Cash flow is paramount to the success of any business, and almost all businesses will have difficulties in debt recovery and collection at one point or another, and sometimes regularly. It can be difficult to determine whether it is best to try to collect debts in house, use a debt recovery or collection agency or attempt debt recovery using solicitors. The perception is that using solicitors or lawyers is more expensive, and we appreciate there can be advantages in trying other methods. Our London debt recovery and collection solicitors and lawyers approach debt recovery and collection utilising a :-
• Rapid assessment of whether the debtor can’t pay or won’t pay
• Is the debtor alleging a defence or counterclaiming ?
• Is the position on the debt clearly documented and are you sure you can pursue the correct company, individuals or legal entity?
• The value of the debt. Is it below the small claims threshold of £5,000.00?
• Would the threat of winding up/bankruptcy be likely to result in payment?
• The general attitude of the debtor. Is the debtor an organisation likely to ignore phonecalls and letters from debt collection agencies?
• The cost/benefit of instructing a solicitor
Our Debt Recovery Services
We can create and are experienced in tailor making a fully cost efficient solution for small debts, bulk debts or high value/high importance debts. Involving solicitors at an early stage tends to focus the debtors mind and shows you mean business, often a critical factor in successful recovery. Other benefits are that we can:
• Pursue the debt where it may be difficult or inappropriate for you to do so
• Preserve relationships with good clients by pursuing debts firmly but tactfully
We have good success rates in recovery and use of sophisticated technology ensures an efficient and cost-effective service.
What does it cost?
We can generally provide fixed, affordable fees for smaller debts or repeat business. With larger debts and/or defended debts we ensure that clients retain control of each step of the proceedings, and consult with clients at each main stage of proceedings to reassess costs/benefits/risks of the current position.
Please contact us now, either by telephone or by completing our debt recovery enquiry form.
