Credit control is important for both businesses and individuals as ensuring your debtors pay their bills can be both difficult and time consuming. For many, outstanding invoices are a large asset and overdue bills are expensive to collect and a distraction.
Accordingly, using Solicitors specialised in debt collection makes sense as they have the time, expertise and resources needed and will get the job done quickly. The added benefit of involving a third party is that the debtors often pay more quickly as a Solicitors letter carries more weight and may encourage the customer to be more reliable in the future as this process often avoids Court action.
However, if the debt cannot be recovered in this way then there are a range of options available and we deal with sending out initial letters of demand all the way through to finalising Court proceedings and enforcing the debt.
Dependent upon the amount due and the nature of the debt it may be appropriate for a statutory demand to be served on the debtor which is the first stage of the insolvency process. Generally speaking, the larger and more complex the debt then the more essential it is to obtain legal advice at an early stage.
We work with clients to, in some cases, tailor make the most appropriate debt recovery service for them which can include fixed pricing in respect of sending initial letters to debtors and we have available the most up to date IT systems to assist in that process. We find that the system we have developed means that very few debt matters proceed to requiring Court proceedings to be issued and, fewer still, are pursued through to final hearing.
Our specialist for debt recovery and insolvency is Peter Ward.
To email Peter, click here.