A specialist property and lending recovery firm that works with peer-to-peer lending platforms, commercial property and invoice debt recovery has launched.
PPRS (Property & Portfolio Recovery Services Group) has over 30 years’ experience of managing debt portfolios in the UK and is a new, specialist alternative to traditional debt recovery services, offering greater flexibility and bespoke solutions that fit clients’ particular needs.
PPRS is offering a holistic ‘one-stop-shop’ for debt recovery with expertise in distressed property recovery and a deep understanding of the unique challenges in the industry.
James Crascall, co-founder and managing director at PPRS, is an experienced litigator, consultant, legal advisor and recovery specialist, with expertise in commercial debt recovery and contractual disputes.
He was responsible for the recovery of a £7.9m loan, which he claimed the largest ever single P2P loan to be repaid at the time, and regularly deals with recoveries of six and seven figure sums.
PPRS said that P2P lending is booming in popularity, remaining buoyant during Covid, but poor governance, bad debt management and the pandemic has led to high-profile collapses, leading to the sector, and P2P property funding in particular, to suffer from an increasingly poor reputation.
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“It is clear that these collapsed firms have negatively affected the reputation of the P2P market,” said Crascall.
“In their wake other platforms have tightened controls.
“However, poor debt management and a continuing lack of timely and successful recovery practices is still seeing these new lenders taking significant and unnecessary risks.
“While many P2Ps are now placing more importance on debt management and recovery, it is clear that significant gaps still exist – and it doesn’t take long for issues to spiral.
“Until now, commercial property debt recovery has been a fractured process. No one commercial debt recovery case is the same – it is not a single process, there is no ‘one-size fits all’.
“Getting the right experts on the case, in the right way, at the right time is paramount to timely and cost-effective resolution. In the worst-case scenario, not dealing with these challenges can ultimately lead to lenders collapsing.”
Read more: A history of P2P’s bad debt sales