Forbes Collect is our unique commercial debt recovery process, supporting your business in the collection of unpaid invoices.
BUSINESS OBJECTIVES ACHIEVED
Forbes Solicitors' debt collection lawyers provide professional legal assistance to businesses seeking to recover outstanding debts. Our experienced debt collection solicitors have a wealth of knowledge in debt recovery law, and we understand the difficulties businesses face when dealing with unpaid debts. Our debt recovery solicitors provide bespoke solutions to suit your individual needs and can assist you at every stage of the debt recovery process, from initial letters of demand to legal proceedings.
Debt recovery is the process of recovering money owed by individuals or businesses. This can be accomplished through a variety of methods, including negotiation, legal action, and even debt collection agencies. Debt recovery can help businesses to reduce their financial losses and maintain a healthy financial status.
Commercial debt recovery is the process of collecting unpaid debts from businesses and organisations. This often involves sending reminder letters, making phone calls, and in some cases, using legal proceedings to ensure payment is received.
Unpaid debts can cause huge problems for businesses. At the very least, chasing late payments can be frustrating and time-consuming, but a good cash flow system is also an essential factor to ensure success. When your business' cash flow is affected by unpaid debts it can potentially prevent work from being carried out, or staff from being paid, which may harm your business in the long run.
Forbes Collect is a unique commercial debt recovery process to aid you in the collection of your unpaid invoices. If payments are not being received on time, our expert debt collection team will assist you to recover any outstanding invoices in the most efficient and cost-effective way.
If you need assistance with recovering any outstanding debt, then contact our debt collection experts on 0800 689 4176.
Forbes Collect is a unique commercial debt recovery service and our team can aid you in the collection of your unpaid invoices.
Our three-step Forbes Collect process involves:
Forbes Collect is a debt collection service, pursuing several legal avenues in an attempt to get your late invoices paid. The first steps are called pre-litigation; this includes issuing a letter and chaser attempts. If payment is still not received after the pre-litigation steps, you can choose to issue a County Court Claim, a statutory demand, or instruct bailiffs to enforce County Court Judgments. Throughout this whole process, we will work closely with you, advising of the best course of action whilst keeping you informed with any necessary updates.
As a solicitor led business debt recovery service, Forbes Collect has the experience and resources to offer an efficient commercial debt recovery service for small businesses, consultants and freelancers, as well as medium and large businesses from across the country. The Forbes Collect team provides straightforward and practical advice that reflects the needs of your business. We work on a fixed fee basis and to stay as efficient as possible and to keep our clients in the loop, we use the latest cutting-edge, cloud-based technology.
If you need the assistance of debt collection solicitors, our team are experienced and knowledgeable in all aspects of debt recovery, from pre-action protocols to court proceedings. We offer a tailored approach to each case, ensuring the best possible outcome for our clients. Our team is dedicated to providing a professional and efficient service, with transparent pricing and regular updates throughout the process. We have a proven track record of success and are committed to recovering debts quickly and effectively. Choose us for expert debt recovery services that you can trust.
Our debt collection solicitors help businesses and individuals who are owed money by debtors. We provide legal advice and assistance in recovering outstanding debts through negotiation, mediation, and legal action if necessary.How can our debt collection lawyers help?We can help support you with our debt collection lawyers by providing legal advice and representation to individuals and businesses who are owed money. We can assist with negotiating payment plans, filing lawsuits, obtaining judgments, and enforcing judgments through wage garnishments, bank levies, and other legal remedies. Our goal is to help our clients recover the money they are owed as quickly and efficiently as possible.
Contact our teams now to speak with experienced professionals who provide expert legal services in Debt Recovery cases to clients throughout the UK.
Debt collection involves the process of attempting to recover money owed by an individual or business. This can be done through various means such as sending letters, making phone calls, and taking legal action. Debt collectors must follow strict guidelines set out by the Financial Conduct Authority (FCA) and the Consumer Credit Act (CCA) to ensure fair treatment of debtors. If a debtor fails to pay, the debt collector may take legal action to recover the debt, which can result in court proceedings and potential enforcement action.
Using a debt collection service can benefit businesses by saving time and resources, increasing the chances of debt recovery, and maintaining a professional relationship with the debtor.
Debt collectors must comply with the Consumer Credit Act 1974 and the Financial Conduct Authority's (FCA) rules on debt collection. They must not harass or intimidate debtors, and must provide clear and accurate information about the debt. Debtors have the right to dispute the debt and request proof of the amount owed. Debt collectors must also be licenced by the FCA to operate .
If a debtor refuses to pay, the creditor can take legal action against them. This can involve issuing a County Court judgement (CCJ) against the debtor, which can affect their credit rating and make it difficult for them to obtain credit in the future. The creditor can also take enforcement action, such as instructing bailiffs to seize assets or money from the debtor's bank account. In extreme cases, the debtor may be declared bankrupt.
Yes, debt collection solicitors can take legal action against a debtor. This can include issuing a County Court judgement (CCJ) or applying for a Charging Order on the debtor's property. However, legal action should only be taken as a last resort after all other attempts to recover the debt have been exhausted.
The debt collection process can vary in length depending on the circumstances of the debt and the actions taken by the debtor. the process typically involves sending letters and making phone calls to the debtor, followed by legal action if necessary. This can take several weeks or months, and in some cases, it may take years to fully recover the debt.
If you are contacted by debt collection solicitors, you should provide them with your full name, address, and any relevant account or reference numbers associated with the debt. You may also need to provide proof of your identity and any documentation related to the debt, such as payment history or agreements. It is important to ensure that the debt collection solicitors are legitimate and authorised to collect the debt before providing any personal information.
