Unpaid debt can cause a multitude of problems, whether you are owed money as a business or an individual. It can cause cash-flow problems, which is especially problematic if you are a business with a tight budget, and even cause problems with banks. Using a solicitor with experience in debt recovery can therefore be a cost effective solution to the problem of unpaid costs.
The first step in recovering your unpaid debt is to consider whether taking professional action is the right step to take. It’s important to weigh up the amount owed against the cost of recovery, and decide if it is really worth the cost, bearing in mind that often effective communication can solve small financial disputes. However, the repercussions of this should also be considered. If you let a small payment owed slip through the cracks, is this acquaintance or customer likely to take this as a sign that they can get away with not making payments in the future?
If you do decide to take action, using a solicitor can be a worthwhile solution – however be sure to let the debtor know that you are doing so beforehand, as this alone may spur them on to pay what you are owed. Solicitors with experience and expertise in debt recovery can help you recover your debt in a time and cost effective manner. They can assist you in trying to resolve the dispute without taking legal proceedings initially, and can send a letter to the debtor letting them know that legal action may soon be taken. Letters from solicitors have a high success rate – debtors are far more likely to pay what they owe when they are aware a solicitor is involved – however if the debtor still refuses to pay, the solicitor can then assist with legal proceedings.
If you are owed money, you don’t need to stand for it, especially if it is affecting your business. Wrigley Claydon’s debt recovery service is carried out by a team of qualified, experienced solicitors who can take care of everything from giving you initial advice on the best plan of action to taking care of court proceedings, even ensuring that you get fair interest on the debt.
Contact our team on 0161 785 3534 or send us a message through our website to find out more.
Vijay Srivastava
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