Pre-Litigation Letter

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Chasing debtors - it's easily one of the most frustrating yet vital aspects of running a business. Recovering the money owed to you is essential. Without doing so, poor cash flow could lead to severe consequences for your business. Yet, you're not an expert at debt recovery, and you have a company to run. So what do you do?

Turn that frustration into positive action. Speak to Forbes Collect. We are experts in debt collection, and also happen to be solicitors, which comes in very handy. And being regulated gives us an extra advantage.

In short, we deliver a persistant, yet professional approach that leads to prompt payment. Our service is managed through a cloud-based system online. So it's easy for debtors to make payments 24/7, and for you to keep track of our progress. And because we offer "no recovery no fee" and a transparent pricing structure, it's the high success, low risk solution you need, whether you run a small start-up or an established, larger business.

Maximise your chance of debt recovery and boost the amounts recovered. Get connected with Forbes Collect today. Debt recovery made easy.

What happens once you instruct us?

Once you have instructed us to collect your unpaid invoices, our commercial debt recovery service starts with an initial letter. This letter gives the debtor 14 days to make payment. If we fail to receive payment within this timeframe we will, with your permission, issue a County Court claim against the debtor.

Our debt recovery team will conduct either a Companies House search or an Insolvency search to investigate the debtor prior to sending our initial letter. This is to ensure that there are no obvious solvency issues with the debtor at the outset.

As part of our debt collection service we add interest, and in the case of business debts compensation, to each invoice that is outstanding. This is often a considerable sum that goes a long way towards our debt recovery charges.

Statutory late payment interest is charged at 8% above Bank of England base rate for businesses

Statutory interest is charged at 8% for individuals

Compensation:

  • Debt value less than £1000 : £40
  • Debt value less than £10,000 : £70
  • Debt value of £10,000 or more : £100

Our aim is to maximise successful recoveries at this early stage of debt collection and so we make several chase attempts before this 14-day deadline expires.

Input from our clients shows that using all forms of communication and utilising text messaging helps us to be more effective at recovering debts.

If you wish to speak to our expert debt collection team about debt recovery for your business contact Forbes Collect on 0800 689 4176 or email us on forbescollect@forbessolicitors.co.uk.

Forbes Collect - debt recovery made easy

Forbes Collect

08 Jun 2017

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