The ongoing economic climate means many businesses are finding clients slow to pay their bills. But when delayed payment turns to non-payment, our dedicated debt recovery team is here with legal advice to help remove the stress and straighten things out.
Don’t let bad debtors hold your business back
Our debt recovery solicitors have plenty of experience supporting commercial clients to recover debts and support the ongoing financial success of their business ventures.
Fixed fees for letters to your debtors keep your costs to a minimum. If you have a disputed debt, we offer fixed fee appointments for advice on your position and the way forward.
If it’s a small claim (under £10,000), we will help you prepare your case so you can take it forward yourself, as costs aren’t generally recoverable. If it is a substantial debt, we will advise you on negotiation and mediation as alternative ways of resolving the matter.
Unless you have active processes for debt recovery, you could find that bad debtors start to hold your company back. If you need letters for undisputed debts, our lawyers can help you to prepare a bespoke report about your position and how your business operates.
We also revise terms and conditions and credit control procedures for an affordable fixed fee.
Business can be complicated enough even without bad debtors. If your business is suffering because of late or non-payment, please get in touch for legal advice today.
Consult our debt recovery solicitors in Gloucestershire
To find out how we can help your business with debt recovery, please contact your local WSP Solicitors office in Gloucester or Stroud.
If you have a quick question or would like to request a call back, you can also use our simple online enquiry form.
How can we assist you with your debt recovery?
Advice on debts and processes
If you’re looking for advice on debt recovery processes for business, we can support the success of your company.
Our team can offer recommendations and support on credit management, credit control, process reviews, and claims compliance. Our debt collection experts can help you to review and optimise your payment agreement processes.
Debt collection assistance
At WSP Solicitors, we can assist you with all aspects of commercial debt collection recovery. We can help you to carry out the early debt collection processes such as sending a letter before action, collecting debts by telephone, and tracing debtors.
Sending a ‘letter before action’ is an essential part of the debt claims pre-action protocol. Using this letter, we will establish what is owed, how long the debtor has to pay and what action will be taken if they do not make a payment.
We appreciate that it can feel stressful to have money tied up in debts and that chasing debtors can be time consuming. Our team are able to recover debts quickly, the majority of the time we can settle such cases without resulting in legal action.
Legal action against debtors
Under some circumstances, it is necessary to take legal action against debtors. Our debt collection lawyers can conduct collection processes on behalf of your business, to include mediation, negotiation, Court proceedings and enforcement.
To learn more about the commercial debt recovery processes, do not hesitate to contact a member of our team.
Our debt recovery service fees
We are able to offer fixed fees for our debt letter services, keeping your costs affordable. If your business has a disputed debt, we can provide fixed fee appointments and advice to improve your position.
If you’re making a claim that’s less than £10,000, we can support you in preparing your case so that you take it forward yourself (as costs generally aren’t recoverable). If it is a substantial debt, we will advise you on negotiation and mediation as an alternative way of resolving the matter.
A full breakdown of our costs regarding debt collection can be viewed here.
Debt recovery explained
What do I need to bring to my first debt recovery meeting?
When you attend your first business debt recovery meeting, you should ensure that you bring your terms of business, invoices and any other documents related to credit control.
It would also help us to have details of how you chase your debtors. Our debt recovery lawyers will also need to see documents that identify you and your business.
What is the commercial debt recovery process?
The debt collection process includes various stages, such as:
- The first stage is to send a pre-action letter to the individual or organisation who has failed to make a payment. The letter should detail the amount owed and request that they proceed to pay the debt.
- If the debtor does not pay, the business will need to pursue Court proceedings to collect the amount owed. At this stage, it is commonplace to add a late penalty and interest.
- After the Court proceedings have taken place, the Courts decision will be enforced, which could include various actions, for instance, a charging order or action via bailiffs.
Is there a time limit to recover a debt?
For most types of debt, you’ll need to recover the debt within six years. Failing to recover the debt within this time frame means that the debt will be declared as ‘statue barred’. At this stage, you will not be permitted to use court processes to recover what you are owed.
If a debt has been declared as ‘statue barred’, you can still try to recover the funds, yet your legal options will be limited if the debtor refuses to make the payment.
What evidence do I need to recover a business debt?
The best type of evidence to pursue a case is a contract between yourself and the debtor. Other types of evidence that are useful include purchase orders, bank statements, or emails detailing the money owed.
To recover the debt, it’s helpful to have evidence that the individual or business understood the terms and conditions as part of your contract.
Debt recovery legal jargon
Small Claims Court: The term ‘Small Claims Court’ is something of a misnomer. It is unofficial shorthand for the Small Claims Track of the County Court, a court process for claims valued at £10,000 and under.
Letter of Demand: A letter of demand asks for payment within a specific time. If the debt is still not recovered court proceedings will be issued.
Why choose WSP Solicitors as your debt recovery solicitors?
Specialist legal knowledge
At WSP Solicitors, we have extensive experience in commercial debt recovery. We’ve worked with companies across a variety of sectors, and we take our time to get to know you as a business, allowing us to offer a bespoke service.
When you choose our business debt recovery service, you’ll receive the expertise and assistance you need to build a future proof company.
Excellent stand of service
We pride ourselves on offering an excellent standard of service to all of our clients. You’ll work with one solicitor throughout your case, allowing you to establish a great working relationship with your debt recovery lawyer and discuss your specific needs in detail.
Experience working with multi-million- pound companies
Our debt recovery solicitors work with businesses of all sizes, from small and mid-sized to large and high-value organisations. We can guarantee that you’ll have the best legal expertise to suit your needs.
Law Society accredited solicitors with excellent success rates
We are Law Society accredited, which we owe to our legal expertise and professional standards. Our firm is also independently regulated by the Solicitors Regulation Authority (SRA), another testament to our fantastic standards.
We have an excellent success rate with debt recovery, providing clients with the support they need, and avoiding court proceedings in most cases.
Contact our debt recovery solicitors in Gloucester
To arrange a free consultation with one of our debt recovery solicitors, please contact your local WSP Solicitors office in Gloucester or Stroud.
If you have a quick question or would like to request a call back, you can also use our simple online enquiry form.
