Does an individual or a company owe you money?
Is a particular debtor starting to play on your mind? Then it’s time to call a lawyer, because it’s better to get advice at the first sign of trouble than to under-react.
By getting advice early, you take charge and put yourself in the best position to recover money owed to you. Even if you’ve waited until your client isn’t returning your calls, it isn’t too late to get legal advice.
Whatever stage you’re at with the debt and the debtor, getting advice will put the right strategy in place for your circumstances.
Are you being pursued for a debt?
The experience and insights that make us excellent at recovering debts are the same skills you need to defend your position if you’re being pursued for a debt.
DIY or debt collector or lawyer?
In debt recovery matters, there’s usually no (genuine) dispute about the fact that the person or company owes money. Your debtor knows they owe you, so by the time it becomes a debt recovery matter, you’re not going to get a resolution with another statement of accounts or a phone call.
You could bring in a debt collector, but debt collectors are limited in what they can do. Your debtor is already willing to refuse to pay you, the people they ran up the debt with. That makes it likely they’ll have no trouble turning down the debt collector, too.
When that happens, the debt collector can only recommend you engage a lawyer to take further action. But now you have an obligation to the debt collector, too, which means you’ll owe their fees and be paying for a lawyer.
Debt recovery calls for fast legal action
Going straight to a lawyer could save you time and money, as well as getting your debt recovered faster.
As lawyers who recover debts all the time, we’re qualified, skilled and experienced at getting a clearer picture of the situation. Our size and experience means we can bring the right amount of firepower to give you the best chance of debt recovery no matter the size or complexity of the situation.
Using lawyers means you won’t run the risk of doing something on your own that could jeopardise your entitlement to the debt or drag out repayment.
The best chances of debt recovery come from following the right legal and commercial strategy, which will put you in the best position to get paid. And by working with a lawyer, you have someone on your side who can be on speed-dial anytime you have an issue with a debtor in the future.
Effective debt recovery needs a strategy
In forming a strategy to recover a debt, there are many factors to consider. As specialist lawyers in debt recovery we’ll:
- Look at the various steps that can be taken prior to court proceedings
- Advise whether you should go to court
- Consider the debtor’s circumstances — why are they under pressure? What factors could influence them to repay?
- Understand the profile of your debtors — because we know each debtor is different. A one-size-fits-all approach isn’t going to be the most effective. A debtor that is 90 days overdue may be less of a payment risk than one that is five days overdue. It all depends on the context.
- Advise on measures you can implement to overcome credit control issues, as well as terms and conditions of trade, so you’ll be in the best position to recover debts owed to you in the future. Having a diverse team allows us to tailor strategies for clients across various industries, from small businesses to large companies.
Put yourself in the best possible position to recover debts
We’re specialist debt recovery lawyers who devise strategies for clients in all types of industries and at all levels of complexity.
If you have a feeling something isn’t quite right with a debtor, give us a call for an initial chat about what to do next.
Alternatively, if you’re being pursued for a debt and need advice on strengthening your position, we’re here to help.
