Recovering money owed to your business
Business debt recovery.
After just a couple of chasing letters and calls some businesses may opt to ignore the debt and hope that payment will eventually arrive, but ultimately end up writing off the amount further down the line.
We offer simple fixed fee business debt collection can help you get paid and avoid you having to write off the money owed.
Our fixed fee business debt collection services.
We offer the below cost effective fixed fee debt collection packages, from sending a debt recovery solicitors letter to taking the debtor to court.
These are suitable for most debts under £10,000 incurred in England and Wales, known as a Small Claim. If the debt you wish to recover is greater than £10,000 we can still help so please contact us with details.
Issue Court Proceedings
Debtor is a Business or Individual
If following a Letter Before Action or Letter of Claim your debt has not been paid, we will commence formal legal proceedings
Business debts owed by a consumer or sole trader?
For business to business debt recovery you are still able to use a 'Letter Before Action' that provides a time frame of between 7 to 14 days. For more detail on what is involved in the new protocol, take a look at our blog What is the Pre-action Protocol for Debt Claims?
An invoice is now overdue, what can I do?
If your payment terms are several weeks, sending out statements on a regular basis to the accounts team can also help. Likewise put in a phone call and try to find out any reasons behind the delay. If there is no reply within seven days, check that you have all the correct details then send another request by recorded delivery.
Keep a written record of all communications and responses and if all steps fail, look to take legal action which is where our debt recovery lawyers can help.
Debt collection agency or solicitor?
Intervention from a law firm is often enough to prompt a debtor to take action, especially if the next logical step is for the solicitor to issue legal proceedings to recover the debt on your behalf. Sending a letter before action is also commonly the most cost effective solution for small business debt recovery.
Following a successful court hearing, a county court judgment will be obtained which can be enforced with various small business debt collection methods include bailiffs, freezing assets or gaining a charging order on land/property.
Personal debt collection.
If a friend, family member or business owes you money the steps to enforce a personal debt are similar to the above, so please visit our debt recovery for individuals page for more information.
Bulk debt collection.
On high volume debt recovery we can provide a customised fee structure inclusive of 'no win no fee' debt collection depending of the amount owed and recovery prospects.
Contact us today with brief details of your requirements and we will advise on the best option.
Further information on business debt collection.
Owed money, but no contract - Even without a written contract or agreement in place to show a debt, there is probably still other information that you may be able to obtain to prove a payment is due.
What to do when money is owed by a friend - Helping out friends and family is second nature for most of us, so it is a shame that getting paid back isn't always as easy.
Claiming interest and compensation on overdue invoices - On most commercial debts (business to business debt collection) you can claim interest at 8% above the Bank of England base rate if they are not paid on time.
What our clients say:
"We approached Catalyst Law to help us get a small amount of money owed to us by a customer. We used the fixed fee letter which worked straightaway and we were paid. We were very pleased with the great service, helpfulness and communication that Catalyst Law provided us."
Tips on avoiding unpaid invoices.
If your customer is a larger business, address your chaser letter to the Accounts Department. The accounts team may be unaware that the invoice is due and can process it direct.
If your invoice terms are several weeks, sending out statements of when payments are due on a regular basis can prevent debts being ignored.
SME Debt Stats.
'No Win No Fee' subject to entering into an agreement with a suitable insurance policy and complying with your responsibilities under its terms.