Debt RecoveryIf you are experiencing issues with late payers and it is affecting your cashflow please let us help with potentially no cost debt recovery.
We will advise you whether you can add interest and penalty fees to the amounts you are claiming. We can offer fixed fees for each stage of the debt recovery process.
Our aim is to recover your debt at minimum cost to you.
The services we offer are:
- Letter Before Claim;
- Statutory Demand;
- County Court Claim;
- Alternative Dispute Resolution (ADR/mediation)
Statutory Demands can be prepared and server without any intervention from the court where the debt is undisputed and is over a prescribed limit. The Debtor is given 21 days within which to pay the monies owed. If they do not pay (and do not apply to set the Statutory Demand aside) this can be used as evidence that the Debtor cannot pay their debts. We could then assist you with bankruptcy or winding up petitions.
Making a Claim in Court
If you decide to make a claim to the court then there are several steps that will need to be taken. Below is a basic outline of what may happen.
If court proceedings are commenced, as well as issuing the claim form, you (the Creditor) must pay a court fee.
The current court fee is dependent on how much you are claiming from the Debtor.
You can claim interest on the sums owed. If the debt is owed by a company it may be possible to recover interest at up to 8% above base rate.
Prior to issuing any claim we will always consider whether the Debtor is likely to be able to satisfy the Judgment. Despite payment being ordered it is not always forthcoming but there are a number of ways to try and enforce the debt. If necessary, we will advise you upon your options at the appropriate time.
Alternative Dispute Resolution (ADR/ Mediation)
ADR comes in several forms. Essentially, an agreement is reached between the parties as to how to resolve the debt.
This can be done via a third party acting as a neutral ‘go between’ and making suggestions to both parties on how the issue could be resolved, known as mediation.
This option could be especially useful to avoid the need to go to Court, particularly if parties want the opportunity to retain business relationships.
GoodyBurrett LLP have trained mediators as part of the Litigation team.