Unsecured debt collection solicitors
Our team of debt collection solicitors here at Stephensons will use all of their knowledge and expertise in handling debt recovery for unsecured lending arrangements. We can work together with your business to develop the most suitable methods of engaging with your debtor(s), and make arrangements for volume recoveries where necessary.
If you are in need of expert legal advice regarding the recovery of debts for your business based on unsecured lending arrangements, get in touch with Stephensons today on 01616 966 229 and speak to one of our specialist debt recovery solicitors.
Unsecured debt recovery FAQs
We have compiled some of the most common questions we are asked about unsecured debt recovery. If you can’t find the information that you’re looking for, please feel free to contact the team on 01616 966 229 with any questions you have.
What does it mean to be an unsecured creditor?
If your business enters into a lending arrangement with another company that is not secured on any of their business assets, it is known as unsecured lending. There is usually a formal agreement or contract in place to lay out the terms. Most lending agreements that are unsecured run their course with no issues and the money is repaid as expected. However, in some cases, there can be problems and this may require debt recovery action.
How to recover an unsecured loan
Whilst there are potential benefits to both parties with unsecured business lending, there is less security for the lender. If the debt is not being repaid according to the conditions of your agreement, you can start the process for unsecured debt collection.
Taking out a loan for unsecured debt is fairly common for small businesses, but if you are the lender and you’re not receiving repayment as agreed, it can be a complex process if you’re trying to handle unsecured loan recovery yourself.
When it comes to unsecured corporate debt, the expert debt recovery solicitors at Stephensons have a proven track record in achieving positive outcomes for our clients and helping to preserve business relationships whenever possible.
In the vast majority of cases, most recovery of unsecured debt can be resolved swiftly when our experienced team get involved, without needing to take any further action. However, if it is required, we can pursue court proceedings for your business to recover unsecured debt. This can also include a claim for interest if applicable.
Can interest be charged when recovering unsecured debt?
For business to business lending, when repayment is overdue, you can charge interest at the rate of 8% per annum, unless there is a different interest rate written into your formal agreement.
If you want any assistance with unsecured debt recovery or want more information about how we can help, get in touch with our expert team today. Call us on 01616 966 229.