Forbes Collect Article
25 March, 2010
The question to be asked in any debt case is "what is the likelihood of getting paid?" An unpaid debt becomes bad when it can no longer be collected.
Before any action is taken a cost/benefit analysis should be carried out to decide whether steps should be taken to pursue the debt or not. If phone calls and letters are having no effect, then further action needs to been taken.
Initially we will send a standard seven day letter before action to the person or company owing the debt requesting payment is made. If this letter fails to resolve the issue we can then start court proceedings and an order will be obtained from court which will allow us to enforce and collect the debt.
There are various enforcement methods available and the most effective will depend on the debtor's circumstances:
Further information on the debtor to assist in the collection of debt can be obtained by either instructing trace agents or making an application for an oral hearing.
Occasionally an unpaid invoice can be a signal of an underlying dispute. Should a dispute arise we have a team of experienced litigators who can advise you on the best course action and the costs involved.
A debt collection compensation charge can be added to the debt in addition to late payment interest. The right to claim interest is your decision and it is not compulsory but will assist in legal fees incurred from pursuing the debt. Legal action does not always have to sour the business relationship and often a simple letter from a solicitor can prompt payment.
The Forbes Business Debt Collection team offers a comprehensive, cost-effective service for the swift collection of debts. Each case is treated individually and action will only be taken after close consultation with you.
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