Many businesses rely on clients making their payments on time in order to stay afloat financially. When this doesn’t happen, they will often chase the client several times for payment, to no avail, and then they don’t know where to turn. The prospect of involving lawyers and issuing court proceedings puts many businesses off taking the matter further so they absorb the financial loss “just this once”.
No matter how big or small the owed debt is, it can still have an impact on the finances and cash flow of a company and can even be enough to be the straw that breaks the camel’s back.
In my experience, the red light putting businesses off involving legal professionals in the debt recovery process is the idea of court proceedings and fees making the recovery simply not worth it in the end. However, it may be pleasing to hear that very often, once a solicitor is involved, the debtor will not dispute the debt and monies are paid swiftly.
Between January and March 2018, my team have recovered £68,311.98 on behalf of clients without the need to issue court proceedings. The recovery process has been quick and stress-free for our clients allowing them to focus their time and efforts on more important aspects of their business.
It is important to remember that some debtors are in financial difficulty so a pragmatic approach is vital. There will often be a queue of creditors waiting for their money so be sure to act fast in instructing a debt recovery solicitor.
In some cases, the debtor may offer payment by way of instalments and the client will need to consider the particular circumstances of the case and whether the debtor genuinely needs time to pay, or whether this is a simply a further delaying tactic. However, the main thing to remember is that if you do nothing about the debt you are owed, then you will get nothing.
To speak to a debt recovery specialist about whether you have a claim please call 0845 287 0939 or contact us online.