Recent News

Recovery for Commercial Debt

March 1, 2012


If you run a company or a business, it is not uncommon at all that you have several uncollected debts. Customers may have various reasons not to pay the money they owe you and almost every business in the country is dealing with the same problem. However, the regulations clearly state that you can recover the commercial debts legally by completing a series of legal steps. This is called commercial debt recovery.

The process starts with you sending out warning notices to debtors. It is highly advised that you hire a good debt recovery solicitor before you get started because there are chances that you might have to deal with counterclaims and complications along the way. The debt recovery solicitor assisting you will help you write a Letter Before Action for each debtor, stating the amount of money he or she owes and the further steps that you are willing to take if the warning notice is ignored.

If you still don’t get responses after the Letter Before Action is issued, you can file a court claim and collect the debt through legal process. As mentioned earlier, the legal system in this country facilitates this type of legal debt recovery. With a good debt recovery solicitor assisting you from the very start, you will have no trouble at all completing the claim forms and describing the details about the debt you are trying to collect.

The court will review your case and make a court announcement. Once the announcement is made, the debtor is obliged to reply within 14 days. This means you don’t have to worry about the process taking longer than you have expected. Depending on the debtor’s response, you can either receive the money 14 days after the response or complete further legal steps to claim what is rightfully yours.

Legal debt recovery is great for businesses that have been struggling with bad invoices and uncollected. It is always best to hire a good UK debt recovery solicitor to help you from the very start so that you can navigate through the legal proceedings accordingly. To hire the right debt recovery solicitor, you simply need to go online, visit a good directory of solicitors, and find solicitors as well as law firms that specialize in debt recovery. Compare available options and look into their past references to be certain about the level of services and expertise you can expect from the solicitors.

A Guide to Legal Debt Recovery

February 15, 2012

Debt recovery doesn’t necessarily have to be a difficult process to cope with. Once you have understood the necessary steps, you can easily go through the legal proceedings and collect your money back. Even with a good debt recovery solicitor helping you every step of the way, it is still essentially important that you understand the stages of legal debt recovery.

The first stage is sending the Letter Before Action. Letter Before Action functions as a warning notice to your debtor regarding his responsibility, and it is a must if you are pursuing legal debt recovery. The court can penalize you if you don’t send proper warning notice before you file a court claim, so make sure the debt recovery solicitor you hired send out a proper Letter Before Action to the debtor to start the process.

After the warning notice has been sent – assuming you still don’t get replies or actions – you can file a court claim. Get a claim form and provide all the details regarding the debt to support your case. You can also attach the warning notices you have sent out earlier to support the fact that all necessary steps have been taken to collect the debt. The court then reviews and announces your claim, after which your debtor has 14 days to respond.

There are three main types of response your debtor can give at this stage. The debtor can acknowledge the debt immediately; if this is the case, the debtor has the obligation to settle the debt within 14 days after his response. The debtor can also admit the debt and offer a rate of repayment. You, of course, have the liberty of deciding whether the rate of repayment is acceptable. Worst case scenario, however, the debtor may lodge a counterclaim, after which you will have to proceed with further legal proceedings.

The court will decide whether your case is strong enough if your debtor lodges a counterclaim. Both sides of the story will be reviewed closely and a decision will be made afterwards. After a decision is issued, you have several options of enforcement including Warrant of Execution, Writ of Fi Fa, and Attachment of Earnings Order.

Keep in mind that you also have the option to issue the debtor with a statutory demand and proceed with bankruptcy in order to collect the debt. This should be taken as a last resort once all of the above steps are completed without satisfactory results.

Legal Advice for Your Debts

January 22, 2012

Debt recovery can be rather tricky to do, especially if you are not familiar with the process. Thankfully, you can take the proper legal path in order to collect your money without hassle. To help you get started, we are going to discuss several prominent legal advices that you can use in the process. Let’s have a look, shall we?

Always make sure you sent at least one warning letter if you decide to take the legal path in order to collect your money. Remember that the court can penalize you for not sending a warning letter and you may end up facing more problems in the absence of a warning letter to begin with. This is exactly why the best debt recovery solicitors send Letter Before Action almost immediately after you have hired them.

