Debt Recovery for Individuals and Businesses
An outstanding business debt can seriously jeopardise your cash flow, and blood pressure reading. Debt collection usually comes up trumps as the most loathed business task, but thankfully, we have the knowledge and experience to make the entire unpleasant task disappear, and ensure your money is paid promptly.
We have many years’ experience in managing commercial debt collection. Often good business relationships need to be maintained; therefore, we will always take the time to meet you in person and discuss the form and tone that you would like the process of recovering your debt to take.
Business Debt Collection – The Steps Involved
1. Send a Late Payment Demand
The first step to recovering a commercial debt is to send a Late Payment Demand, which will state your wish to claim interest, administrative fees and compensation for the late payment of the debt in question. To send a Late Payment Demand, both parties must have entered the transaction that resulted from the debt in the course of business.
In most cases, the issuing of a Late Payment Demand will result in the debt being paid.
2. Begin Court Action
However, if no payment is forthcoming after the date set out in the Late Payment Demand, then you can instruct us to begin court proceedings. However, depending on the relationship you have with the other party, and their willingness to cooperate, we may suggest you try Mediation first.
3. Obtaining a County Court Judgment
If the debtor still has not paid the debt after court action has been taken then, we can obtain a County Court Judgment. A bailiff or enforcement officer will visit the debtor’s premises, and they have the right to seize and sell goods to obtain your payment.
How We Can Help You Manage Your Debt Collection Issues
Chasing business debts can sap you of your time and energy. Let us take care of the problem for you, allowing you to devote your energy to growing your business and concentrating on clients that do pay their bills on time.
If you need help collecting a business debt, then please fill in this contact form, and we will be in touch within the next 24 hours to find out more about your situation. Alternatively, you can phone our office on 0800 524 4709 to make an appointment with one of our commercial team.