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Five Reasons to Outsource Your Debt Recovery

View profile for Martin Spencer
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Are your debtors giving you excuse after excuse to avoid making payment?

This could be having a detrimental effect on the cash flow of your business, especially in the current climate throughout the COVID-19 pandemic.

Here are five reasons for you to contact our specialist debt recovery team:

  • It’s cost-effective – Whilst the perception of instructing a solicitor and the costs involved may be quite daunting, this is far from the truth. We offer a Solicitors Demand Letter (SDL) for our commercial clients, for just £5 plus VAT. This letter threatens further legal action in the event of non-payment within seven days. Even if this letter doesn’t have the desired effect, we offer an extremely cost-effective structure so that you know from the outset how much you are likely to have to pay, even if you need to proceed as far as enforcement.
     
  • You could recover your costs – Not only is the debt recovery process cost-effective, but costs are also recoverable in undefended claims, together with interest, whether that be statutory or contractual. For commercial debts, you may also be entitled to an element of late payment compensation which can be between £40 and £100 per invoice depending on the amount owed.
     
  • It saves you time – You may feel that you are spending way too much time chasing your debtors to make payments when your time could be better spent elsewhere within the business.
     
  • You have access to expert advice – Our team has the experience and knowledge to assist with the recovery of any outstanding invoices. Our approachable debt recovery team are always available to provide you with advice, from anything within the legal procedure to something as specific as a method of enforcement. Irrespective of the debt value, it is likely that we will be able to help, even if we feel insolvency proceedings are more appropriate.
     
  • You often have an increased chance of recovery – We have no doubt that you have the necessary credit control procedures in place to chase your debtors however, it is likely that a debtor will take things more seriously if they receive contact from a solicitor. Whilst we cannot guarantee that the debtor will make payment as a result of receiving our SDL, it is often enough to provoke at least a response and motivate the debtor into making payment of the debt a priority.