If a company or an individual owes you money, you need to act quickly and tactically to ensure the best chance of recovery. If you fail to do so, then you might have to swallow the debt which could have a catastrophic effect to you or your business.
Here are some top tips on ensuring your best chance of recovery.
Do not delay in acting
So many successful people and businesses do not take prompt action when money is owed to them. You must not delay in chasing and enforcing a debt owed to you for a number of reasons:
You will not be taken seriously by the debtor until you actually take action. Most debtors regularly owe money to a number of people and will hold-off paying you until they are forced to.
The whole time you delay enforcing your debt, another creditor might take action before you and then you might go to the back of the queue and might never recover your money.
The debtor’s assets against which you can enforce your debt could be deteriorating, whether it is because they have financial difficulties and/or whether they are purposefully moving assets out of your reach.
We understand that you do not always want to be chasing or enforcing debts – that is not what you do. It is best to consult a solicitor with experience in debt recovery at the earliest opportunity.
Make sure your documents help you
Make sure that your contracts and invoices are accurate and contain provisions which assist with prompt payment and swift recovery, for example:
Include correct names and addresses for parties on contracts and invoices – you would be surprised how often this does not happen.
Ensure payment dates are clear.
Include sufficient interest provisions for unpaid bills and ability to recover costs of enforcing the debt.
Farleys Solicitors have an experienced team of specialists who can assist you with your debt recovery. We are experienced in acting tactically to secure assets by way of charges or freezing orders at the earliest opportunity so that the pressure is on the debtor to pay and you recover your money as quickly as possible and as cost-effectively as possible.
We can also help you with a review of your documents and the wording of these provisions to ensure maximum recovery for you. We will always endeavour to recover interest on the debt and your legal costs from the debtor.
If you have a query about a debt that is owed to you, please get in touch with the team on 0845 287 0939 or submit your enquiry via our online form.