Wonderful service from start to finish.
Debt Recovery Solicitors in Fareham
Do you have unpaid debts that need to be recovered?
Cash flow is the life blood of your business and outstanding debts can threaten your cash flow and therefore your survival. Securing payment on your invoices in a timely fashion is one way to protect your cash flow, however it is inevitable with every business that occasionally payments fall behind. This can happen in times of economic turmoil or sector specific factors that arise, and taking an understanding approach initially can provide a lot of goodwill with your business contacts. In your role within Finance or Credit Control, or indeed as the owner of your business, it will be your responsibility to ensure payment is eventually made, and there is a thin line between being understanding and supporting a business through financial hardship, and being too lenient with your debtors who could avoid payment indefinitely.
We can work with you to take swift and firm action when the time is right to recover your outstanding debts while maintaining your business relationships for the future. Specialising in commercial debt recovery, we understand the pressure you will be under and will work with you to settle out of Court and restore your cash flow as soon as possible.
What is a Letter Before Action?
The Letter Before Action is the first step in the debt recovery process, and more often than not will achieve the result of having your outstanding invoices paid. This letter acts as a more formal approach to your debtor specifying a number of different facts:
- The contact details of both parties, including name and address.
- The amount of the debt outstanding.
- The services for which the debt applies with the relevant paperwork relating to the goods and/or services provided.
- Any previous attempts that have been made to recover the debt with dates and any responses received.
- The amount of interest that has accrued.
- A date by which the debtor needs to have paid the outstanding amount, otherwise Court proceedings will ensue.
While you are able to send the LBA yourself, it is always prudent to have this come from a reputable, legal firm for the following reasons:
- If you have been chasing the debt yourself unsuccessfully until this point, your debtor may continue to ignore your correspondence.
- There are a variety of time limits and deadlines in place when sending an LBA, which can easily be missed as you manage your other responsibilities of running your business.
- Having a formal letter from a Solicitor can entice the debtor into payment as it comes from a legal source and they will invariably wish to avoid going to Court.
- If the LBA is incorrect or is missing any vital information this could be used against you at a later date.
Once the LBA has been sent, the debtor then has a certain amount of time to respond, which varies if they are a business or private debtor. If payment is not made within the deadline, then the following step is to proceed to the County Court with your claim. As with the LBA, it is prudent to seek the support of experienced legal professionals to co-ordinate the paperwork and administration in managing this process. If this is not successful, we can also assist with the following two stages in securing your debt, which are to apply for a County Court Judgment and finally, enforcement of the judgment.
What makes Warner Goodman LLP different when collecting debts?
Finding the right firm to support you in recovering your debts can make all the difference; you will be looking for an organisation that will not simply send the Letter Before Action, but one that will understand the history behind the debt, take the right approach based on your business objectives and relationship with the debtor and also assist you with your overall credit control processes.
Our Debt Recovery team can offer this and more.
Using our 35 years of experience, we have the knowledge and understanding to recover your debt with your particular business in mind, tailoring our approach to achieve the results you need. Our dedicated Debt Recovery team will not only seek to recover your outstanding debt but will review with you your internal processes to streamline these and assist in avoiding similar situations in the future.
At this time of financial uncertainty for you, we know that you won't wish to also be concerned about legal costs when recovering debts. This is why we have produced a unique Debt Recovery pricing structure which removes the risk from you, placing this on our shoulders.
With our expertise, pricing structure, state of the art software and surrounding colleagues within our Commercial department, we are best placed to support you at this time. If you are looking for advice as to how best to recover any debts owed to you, or to find out more about how we can assist in streamlining your credit control processes, you can call Brian Kirby today on 023 8071 7421 or email firstname.lastname@example.org.
As well as the assistance our Debt Recovery Solicitors can provide, you may also find the following information useful: