Our Preston debt recovery specialists know that there are no one-size-fits all solutions. Reaching an effective solution generally requires a careful, nuanced approach, and that’s exactly what you can always rely on Farleys to provide. Our expert debt recovery solicitors in Preston take care to do everything we can to mitigate any financial impacts that your business may be facing as a result of debtors defaulting on their payments. With a wealth of specialist expertise at our disposal, we focus on providing an outstanding service distinguished by an efficient, proactive approach – taking care to keep you in the loop at every stage as we assist you in recovering your debt.
We are experienced in helping clients with businesses of all sizes, from SMEs to larger organisations. Working from our North West offices, our debt recovery solicitors in Preston have a long history of helping to achieve results for clients all across the UK and, in some circumstances, worldwide.
The depth and breadth of our expertise allows us to offer a variety of specific Preston debt recovery services, enabling us to employ a range of different techniques to maximise results for our clients. We tailor our approach according to the specifics of your situation, taking into account factors like the size of the debt, and the nature of your relationship with your debtor. We also provide all of our clients with a single point of contact, streamlining communication and ensuring that you always feel in-the-loop with the progress of your case.
We always start each of our Preston debt recovery cases the same way – first off, we’ll sit down with you to have a detailed discussion about the background of your case and the circumstances which have led to the debt. This will give us vital context that may influence our future recommendations about your case, while also giving you a useful opportunity to ask any questions you might have about the process. From here, the next stage will be for us to send a statutory demand to your debtor on your behalf, giving them formal notice that they must pay their debt to you within a specified timeframe.
Depending on the nature of their response (or once the timeframe elapses), we’ll then have another meeting with you to explore your available options, and make tailored recommendations focused on efficiently and cost effectively resolving the situation to your satisfaction. We have specialists in a range of different legal sectors here at Farleys, so you can always rely on us to have all the knowledge and expertise we need to help you reach a firm conclusion to your case.
Sometimes also referred to as a statutory letter, a statutory demand is a formal written warning from a creditor to a debtor, notifying them of impending legal action unless they pay their outstanding debt within a specified timeframe. This timeframe is typically 21 days, but may sometimes be extended at the creditor’s discretion.
If the debtor fails to pay the debt or provide a satisfactory response before that deadline, the creditor may then choose to initiate further debt recovery actions. If the debtor is a business, these actions may encompass anything up to (and including) bankruptcy or a winding-up petition.
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It’s always best to gather as much written evidence as you can, including any relevant texts, emails, instant messages, photos and screenshots. If you’re in a business relationship with your debtor, then ideally you should have a written agreement, purchase order and delivery note. However, we recognise that realistically, for various reasons it can sometimes be tricky to obtain certain commercial documents. When it comes right down to it, all you really need is proof that your debtor requested your service or product, and that you delivered it.
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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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Is it worth pursuing overdue debts?
This depends on whether you think that you honestly have a reasonable chance of recovering the debt, and that it will be worth the effort and expense that will likely be involved in doing so. The general consensus in the legal sector is that small debts under £100 may be worth writing off (although it’s worth considering whether this might send an undesirable message to any other current debtors, or potentially future ones).
You may find it constructive to reach out to your debtor before initiating legal action, to see if you can come to an informal arrangement. This is especially useful if there’s a business relationship at stake that may be in jeopardy. However, if your debtor proves less than receptive, then it may be time to consider how valuable that relationship really is.
Crucially, before you initiate any legal proceedings, it’s always wise to investigate the finances of the debtor first, which is something we can do for you here at Farleys.
Part of the assistance we will provide is looking into the debtor’s financial situation and giving you tailored advice accordingly, to help ensure that the course of action taken gives you the best chance of recovering as much of the debt as possible.
For example, we may find that you’re able to pursue a Court Judgment rather than Bankruptcy or Winding Up so you can use a variety of enforcement methods over a six year period, rather than being paid from whatever amount can be pooled into the insolvency estate of that individual or company at one particular moment in time.
Whatever the case, our top priority is always to ensure that our clients understand the full picture pragmatically as well as legally, including the advantages and disadvantages of different legal options, so we can work with you to pursue the debt as efficiently and cost-effectively as possible.
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