Professional Debt Recovery Solicitors
Collecting money owed to you can be time-consuming and difficult if you don’t know the correct legal procedures to follow.
The experienced lawyers at The Law Firm Group can help you to recover debts owed to you from either companies or individuals. We are specialists in debt collection and can remove the frustration of chasing non-payers from you.
Professional Debt Recovery Assistance
Recouping outstanding debt can be hugely time-consuming, creating additional pressure on your valuable resources.
Bad debtors and slow payments can cause ongoing negative impacts on your business, and if left to accumulate, they can be catastrophic.
Our dedicated legal services team offers the full spectrum of debt recovery support tailored to your business needs and aimed at recovering outstanding debts smoothly, quickly, and without disruption.
Our Debt Recovery Services
The Law Firm Group can advise on the appropriate strategy to recover your debts, depending on the amounts owing, the delays involved, and your intentions for future trading with your debtor.
Some potential resolutions include:
- Issuing formal Letter Before Action notices. This correspondence is often successful at prompting payment and avoids court costs where a direct approach is likely to be successful.
- County Court Claims are a subsequent action if a letter does not result in swift payment. Our team will advise on the value of the claim and recovery costs to help you make informed decisions about whether these are proportionate to your unpaid debts.
- Enforcement is the final stage and means upholding the court judgement made in your favour. There are various enforcement options, each selected according to your wishes and the nature of the debt.
Bad debt recovery is a multifaceted scenario and must be specific to your business.
For example, if a borrower cannot pay back debts yet responds to legal pressure with a willingness to pay, we may be able to recommend a mutually beneficial repayment structure with assurances to protect your business from further bad debts in the future.
Legal Advice to Reduce Bad Debt Risks
As a consortium of leading UK legal professionals, The Law Firm Group offers our clients bespoke guidance to address the causes of bad debt and mitigate risks.
Prevention can offer substantial cost benefits and safeguard your business liquidity against the potential that clients will fall into a bad debt scenario.
Internal controls such as credit referencing, profile assessment, digitised credit applications, and automated debt collections may provide solutions to reduce the costs of a legal debt recovery process in future late payment situations.
Business reputation is also a crucial factor. We strongly recommend using an accredited professional legal representative to ensure your debt recovery is pursued lawfully and appropriately to present the urgent nature of recouping late payments, yet in a way that reflects the character of your business.
Prompt Debt Recovery With Dedicated Legal Assistance
Litigation should be the final option and is often most suitable for considerably overdue and very delinquent debts, without any attempts to make reparations.
Therefore, a structured, considered approach is optimal to secure prompt payment and decrease the legal costs of recovering your outstanding funds.
If you are unsure of the correct way to tackle your debt recovery requirements or wish to explore the most successful ways to address your late payers, please contact The Law Firm Group for advice tailored to your late payment situation and desired outcomes.
