20th March 2020
The worldwide spread of the Coronavirus has resulted in emergency measures and Government guidance about restricting physical contact with other…
What Is Debt Recovery?
Debt recovery is a process that many people and organisations use to chase and recover past due debts. It involves formal request of the money owed, and can lead to legal action as described below. The end goal of debt recovery is to put as much of the money that is owed to you into your hands as quickly as possible.
Pre-legal Proceedings typically involve contacting the debtor formally and attempting to achieve payment without resorting to more expensive legal proceedings. This can be a very fast and simple solution, and we charge a standard commission rate based on the type and country of origin of the debt.
Legal Action involves making a formal legal claim. If the case is not disputed (and many are not), a judgement can be rendered and enforced at this stage. Legal action is handled on an easy to understand fixed fee basis.
If the debt is disputed in court, things can get more complicated. We will recommend your best courses of action, and make the fees associated with each route clear to you before you decide.
If a debtor declares insolvency or bankruptcy, some or all of your debt may still be recoverable. In an insolvency case, the debtor would pay our fees rather than you.
Who Uses Debt Recovery Services?
Many businesses of all sizes and even private individuals use debt recovery services to recover money owed to them.
Why You Should Use a Solicitor for Your Debt Recovery Needs
A solicitor handles debt recovery in a formal, no-confrontational way that is less likely to alienate customers and personal contacts than chasing them directly. It alleviates the stress of the process and generally results in more of your debts being repaid, and more quickly at that.
If you have overdue business debts, please contact us right away and tell us the details of your case.