The Gold Standard in Credit Management

"We were managing a substantial funding facility and instructed Sovereign Credit Management to conduct a telephone debtor verification. Their team turned around the project at resounding speed. Within just 24 hours of my request, Sovereign Credit Management had prepared and delivered an in-depth debtor verification report of the highest standard. This covered all debtor related issues comprehensively and I am very pleased and impressed with the clarity and detail of the results. As such, I would be pleased to instruct Sovereign Credit Management again and very happy to recommend them to others.” David Nadler, Head of Client Management, Santander Invoice Finance

"I strongly recommend Sovereign Credit Management, their team worked very closely with me and I have complete faith and confidence in their work and collections capability. Recently they conducted a pre-verification on a substantial transaction, where they called the debtors and provided electronic evidence of the confirmation of balances. Because of Sovereign’s rigorous approach, we knew precisely what we were going into with this deal and we recovered our position quickly and very smoothly." Gerry Hoare, Deal Bureau

"We work with Sovereign Credit Management on the basis of a totally confidential outsource service. Unlike most outsourced services, by selecting Sovereign we feel we actually have more control, not less. This, in turn leads to improved predictability of outcome, work quality and timeliness. At Sovereign, they are accountable for results and deliver on them day-in, day-out. Their sense of ownership differentiates them from other organisations in this market. We look forward to working with Sovereign for many years to come. We view them as partners in the truest sense of the word." Major Telecoms Company £35m Turnover

"Sovereign Credit Management has been working as a close extension of our company for over 20 years on a varied mix of collections and special projects. In all of that time, they have smashed the KPIs in every champion / challenger scenario. They are painstaking in their approach to ensuring quality and work with us with sensitivity, passion, drive and commitment. However large or complex the assignment may be, you can always trust in Sovereign to deliver on their promises. I don't think you can say more than that about any partner organisation." Alison Bruty, Thomson Local

"Sovereign Credit Management’s rigorous and proactive credit control has proved vital to the stabilisation of our business and is managed to very tight KPIs. Sovereign has worked with us to develop new procedures aimed at providing efficiencies and increasing working capital whilst being complimentary to our way of working. This is a tough marketplace, where the accepted industry standard for settlement of an invoice on 30 day credit terms today stands at 60 days. For a working capital intensive business like ours, we see Sovereign as an essential and integral part of our company." Leading Print Supplies Company

Ts and Cs - Debtor Verification

1. SCOPE AND INTERPRETATION

a. These Conditions apply to the provision of commercial and consumer credit data, debtor verification and such other related and ancillary services as are agreed by the Company in writing from time to time. Unless expressly agreed in writing by the Company these Conditions apply to the exclusion of all other terms and conditions, representations, statements, proposals or agreements, whether written or verbal.
b. In these Conditions:
“the Company” means Sovereign Credit Management Limited.
“Client” means any individual firm partnership company or organisation or any other undertaking which orders or receives from the Company or via its agents or associates a credit report or business information of any kind or any other service as detailed in clause 1a above.
“Conditions” means the terms and conditions set out in this document and any other special terms and conditions agreed in writing by the Client and the Company.

2. USE OF INFORMATION AND CONFIDENTIALITY

a. All information provided by the Company under these Conditions shall be treated in confidence by the Client and shall not otherwise than pursuant to a statutory duty or court order be communicated copied or otherwise divulged to any other person or party whatsoever.
b. The Client undertakes to use any report or item of information supplied by the Company or its agents or associates only to assist the Company in making a business decision and not as the only basis for any such decisions.

3. ON-LINE & INTERNET ACCESS TO DATABASES

In the event of the Client arranging to have online or internet access to databases via the Company the following additional provisions shall apply:-
a. The Client will maintain on its premises remote terminal equipment and facilities which are compatible and capable of on-line communications with the Company hosted systems and will bear all costs in relation to such equipment and facilities including all telecommunications charges associated with their operation.
b. The Client will maintain strict security over the current passwords and limit knowledge of the passwords to those employees who are authorised to incur the Company charges on behalf of the Client. If a password has been lost or stolen or if a Client has reason to believe it has been divulged to an unauthorised person, the Client must notify the Company immediately in writing.
c. The Client will interpret the information obtained in accordance with the definitions and explanations of terms which are provided in the respective user manuals updated by the Company from time to time.
d. The Company will use its reasonable endeavours to maintain access to databases hosted by its suppliers but reserves the right to add to augment modify improve replace or withdraw such arrangements or any part of the databases or any of the programs. The Company will use its reasonable endeavours to give advance notification of any such changes.

4. LIABILITY

a. Reports and information provided to the Client may in whole or part represent be compiled from or contain expressions of advice or opinion based on data supplied by third parties the accuracy or completeness of which the Company is unable to verify in every case. Whilst the Company will use its reasonable endeavours to ensure that such reports and/or information are accurate and complete the Company does not warrant or guarantee the accuracy or completeness of reports and/or information provided to the Client or the validity of any advice or opinion contained therein and will accept no liability for any errors therein or omissions therefrom.
b. All times and dates quoted for delivery of any report and or information are estimates only and the Company shall not be liable for any loss for damage arising from the delay or failure itself or its officers employees or agents in procuring presenting communicating or otherwise providing the reports and / or information. The Company shall not be liable for any loss or damage whatsoever as a result of the Client’s use of the report and/or information its reliance on any advice opinions expressed therein including any loss suffered by the Client as a result of any claim by the subject of any/or information arising from the provision curtailment or refusal of credit to its customers or other third parties or for any reason howsoever arising.

