Debt recovery claims rely on a contract which is enforceable between the parties. It is common for contracts to involve one party paying an agreed sum in exchange for the other providing goods or a service. Generally, if the party providing the goods or service does not receive payment by the agreed date, this places the paying party in breach of contract. Once a breach of contract is established, the claimant must attempt to recover the debt.
Once you have exhausted all the obvious avenues of attempting to receive payment for the invoice in question such as emailing the debtor and sending overdue notices, it is time to turn to a Debt Recovery Solicitor. You should instruct a Solicitor and provide them with any evidence of the debt being owed. This evidence may be in the form of payment terms, details of the debt owed, proof that you delivered goods or a service and any means of communication you have had with the debtor establishing the debt.
Your Debt Recovery Solicitor will then begin chasing the debt by sending a ‘Letter Before Action’ which sets out the amount of the outstanding debt and reserves the right to proceed to court. If this is unsuccessful your Solicitor will then initiate legal proceedings to recover the money owed through the Courts. Your Solicitor will provide legal advice on the process they will follow and discuss with you any likely fees at the outset.
In most cases our Debt Recovery Department are able to secure payment of your debt in the initial phase of the process without the matter reaching court.
If you are a business and are looking to instruct a Solicitor to recover your debts, this will improve your overall business success by preserving cash flow longevity. If you choose not to chase outstanding debts, this could affect your company’s cash flow, growth and success. In every individual case, our Dispute Resolution Team here at Hodgkinsons Solicitors Skegness, will take the time to understand the impact each debt recovery method may have on your commercial reputation.
Whether you are a private individual or a corporate company located in Skegness, rural Lincolnshire or elsewhere in the UK, Hodgkinsons want to ensure you obtain what is rightfully yours whilst receiving the best net return on your Debt Recovery services. For more information or a free no obligation consultation with one of our Solicitors, call us on 01754 897150 or fill out an online form.