If you work hard in your business to maintain and manage a strong flow of finances, it can be so frustrating and ultimately damaging when debts owed to you are delayed or more severely, ignored. There are of course circumstances that can be accepted and understood on an individual occurrence basis, but if it is becoming a blatant avoidance of paying what is owed, then our experts are here to help.
Investing in a robust and efficient credit control system is extremely important. You need to be made aware of outstanding debts owed to you when they arise, and have an order of actions to take in place in the first instance. You must remain mindful that past debts can be written off once they reach six years old so you need to approach debtors and recoup what is owed to you before this time frame approaches.
Our debt recovery experts have vast experience in assisting many different business with monitoring their cash flow, from small to medium enterprises to multi million pound organisations. They are confident and knowledgeable in how to work with you to formulate an effective debt recovery procedure should the need arise.
We can help you with:
- the development of robust credit control procedures;
- formal demand letters, requesting payment as soon as an account becomes overdue;
- follow-up letters to deal with account queries;
- compliance with the strict rules governing the recovery of debts from individuals, including sole traders and members of the public;
- calculating interest due on outstanding accounts in accordance with your terms and conditions of trading;
- calculating interest, compensation payments and recovery costs that may be added to outstanding accounts owed to you by other businesses under the Late Payment of Commercial Debts (Interest) Act 1998;
- the issuing of statutory demands for undisputed debts where the instigation of bankruptcy or insolvency proceedings is considered the best way of securing payment;
- the issuing of court proceedings for undisputed debts where bankruptcy or insolvency proceedings are not appropriate;
- the use of mediation and other forms of alternative dispute resolution to deal with disputed debts;
- the issuing of court proceedings for disputed debts where alternative dispute resolution is not appropriate or has failed; and
- the enforcement of court orders directing debts to be settled.
Advising businesses throughout Tenterden, Kent and beyond
We have offices in Tenterden, Gravesend, Tonbridge, Chatham and Maidstone where we can meet you to discuss your requirements.
We can also offer meetings at your place of business or via Skype if appropriate.
The cost of our debt recovery service depends on your circumstances and whether the debts passed to us are disputed. We are happy to provide a quotation and to agree flexible payment terms, including monthly billing to help you budget.
Where the Late Payment of Commercial Debts (Interest) Act 1998 applies it may be possible for you to recover some or all of the costs incurred in the debt collection process. This is because, under the Act, it is usually possible to add interest, compensation and reasonable recovery costs to any sums you are owed.