If after the Letter Before Action is sent you are still not getting responses – or you don’t get the responses you are comfortable with – you can decide to push forward and issue legal proceedings. You need to file a court claim, describing the situation you are dealing with along with the details regarding the debt. There is a standardized form for court claims so all you need to do is follow the given guidelines. Of course, at this stage it would be best to have a debt recovery solicitor assisting you every step of the way.

Once the claim is issued at court, there are basically several outcomes that you may have to deal with. The debtor has a time limit of 14 days in order to respond to the claim, and you may need to take further legal actions depending on the kind of response given. If the debtor acknowledges the debt, for example, you can expect it to be repaid in a matter of 14 days – so you will get your money back within 28 days from the day your claim is issued by the court.

The best legal advice I can give you is to get a good debt recovery solicitor and have proper legal assistances from the very start. Most solicitors specializing in debt recovery have the expertise and skills required to navigate through the legal proceedings without hassle. You can easily avoid complications – or mistakes during the legal proceedings – and get the debt collected even faster with a good debt recovery solicitor assisting you every step of the legal process.

Find a Debt Recovery Solicitor in London

December 20, 2011

Debt recovery solicitors can really help you with debt collection through legal approaches. Of course, legal approaches are the best ways to go if you are dealing with substantial commercial debt or if you simply want to avoid unnecessary troubles in the process of collecting the debt. In order to get started, you need to find the right debt recovery solicitor to hire. If you live in London and you want to find the best debt recovery solicitor near you, this article will tell you the necessary steps to take.

You can start by visiting the online directory of solicitors in the UK, and browse through available London solicitors based on their line of expertise. The online directory is very thorough and complete, so it will be very easy to find several options to look into later on. You can also use general search engines to find legal firms and solicitors that specialize in debt recovery.

Once you have several options in hand, it is time for you to start comparing. A very important thing to keep in mind when you are comparing debt recovery solicitors is to focus on those with good professional manners and the ones you are comfortable with the most. At this stage, you need to pick several good candidates to compare even more.

Now, you need to contact the options you have in hand directly and get the necessary information that will help you decide which debt recovery solicitor is the best one to hire. Ask for past references and the kind of services they are offering. Don’t hesitate to contact the debt recovery solicitors’ past clients so that you know exactly the level of services to expect. If you plan on hiring a firm, make sure they have a specialized debt recovery department – or they simply have an experienced debt recovery solicitors assigned to help you.

Compare charges and fees of each solicitor you are reviewing as well. Although the aim is to find the best debt recovery solicitor to hire, you still need to make sure that the services are well within your budget and that you will be able to recover most of your money after the process is completed.

Follow these steps and take the necessary aspects into considerations. You will have no trouble at all finding the right London debt recovery solicitor according to your needs and preferences this way.

Who are Debt Recovery Solicitors?

November 15, 2011

Debt recovery solicitors are quite popular these days, especially among business users and individual who are looking for the best way to collect money owed to them with a proper method. Who are debt recovery solicitors? What kind of services are they offering? We are going to answer those questions – along with several other basic questions related to debt recovery solicitors right here in this article.

Debt recovery solicitors are basically solicitors specializing in debt recovery and collection. With the skills and expertise they have, the debt recovery solicitors can help you deal with various issues you may come across during the collection process and help you get what is rightfully yours without hassle.

The debt recovery solicitors currently available in the country offer a wide range of services. You can hire them from the very start and have them deal with all the hassles of recovering your debt. They will complete various tasks including sending a Letter Before Action, reviewing the collection options you may have, and deal with all the legal steps that need to be taken along the way.

It is very easy to hire a debt recovery solicitor in today’s modern world, especially if you live in London. Large firms as well as independent practices specializing in debt recovery are highly available. You can simply go online and find several options available in a matter of seconds. Make sure you take your time and compare debt recovery solicitors during the search so you know you are hiring the best one available.

In terms of costs, debt recovery solicitors are generally affordable. When you deal with smaller debts, the solicitor will find the best method to use in order to keep the costs at minimum. This way, you can still get most of your money back even after you calculate the fees of debt recovery solicitors helping you. For larger commercial debts, on the other hand, the focus will be to collect the debt in the shortest possible time while at the same time avoiding bigger legal issues.

Now that you know the basics of debt recovery solicitors, what they do, how to find the right one to hire, and of course how much their services will cost, you can decide whether the services are right for you and find the best solicitor to hire right away. With a good debt recovery solicitor at your site, collecting what’s rightfully yours will certainly be much easier to do.