Debt often occurs when a Contract that was enforced between two or more parties is breached. This often includes one party paying an agreed sum in exchange for the other party providing goods or a service. In many instances, the party providing goods and/or services does not receive payment by the agreed date. In those circumstances the paying party is in breach of contract, and the party providing goods and services must take steps to recover the debt. Aside from this one example, there are a number of situations in which debts may arise such as the following:
- Failure to pay an invoice(s);
- Failure to repay a loan (either personal or business);
- Failure to pay rent;
- Failure to pay wages;
- Failure to return a deposit;
If the party providing the goods or service has completed their job according to specification and the paying party has received their invoice, there is no legal reason for the contractor not to receive payment. In relation to small businesses, Government guidelines declare that customers must pay invoices within a period of 30 days of receipt of the goods or services unless other payment terms have been agreed.
Why Choose Hodgkinsons Solicitors?
If you are owed money it can be difficult to know where to start, which is why the most efficient option would be to instruct a Debt Recovery Lawyer who has many years of experience and expertise in obtaining owed money. If you are a business owner, the decision of whether to leave or recover outstanding debt will determine the future of your business.
Instructing a Lawyer to recover your debts will undoubtedly improve your overall business success as it will help to preserve cash flow longevity by minimising the amount of outstanding money that your business is owed. If you choose not to chase outstanding debts, this could affect your company’s cash flow, growth and success. Aside from cashflow purposes, there are many benefits to instructing a Debt Recovery Lawyer, for example, it means that you will have a knowledgeable and experienced advisor to guide you through the process. Our Lawyers have the ability to assess the situation and pursue the most suitable method of recovery in a way that is not intrusive, but yet effective. By instructing our Debt Recovery Department to handle your case means you can focus on your business with peace of mind that your matter is in the best hands.
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. Your Lawyer will always take an amicable approach to obtain the owed money through negotiation, before proceeding through the Courts. Nevertheless, by instructing a Lawyer, they will be able to initiate Court proceedings, should they be required to.
It is not uncommon for Clients to worry that the cost of pursuing a debt will cost more than the debt itself which is why we offer various funding methods subject to the circumstances of each case to ensure it is cost effective. Our Lawyers will always outweigh the cost of pursuing the owed money to ensure that you are receiving a service which has the best possible net return.
Whether you are a private individual or a corporate Company located in the East Midlands and rural Lincolnshire to include Skegness, Boston, Grimsby, Sleaford and Lincoln, Hodgkinsons Solicitors want to help you to 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 Lawyers, call us on 01754 897150 or fill out an online form and a member of the Team will be in touch.