The risks of not using debt collection solicitors include not being able to recover the debt owed, wasting time and resources trying to collect the debt, damaging relationships with customers, and potentially facing legal action if debt collection practices are not compliant with UK law. Debt collection solicitors can provide expertise and guidance to ensure that debt collection is carried out legally and effectively.
Business debt refers to the amount of money that a company owes to its creditors or lenders. This can include loans, credit card balances, and other forms of debt. businesses are legally responsible for repaying their debts, and failure to do so can result in legal action and potential bankruptcy.
To collect a debt you can send a letter demanding payment, hire a debt collection service, or take legal action through the courts. Before taking legal action, you must send a letter before claim giving the debtor a chance to pay. If they still don't pay, you can file a claim with the court. If the court rules in your favour, you can use enforcement methods such as bailiffs or a charging order to recover the debt.
There is no time limit for collecting debt. However, after six years, the debt becomes "statute barred," meaning the creditor cannot take legal action to recover the debt. The debtor can still be contacted for payment, but they are not legally obligated to pay.
Insolvency proceedings involve a legal process where a company or individual is unable to pay their debts. The process involves appointing an insolvency practitioner who will assess the situation and determine the best course of action. This may involve liquidation, administration, or a company voluntary arrangement. The aim is to ensure that creditors are paid as much as possible and that the insolvent party is able to move forward with their finances.
If you are looking for a business to business debt collection, then we can help. Our expert debt recovery team work with businesses, large and small, to recover any outstanding debt on a fixed fee basis. Contact our debt team today on 0800 689 4176 and we'll help you to get those unpaid invoices paid.
A business debt is quite simply a debt that a business owes to another business. It is normal for a business to have debt, but there are times when a debt becomes a problem and can impede cash flow. Businesses can have bad debts which is when the amount owed is unlikely to be paid and the creditor is unwilling to collect due to several reasons.
If a customer or client has not paid up within the period stated within the terms and conditions of payment, then you can implement the following steps:
Using Forbes Collect brings expertise, efficiency and legal weight behind your attempt to chase your outstanding debts. It also takes the pressure off you and leaves you free to continue running your business. At Forbes Collect, we add interest in addition to the outstanding debt, which is currently set at 8% above the Bank of England base rate for companies and a flat 8% for individuals/sole traders.
Contact Forbes Collect today on 0800 689 4176.
At Forbes Collect, we work on a fixed fee basis. Our fee structure is transparent and easy to understand; for a full break down of how much our debt collection service costs click here.
A debt collection agency is a company that pursues unpaid invoices or outstanding debts on behalf of the creditor. Whilst not being a debt collection agency, Forbes Collect is a unique, solicitor-led service that will aid you in the collection of your unpaid invoices.
Debt recovery agencies will put a large amount of pressure on debtors from the start as they are not able to issue County Court Proceedings on your behalf, subsequently damaging commercial relationship's in some instances.
While every debt collection agency in the UK is subject to the same legislation and regulations, each one will have their own set of procedures that they will follow, within that framework. Forbes Collect is a solicitor led debt collection service, so are well placed to take legal action against a debtor, if needs be.
We are experts in debt recovery and bring the following added benefits:
The Forbes Collect service is designed to guide you through the whole process, from the initial letter stage to enforcement stages. We can give you pragmatic advice and support you throughout.
In England and Wales, in accordance with the Limitation Act 1980, you have six years to pursue an unpaid debt. This period runs from the date payment falls due.
After this timeframe has elapsed the debt becomes Statute Barred. This means that if you pursue the debt and issue a County Court Claim after the six years have expired, the debtor has a complete Defence to the claim. This means that the debtor could use the expiry of the limitation period as a reason for not paying the debt. The burden would then be on you to prove that the time frame hasn't expired.
However, if you have been in contact with the debtor but believe the time frame to have lapsed it is always worth checking with our Forbes Collect team. The debtor may well have acknowledged the debt and so you may be entitled to pursue the unpaid invoices in any event.
Once we have issued a County Court Claim on your behalf and have been successful in gaining a County Court Judgment (CCJ) against the debtor; it means the Court has ordered the Debtor to pay a sum of money over to you. This will be the amount of the claim, plus interest from the date of issue of the claim to the date of the Judgment. The order will either provide for payment forthwith, which means immediately, or will provide a deadline for payment.
The CCJ will be registered on the register of Judgments and, unless the Judgment is paid in full within 30 days of the deadline, it will have a detrimental impact on the debtor's credit rating. This will affect their ability to get credit. If the debt is paid after the 30-day deadline, the Judgment will not be removed from the register, rather it will only be marked as satisfied.
However, a judgment does not in itself guarantee payment of the debt. Our team may have to take further enforcement action should the debtor not be forthcoming with payment.
If you are trying to collect a debt and do not wish to issue County Court proceedings one alternative way is to commence insolvency proceedings. The first step in insolvency proceedings is to serve a statutory demand, which is a formal demand for the payment of a debt. This demand gives the debtor 21 days to make payment of the debt in full. The debtor is subsequently warned that failure to make payment will mean that a bankruptcy or winding-up petition will be presented.
If the debtor is an individual - the debt has to be over £5000 to take insolvency action. A Statutory Demand would be sent followed by the presentation of a Bankruptcy Petition.
If the debtor is a company - the debt has to be over £750 to take insolvency action. A Statutory Demand would be sent , again, followed by the presentation of a Winding-up Petition.
If you are pursuing debt from a company in Scotland or Northern Ireland, this is considered out of jurisdiction and thus a different fee structure applies. Please contact our Forbes Collect team for more information if your debt is out of jurisdiction and we would be more than happy to advise you of your best possible action in recovering the outstanding debt.
Video length: 1m 21s
Forbes Collect is a unique debt recovery process to aid you in the collection of your unpaid invoices. This video highlights the benefits of using Forbes Collect for your business.
08 Nov 2022
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