It is advisable to obtain credit status checks on debtors to ensure that debt recovery action is worthwhile – there is no point in pursuing recovery of moneys owed if the debtor is unable to pay. There are a number of ways a debtor’s ability to pay can be assessed; these include Companies House searches and bankruptcy checks. Timeliness is essential to effective debt recovery so making contact with an Simply.Law solicitor at the soonest available opportunity may be decisive to achieving a positive outcome. In short, if the debtor is having trouble paying you it is likely that it is experiencing financial difficulties elsewhere which make it imperative you take action before it is too late. Your debt recovery solicitor will seek to ensure that the debt owed you becomes number one priority. Seeking a Court Judgement is not always the best way to ensure debt recovery. The one thing taking the debt through the courts will guarantee however is time and expense. Simply.Law’s member solicitors look to utilise the most effective pre-court methods to ensure recovery of the debt. However, robust action through the courts has its place and, where appropriate, your debt recovery solicitor may decide this is the best course of action for you. Simply.Law’s member debt recovery solicitors can help a wide variety of clients including the following: *Rocket Lawyer survey *Federation of Small Businesses 2012 WHY DEBTORS PAY LATE FIND A DEBT RECOVERY SOLICITOR TODAY have customers who are more than 90 days late paying their debts* HELP AVAILABLE, WHATEVER YOUR BUSINESS PROFILE OR CIRCUMSTANCES INDUSTRIES MOST AFFECTED BY LATE/NON PAYMENT OF DEBTS TIME-CRITICAL CONSTRUCTION COMPANIES RETAILERS RESTAURANT OWNERS* Is court the best option? There are many possible measures which can be taken to ensure fulfilment of the debt following a court judgement. These may include the following: What if court action fails to make good the debt? There are four key components to an effective debt recovery service for business: speed, simplicity, cost-effectiveness and reputational management. In this section you’ll find specialist debt recovery solicitors who will be able to help you ensure that your payment problems cause only minimum inconvenience. If you are looking for reliable debt management with a variety of fee options available, browse through Simply.Law member’s profiles today to find the solicitor who is right for you, then we can put you in contact so that your case can be examined at the earliest opportunity. of businesses write off bad debt each year Federation of Small Businesses members polled in 2015 – 51% had experienced late payment in the previous year SMALL & MEDIUM SIZED BUSINESSES INVOICE FINANCE COMPANIES ASSET-BASED FINANCE COMPANIES SOLE TRADERS UNSECURED LENDERS PURCHASER DEBT RECOVERY STATUTORY DEMANDS BANKRUPTCY CRIMINAL INVESTIGATIONS WINDING UP PETITIONS ASSET INVESTIGATION BAILIFF SERVICES CLOSED FOR BUSINESS 124,100 businesses reported nearly having to cease trading as a result of unpaid debts* Late payment by their own debtors Invoicing issues Bank financing problems Cash flow shortage Dissatisfaction with quality of work Inadvertently forgot to pay Time pressures* IS THE DEBT WORTH PURSUING? CLICK HERE TO DOWNLOAD THIS PAGE Debt recovery can be difficult and time-consuming. Having an experienced and specialist debt recovery solicitor to do the work for you can prove invaluable in turning your debts into assets.
Simply.Law members pride themselves on building ongoing relationships with clients while always ensuring that important relationships are preserved with the minimum of reputational damage. Browse through our member profiles today to find the debt recovery specialist that is right for you.