5. INDEMNITY

The Client shall indemnify the Company its officers employees agents or associates in respect of any loss or damage whatsoever (including costs and any necessary payments made in order to settle or compromise any claim) which it or they may suffer or incur directly or indirectly from any breach of these Conditions by the Client or by the Clients employees agents or by any other party acting through or with the Client.

6. PAYMENT

a. The fee payable by the Client shall be in accordance with the Company’s quoted rate from time to time for the service provided. The fee is exclusive of VAT, which shall be due at the rate ruling at the date of the Company’s invoice.
b. Payment of the fee and VAT shall be due within 30 days from the date that the invoice is issued.
c. If payment in full is not made on the due date interest shall accrue on the outstanding amount from the date payment becomes due from day to day until the payment is received at a rate of 4% above base rate from time to time in force and shall accrue at such a rate after as well as before any judgement.
d. The Company may deduct from and retain any fees or charges due or to become due (and in this respect the parties agree that the Company shall calculate what fees are due or will become due acting reasonably which calculation it is agreed shall be final and binding save in case of manifest error) from the payments collected or to be collected held in any form whatsoever be it cash, cheques or otherwise and may deduct such fees or charges from the balance of any amount into which payments collected have been banked including any current client or trust account.
e. Invoices shall be deemed to have been accepted if the Client does not present a written objection, identifying clearly the disputed invoice and the reasons why it is challenged, to the Company within 21 days of date of the invoice. If such objection is made the parties shall make all reasonable efforts to resolve such dispute promptly. Provided the Client complies with the requirements of this clause in presenting its objection, if the Company fails to respond to that objection within 21 days after receipt of the objection, it will be deemed to have accepted the objection. The Company will accordingly amend the relevant invoice and the Client shall be liable to pay the balance (if any) of the amended invoice within 7 days of receipt.

7. ANONYMITY

The Client shall not identify the Company or its agents / information providers as a source of reference except with the prior written consent of a director of the Company.

8. TERM & TERMINATION

a. The Company may terminate the agreement with the Client at any time with immediate effect if:
i. The Client fails to pay any invoice for the Company’s charges hereunder without good cause.
ii. The Client fails to remedy any breach of these Conditions within 30 days of receipt of notice of that breach.
iii. The Client ceases to pay its debts as they fall due, or ceases in business, or goes into receivership or voluntary liquidation winding up or bankruptcy proceedings are commenced in respect of it.
iv. The Company is for any reason unable to continue supporting the service (or any part of it) or making it available to the Client.
b. As from the effective date of termination of this agreement with the Client in any circumstances the Client will cease to use the programs or seek access to the databases and the Company will take steps to invalidate the Client’s passwords and thereby prevent access but otherwise termination will not affect the Company’s entitlement to invoice and be paid for charges accrued during hereunder or any other right or remedy which either party may have against each other.

9. PREPAYMENTS

a. The Company reserves the right to terminate any agreement or contract involving prepayment in line with clause 8b above.
b. In the event of termination if any sums due from the Client to the Company are outstanding at the date of termination the Company shall be entitled to set off any such sums due to the Client in or towards satisfaction of the amount due from the Client together with interest if applicable.

10. FORCE MAJEURE

The Company shall not be liable for any default due to any act of god, war, strike, lockout industrial action fireflood drought tempest or other event beyond its reasonable control.

11. CONSUMER CREDIT AND DATA PROTECTION

All requests received under the Consumer Credit Act 1974 and/or the Data Protection Act 1988 or equivalent legislation in force from time to time shall be referred to the Company. Nothing in these Conditions shall prevent or hinder either the Company or the Client from complying with their respective obligations as to disclosure or otherwise in connection with the aforementioned acts.

12. ANTI-MONEY LAUNDERING

The Company is subject to legislation intended to combat money laundering and terrorism, including the Terrorism Act 2000, the Proceeds of Crime Act 2002 and associated regulations (and any subsequent modification to the legislation or regulations) (“Anti-Money Laundering Legislation”). The effect of the Anti-Money Laundering Legislation is wide and applies to the proceeds of any crime; it is not limited to the proceeds of drug trafficking, terrorism or serious crime.
The Company reserves the right to request the production of such documents and other evidence as the Company considers necessary to verify:
a. the Client’s identity and address or the address and/or identity of any other entity or person on whose behalf the Client is acting; and
b. the source, application and ultimate ownership of any funds or property as may be required in order for the Company to satisfy its obligations under the Anti-Money Laundering Legislation.
The Company reserves the right to comply with the Anti-Money Laundering Legislation in all respects as it determines in good faith. In particular the Anti-Money Laundering Legislation imposes reporting obligations on the Company which override the Company’s duty of confidentiality to the Client. Where the Company has notified the relevant authorities pursuant to its obligations under the Anti-Money Laundering Legislation the Client agrees that the Company may provide such further information as the relevant authorities may require.
The requirements of the Anti-Money Laundering Legislation may either prevent the Company from taking particular steps, or from acting further, on the Client’s behalf and the Company may be prohibited by law from informing the Client of these matters. In these circumstances the Company reserves the right to cease acting and to charge the Client for the Company’s work done by the Company to that date.
The Client accepts that the Anti-Money Laundering Legislation or guidance issued by the courts or any regulatory body may prevent the Company from informing the Client of all relevant matters either promptly or at all.

13. WAIVER

No waiver or forbearance by the Company (whether express or implied) in enforcing any of its rights under these Conditions shall prejudice its rights to do so in the future.

14. HEADINGS

All headings are for ease of reference only and shall not effect the construction of these Conditions.

15. GOVERNING LAW

These Conditions shall be governed construed and enforced in accordance with English Law which shall be the proper law of the agreement with the Client and both parties hereby submit to the non exclusive jurisdiction of the English courts.