​Legal Blog

Debt Recovery: Maximising your Chances of Recovery

by | Sep 20, 2016 |
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Good credit control can avoid the need to take debt collection action. However, when a debt arises and remains unpaid, swift and effective measures need to be taken to maximise the chances of recovery.

To do this sometimes, you have to hire a professional, after all, you have your business to run and dealing with delinquent accounts can be draining on your resources, time and patience.

Spratt Endicott is a (Tier 1) Debt Recovery Firm in the Legal 500 UK – South East Region, which has an experienced and professional debt recovery team with expertise in Commercial, Consumer and International recoveries.

  • We can pursue a debt from start to finish, unlike many debt collection agencies which are unable to proceed with recovery once the matter becomes disputed or complicated.
  • We have great expertise in pre-legal solutions through to Litigation, from enforcement of judgment, issuing insolvency proceedings, instructing bailiffs/high court enforcement agents, implementing charging orders, attachment of earnings, third party debt orders and information orders.
  • We do not send out generic system automated letters; each case is treated individually to determine the way forward and identify key issues to implement the best strategy based on our clients needs.

Debt Recovery can be a pre-legal and legal procedure used to recover debts which are outstanding. Our services are often seen as an extension of our clients business when a payment becomes outstanding, with respect to the services and/or product provided by them to their customers.

Our aim is to recover debts as quickly and efficiently as possible or to advise early on if this will not be possible. In our experience, successful debt collection is about acting without delay, particularly if instituting legal proceedings. There is a time factor associated with litigating a debt through the Courts.

During this period your customer could seek advice from an Insolvency Practitioner which may ultimately mean they become insolvent. This will affect your profit as your debt would need to be written off. This again, is one of the reasons speed is of the essence.

Clients invariably have important ‘relationships’ with the business or individuals they are thinking of pursing, and are reluctant to pursue them through the Courts for fear that legal proceedings will undermine that relationship. However, these ‘relationships’ need to be measured against the effects of not receiving payment, and the impact to their business.

Not having an effective method of debt collection and credit control will have a negative effect on the profitability of a business and in serious cases of default; it will only be a matter of time before the business becomes a failure.

Article originally written by Hazel Wells, Business Development Manager for Debt Recovery at Spratt Endicott Solicitors.

If you require any assistance with Debt Collection, or would like any further information please contact Richard Gwynne, Director of Commercial Recoveries on 01295 204087 or email rgwynne@se-law.co.uk.

*Disclaimer: While everything has been done to ensure the accuracy of the contents of this article, it is a general guide only. It is not comprehensive and does not constitute legal advice. Specific legal advice should be sought in relation to the particular facts of a given situation.*

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