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Commercial Debt Recovery Advice Burnley

Commercial Debt Recovery Advice In Burnley

Every debt recovery case is different – some are best resolved with a straightforward, direct method of communication, whereas others require a more nuanced approach. That’s why our debt recovery solicitors in Burnley always make sure to tailor our solutions to your specific circumstances, while doing everything we can to minimise the impact of any financial repercussions that may arise from debtors defaulting on payments.

Working from our offices in Burnley and several other locations across the North West, we’ve always been focused on providing cost-effective debt recovery services to clients throughout the UK, and in some circumstances abroad, from SMEs to larger organisations.

We understand that when it comes to debt recovery, there are no ‘one-size-fits-all’ solutions. That’s exactly why our debt recovery offering encompasses an array of specialist services, which gives us all the flexibility we need to address any complexities in your case. Whatever the nature of your situation, we’ll make sure to familiarise ourselves with the details of your business and your circumstances, so that we can make tailored recommendations that are most likely to get you the best results. We also provide all of our clients with a single point of contact, for maximum efficiency in communication.

Our solicitors draw on extensive specialist expertise to provide an efficient and proactive service, keeping you in the loop at every stage as we assist you in recovering your debt. If you’re concerned that your business may already be in danger of financial consequences because of missed payments from your debtors, please get in touch with one of our debt recovery solicitors.

What does the debt recovery process involve?

We always begin each of our debt recovery cases in the same way – by having an in-depth discussion with you about the background of your case. That enables us to find out vital information we may need for the later stages of the process, while giving you an opportunity to ask us any questions that you may have. After that, the next stage is for us to send a statutory demand to your debtor on your behalf, which will specify a timeframe in which they must respond.

Depending on the nature of this response (or lack of one, if the timeframe has elapsed), we’ll then meet with you again to discuss what we feel would be the most effective ways for you to proceed, and explore further details about our relevant debt recovery services in Burnley. We have specialists in a variety of different legal sectors here at Farleys, so you can trust us to have all the knowledge and expertise we need to help you reach a firm conclusion to your case.

What is a statutory demand?

A statutory demand, sometimes referred to as a statutory letter, is essentially a formal notice from a creditor to a debtor, informing them that they are required to pay their debt within a specified timeframe, or potentially face legal action. (This timeframe is typically given as 21 days, but it can sometimes be extended slightly at the discretion of the creditor.)

If the debtor ignores this or otherwise fails to take appropriate action, the creditor is then free to take further debt recovery actions. For businesses, these actions can be anything up to (and including) bankruptcy or a winding-up order.

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Can interest be charged on overdue debts?

That depends. If you have a contract with your debtor (for example when you’re in a business relationship), this may provide a basic framework to establish how much interest can be charged. However, if no written contract exists between the two parties, there are various provisions in Acts of Parliament that may allow you to claim interest, potentially even if it was never discussed at the time.

This is again something that we can give you more details on during our initial sit-down conversations with you here at Farleys, so that you know the full value of the claim and can consider the costs of legal action accordingly.

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How long will debt recovery take?

Every case is different, so timescales can vary, but debt recovery actions can take several months. Some particularly complex or large-scale cases may even take years.

By discussing your case with a debt recovery specialist at Farleys, we can provide you with a more accurate idea of the timescales involved in your specific case in order for you to make an informed decision about whether to pursue the debt and which course of action to take.

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For a confidential discussion with one of our solicitors,
please call 0330 134 6430 or email us

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