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Debt Recovery Solicitors in Portsmouth
All business to business operations will be subject to cash flow issues occasionally and so it is vital that unpaid invoices are managed in a timely fashion to secure your own profitability.
When the company finances are your responsibility, you will need the reassurance that your credit control processes are as efficient as possible to ensure outstanding debts are monitored and chased as appropriate to retrieve payment. If this is not the case, facing unpaid debts can feel overwhelming, and you may be concerned that any approach could have a detrimental impact on the business relationship moving forward.
This is how we can help.
How can you help me recover my debts?
We appreciate that any attempt to recover unpaid debts will need to be done with awareness of the commercial sensitivities involved between you and the other party, while also taking a firm approach to retrieve the payment owed to you. We will review the outstanding amount along with the terms and conditions of the contract in question and agree with you the best route to proceed.
In most situations, we will adopt the following approach in recovering your debts:
- Sending a Letter Before Action (LBA) which will confirm with your debtor a variety of facts such as the amount outstanding, when payment was due and the action that will be taken should the amount remain unpaid.
- In the majority of cases, this official letter from a professional and reputable Solicitor will be enough to entice payment. If this is not the case, we will then issue proceedings to the Court.
- If payment is still not forthcoming, we will manage the ensuing Court proceedings, which will invariably result in a County Court Judgment against the debtor.
- We can also advise and assist with any enforcement action that is required.
By coming to us, you can have the peace of mind of knowing that we will not only work to recover your debt, but we will also work with you and your credit control team in reviewing your entire internal process, recommending any changes that can be made to avoid similar situations arising in the future.
Brian could not have been more helpful, professional and he gave us the right advice from start to finish.
Can I recover the debt without a Solicitor?
While there is no legal requirement for you to use a Solicitor to recover your debt, there are a number of benefits in doing so:
- A Letter Before Action may have the appearance of a simple document, however there are a number of key details that are required as well as deadlines that need to be adhered to before moving to the next stage. Being able to set the tone of the letter can make all the difference in securing payment and a letter from a Solicitor has more chance of success in deterring further avoidance of the invoice.
- Credit control is a time consuming process, which can be stressful if your efforts are in vain and payment is not forthcoming from your debtor. Being able to adapt your approach for each debtor takes experience and expertise which a Solicitor will be able to provide drawing on their knowledge.
- We have access to a unique database which can assist with this, providing insight as to your debtor's financial history which can determine how an approach is made and at what stage.
- Having a third party involved to chase the debt can assist in retaining the business relationship with your debtor if you wish this to continue in the future.
- Working with us will help in recovering the debt owed to you but also lead to a beneficial business relationship that can review your current credit control process, offering more security for the future which goes over and above an automated service.
- Law firms are heavily regulated, offering you the reassurance that our advice and guidance is in your best interests.
How much will it cost for you to recover my debt?
We have devised a unique pricing model for our Debt Recovery team, which removes the financial risk from you at a time when you are already conscious of your cash flow. Our pricing minimises the upfront cost and relies on Late Payment of Commercial Debts legislation to contribute towards our costs. We are able to do this due to the confidence we have in being able to recover your debt for you.
There are also no hidden costs in working with us, allowing you to budget accordingly should you choose us to manage your debt.
For more information about working with us 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 email@example.com.
As well as the debt recovery advice we can provide, you may also find the following information useful: