ADVICE ON HOW TO FURTHER PROTECT YOU IN THE FUTURE
The process of debt recovery can be daunting and intimidating to those unfamiliar with it, although many will go to a debt collecting agency, often going to a firm of solicitors who specialise in debt recovery is the better choice.
Approaching a solicitor to deal with a debt recovery issue has the added advantage of having legal advice on hand; you can rest assured that the manner of recovery will be handled in a legal and ethical manner. If it is the case that the matter becomes more legally complex, you have the added benefit of knowing the organisation you have selected to recover your outstanding money has competent, qualified and experienced legal professionals to act for you.
A solicitor can also provide advice on how to further protect you in the future against bad debts and debt control.
If you are experiencing trouble collecting money owed to you, there are a few points you may want to consider before approaching a debt collecting service, which will affect the type of service you need:
- Can the debtor afford to make any form of payments?
- How much does the debtor owe you? (This will affect your fee).
- Is there the possibility of a dispute over the amount of money owed?
- How many payments behind is the debtor?
- Could you make an agreement with the debtor for reduced payments?
- If it is necessary, are you willing to go to court against your debtor?
- Do you know where the debtor is now, or do you require a tracing agent?
There are also other methods you can take before needing to contact a debt recovery service:
- First ring the debtor regarding the account and discuss with them in a friendly manner why you are calling. It’s important at this stage you still maintain a positive relationship with them
- If in two to three weeks’ time the debtor has still not made any payments then you should make contact again. If the debtor is struggling financially you could offer them a form of reduced payment plan which may help
- Keep a thorough record of all contact and correspondence with the debtor, including the date and the times of contact
- Take some advice on interest rates on the debt, such as when and what it is legal to charge
- If the debtor has still made no attempts to pay and remains uncooperative, write them a letter informing them of your intention to transfer the debt to a collection service unless they respond. You should include a deadline and the options they have to avoid this course of action
- This is then the point at which you would then contact us for advice and to begin the process
You will need to establish exactly what you require, usually any responsible debt collection agency will recommend pre-legal services and chasing techniques before court action, and often it is the case that this is usually enough to establish a healthy relationship with debtors and recover what is owed.
The next step in the process is usually to consider court action, where the debtor is sued to recover the debt, our fee will depend on the amount of debt owed and of course this will be communicated to you in a completely transparent manner along with the process before you instruct us, so you know exactly what to expect.
A SOLICITOR CAN ALSO PROVIDE ADVICE ON HOW TO FURTHER PROTECT YOU IN THE FUTURE AGAINST BAD DEBTS AND DEBT CONTROL
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YOUR RECOVERY GUIDANCE | DEBT RECOVERY LAW | TAYLOR ROSE TTKW EXPERTS
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