 3 chances to bid online and meet or exceed the minimum amount that you have set in advance. Your minimum will be kept a secret from the other party.
Settlement
4. Receive payment
settl.it arranges a secure online payment to complete the settlement. This money is transferred directly to your bank account.
Fees
5. Fees
The service fee for using settl.it is only 10% of the amount paid by your debtor.
No settlement no fee.