Unpaid debts hold up your business and, ultimately, affect your life. They stem your cash flow and make it difficult to forecast and forward plan. If you’re a business owner, it’s more likely than not that you have struggled with retrieving payments from someone at some point. This can cause endless worry and confusion.
You can try to retrieve your money yourself, you can look to employ a debt collection agency, or you can utilise the services of a debt recovery solicitor. We’d recommend the third option because we believe this is the quickest and most effective way of retrieving what you are owed.
- They have a great overview of situations like this
Because debt recovery solicitors regularly deal with issues like this, they can foresee issues before they even arise. They know what you need to look out for, how to answer any excuses you might be given, and what your full legal rights are. They’re great people to have on your side.
- They have great instincts
Because of their extensive experience, debt recovery solicitors know the ins and outs of debt recovery instinctively. They’ll be able to give you an overview of your legal position and what you can expect as soon as they know your situation. They’re professionals and they do this every day. Your debt recovery woes are unlikely to be something they haven’t faced before.
- There are ‘no recovery, no fee’ options
You might presume that debt recovery solicitors are expensive, but there are many ways of bringing down the cost of services, including ‘no recovery, no fee’ services. These mean you won’t have to worry about losing any money if your claim is not successful.
- Solicitors are brave
Taking people to court can feel like a terrifying prospect, but it’s something you might have to do at some point. Debt recovery solicitors are specially trained and know when it’s time to take someone to court to recover debt. They’ll fill out the paperwork and tell you what to expect, organise your evidence and represent you when the time comes. They’ll also know the best way to enforce the result of the court proceedings to make sure you get your money as quickly as possible.
- They might not need to take anybody to court
Because debt recovery solicitors are bursting with experience, they know the best way to negotiate getting your money back without resorting to court. They’ll contact your debtor and communicate with them in a way that indicates that they are not messing around. You’re more likely to get your money back without the hassle you might invite if you try to handle debt recovery on your own.
- They have an obligation to act in your best interests
Because solicitors are regulated, they must always act in your absolute best interest. Solicitors must abide by the rules of The Law Society and the Solicitors Regulation Authority, which means they’re always going to act in line with the law. When it comes to very serious business matters like these, it is best to have someone on your side who must adhere to a strict set of standards. This is the best way to make sure you get your money back.
If you’re struggling to recover money your owed, we’d be happy to talk you through your options. Contact JMR Solicitors and we’ll give you all the information you need.
For more information on our business support services, you can visit our Business Support page or call us on 0161 491 3933 or email us on firstname.lastname@example.org