One of the biggest problems many businesses face is late payments of invoices. Cash flow can become problematic when your clients don’t pay on time. When you’re paying out for staff, resources and other overheads, you may struggle to pay your own outgoings when your customers haven’t paid theirs in a timely fashion. This vicious circle is one that many businesses struggle with, and if credit management isn’t dealt with properly, it could lead to financial difficulties or even liquidation. That’s why an increasing number of businesses, just like yours, are outsourcing their debt recovery and litigation needs.
Time is money, and money is time. More time is more money. Fruitless collection calls, letters and the worry of unpaid invoices take you away from your actual work. Outsourcing your debt recovery is a cost-effective solution to get your finances back under control.
A communication sent from a third party is more likely to result in a quick payment of an outstanding debt. Even a Letter Before Action stating intended action sent from a solicitor is often enough to make a debtor pay up without having to instigate legal proceedings.
The longer a debt is unresolved, the harder it can become to make the debtor settle the amount owed in full, if at all. Their contact details may change, or they could even go into liquidation before you have a chance to recover the monies outstanding. Debt Recovery Specialist acts quickly and is able to escalate the matter promptly if there is an unsatisfactory response from a debtor.
Debt Recovery specialist can deal with anything from small one-off debts to complicated financial arrangements and Litigation stages. Their wealth of experience will make sure your procedures are correct to increase the chances of a successful outcome.
Debt Recovery experts can help advise you on the best ways to still be able to offer credit but minimise the chances of late payment. A firm credit agreement should be in place for every customer, outlining the payment terms – and, of course, the penalties for late payment.
It takes time and effort to chase debtors, so it pays to use a debt recovery specialist to enable you to get on with what you do best – running your business!
Here at Oakwood Solicitors, we’re not your average law firm – our team delivers a service which caters to you. From assessing your case through to completion, our staff have not only the knowledge and expertise, but also the compassion and understanding to put you at ease throughout the process.