While it’s sensible for all businesses to budget for bad debts, you don’t always have to give up on recovering money that is owed to your business.
We know that chasing people for payment can be stressful and time consuming. Our debt recovery team provide a simple, effective and fast service to help you recover money due to your company as quickly as possible.
Debt Recovery Procedure
The first step in debt recovery action is to send a formal letter before action, setting out what you are owed and the terms of payment. It should also set out any interest on late payments and enclose copies of the outstanding invoices.
If your debtor does not respond to our formal demands for payment, we can help you to bring a claim through the County Court and to secure a County Court Judgment (CCJ) against the debtor. We will deal with the court process for you, so that you can focus your time and effort on running your business.
If your debtor still doesn’t pay up after obtaining a CCJ, there are a range of enforcement options available to you. This may involve seizing your creditor’s assets, or instructing their employer to make deductions from their salary and pay them straight to you until the debt is paid off. There are several options available, but the most suitable option for enforcement very much depends on the debtor’s circumstances. Our team can advise you carefully about the best way to enforce the judgment and recover your money.
We offer fixed fee debt services so that you know what our services cost and how much you should expect to recover.
Keeping a healthy cashflow
As well as helping you to recover debts, our team can help you make sure that you have a streamlined debt recovery process so that bad debts are chased quickly and effectively. Having a procedure to chase overdue payments
We also offer a Business Debt Healthcheck service, looking at your aged debt and helping you decide which debts you should chase and what action you should take.
Contact our business team directly on 0191 243 8147 to arrange your debt healthcheck and for further advice about our debt recovery services