Debt Recovery
Do you encounter debtors who struggle to pay your invoices on time, or at all?
Many businesses operate with an “acceptable” level of debtors. When outstanding sums are not properly managed, though, the adverse effect on your business can spiral, disrupting cash flow, incurring costs and threatening profit margins.
Debt recovery itself comes at a price: we understand it is a cost your business will want to minimize, if not avoid. We are happy to advise on practical procedures which lead to steady collections and, in turn, to growth and development for your business.
We can advise on key steps to take, to better manage the risk of bad debts.
Preparing for your first meeting
When you need debt recovery advice quickly, it helps to come prepared. We recommend sending us in advance:-
1. Timeline of events: the series of relevant events, in date order, leading to you contacting us.
2. Documents relating to the matter: these can include your contract with the debtor, any unpaid invoices, copy correspondence and notes of telephone calls chasing payment, minutes of any meetings with the debtor, a copy of your account ledger etc.
This will give us time to review your situation and help you get the most from your first free meeting.
If you then look to instruct us we will require the following information:-
1. Proof of ID: valid passport or driving licence
2. Proof of Address: utility bill of bank statement no less than three months old
Debt Recovery – how can you reduce your exposure to bad debts
Even successful debt recovery comes at a price, in terms of time spent pursuing payment.
A fixed fee service keeping costs to a minimum
If, nonetheless, you face debtors, we can step in for you. We recognize that the cost of legal intervention must be proportionate to the amount of the debt, and are proud of our long-standing reputation for delivering an effective, low cost, fixed price recovery service.
Effective intervention leading to an early resolution
Clients often seek our advice having invested time and energy chasing debtors themselves, without recovering payment. Frequently, just one letter of demand from us results in payment in full, often with interest and costs.
Debt recovery services include:-
- the issue of a formal Letter Before Action
- Issuing a Claim Form
- Entering Judgment
- Enforcement of Judgments
- Bankruptcy and/or Insolvency proceedings