Debt collection is the process of pursuing payments of debts owed by individuals or businesses.
Perhaps you are looking for Debt Collection in regards to business to business recovery for outstanding invoices due? This could be affecting your own cash flow and causing further debt problems, including arrears to HMRC, for you and your business.
Debt collection and Debt Litigation can help your business recover unpaid funds in a timely fashion. Chasing unpaid Invoices can be costly and a time consuming exercise so using a professional debt collection company could make things easier and help you get back funds owed efficiently.
Collecting unpaid debt can involve Solicitors, Enforcement Teams, Bailiffs or other third party agents. It is best to have experience on your side to navigate all these situations and people – experience is key when picking a Debt Collection agent, professionalism and high standards count for a lot.
Objectives should focus around:
• Getting the best cash outcome for you
• Providing useful feedback and advice
• Retaining a professional image
• Ensuring that you find it easy to communicate with the Debt Collector and understand their processes.
Whilst many debtors can be categorised as ‘can’t pay’ or ‘won’t pay’, much like HMRC categories their clients, many believe they have a great dispute. Professionals will examine the facts, especially relating to the terms of business transaction / Invoice owed, to help ensure that your debtor understands the consequences of persisting with non-payment.
In some cases the Debt Collection agent may escalate things to a solicitor becoming involved, in order to resolve the dispute, in most cases, this can be without the need for a further legal process.
In some cases your debtor may believe they are protected by a Limited Company or believe their assets are hidden, then often the ‘corporate veil’ needs to be lifted. Other Debt Collection or Litigation / Enforcement routes can be threatened, which can achieve the goal of your overdue payment being paid.
If you would like to know more then just pick up the phone and speak to a member of our team on 01704 628105, or start a live chat with us on our website.