Why should I use a debt recovery solicitor?
Using a solicitor can be a cost-effective way of recovering debts. It is often thought that solicitors attract substantial costs which will mean it is disproportionate to instruct them. Our debt recovery service has been designed so that there are no hidden charges, clients are always in control of the fees involved, and the fees are fixed meaning that you will not be hit with a surprise bill at the end. What’s more, the fees have been tailored in line with solicitors fixed recoverable costs so that you are able to recover most or if not all costs from the debtor if you are successful.
A significant advantage of using a solicitor means that the correct legal entity is being pursued, for example, a Judgment against Bad Credit Rating & Co has little effect compared to Bad Credit Rating & Co Limited. A check is also made in the case of a Limited Company debt that the Company is still listed as active on Companies House ensuring that you are not pursuing a company who has already gone bust.
I am considering recovering bad debts, but they are quite old, is it worth taking action?
As long as the debts are not over 6 years old, you are able to take action to recover these. In our experience, it is worth reviewing all bad debts to necessitate what view should be taken on each individual case. This may depend on whether it is known if the company are still trading, if in the case of an individual debt, the individual has known assets or the ability to pay and also the size of the debt should be taken into account. In all circumstances it would be recommended that a letter before action is sent, as our statistics show that in 90% of cases, court proceedings can be avoided.
Who can claim late payment interest and compensation?
The Late Payment of Commercial Debts (Interest) Act 1998 as amended by the Late Payment of Commercial Debt Regulations 2002, provides that from 1st November 2000 - small businesses have a statutory right to claim interest and compensation from other small businesses on debts incurred under contracts agreed after that date. From 1st November 2002 - all businesses and the public sector have a statutory right to claim interest and compensation from all businesses and the public sector on debts incurred under contracts agreed after that date. Further information can be found at: www.payontime.co.uk
Why choose Stephensons?
Stephensons prides itself on personal service backed up by efficient automated systems meaning that your cases are dealt with expeditiously but without compromising on service. We strive to provide the best advice possible in order to give you the best chance of recovering your debt quickly and efficiently.
How can I give you instructions?
We have designed an online instruction form for your ease, it is aimed at being simple to use and time effective. Alternatively, you can instruct us by emailing us at debt@stephensons.co.uk. Alternatively, if you wish to use another method of instructing us, please contact Susan Bateson on 01942 774168 and this can be arranged to suit your needs.
