The Law Shop can help if you’re owed money, whether you are a business or an individual. If your debtor has gone AWOL and it’s causing you problems, let us know.
Debtors can cause aggravation and hardship to businesses and individuals alike. When a debtor refuses to pay ignores notices and avoids phone calls a creditor can be left feeling helpless and frustrated.
For small businesses unpaid debts can cause serious cash flow difficulties and lead to a loss of credit and ultimately a loss of the business.
Here at the Law Shop we recognise the need to recover debts quickly and efficiently. Our professional team work with the creditor to secure the outstanding sums from the debtors in the most cost effective and suitable way.
Often a solicitor’s letter demanding payment can be sufficient to encourage a debtor to pay. We will send varying degrees of debt recovery letters to the debtor and follow them up with telephone calls and emails to ensure a response.
If a debtor continues to refuses to pay his debts we will advise you on the best methods to secure payment. Often the two main methods of recovering debts are:
- Drafting and serving a Statutory Demand on the debtor requiring payment to be made within 21 days. If payment is not made then if a debtor is an individual a bankruptcy petition can be issued at court, petitioning the court to make the debtor bankrupt. Or if the debtor is a company petitioning the court to declare the company insolvent and wind it up.
Often the threat of being made bankrupt or being liquidated is enough to prompt payment. If not the insolvency proceedings that can be issued following the Statutory Demand will allow at least some monies to be recovered but will depend on the resources of the debtor and any other creditors as to the actual sum recoverable.
- Alternatively, a debt claim can be issued at court for the debt plus interest and costs. This claim will follow the normal litigation route through the court system. Upon judgment being awarded it can be enforced through bailiffs, charging orders or a number of other measures that our team will be happy to advise you on.
We understand that every debt is different and the circumstances of each debtor will vary. At the Law Shop we will guide you through the different options available and advise you on the best steps to take to recover the debt owed.
Why not pop in or call us now on 0800 999 8880 for a free 30 minute appointment to discuss your debtors.
