- February 7, 2014
- Posted by: Josiah Hincks Solicitors
- Category: Our News
When a business disputes occurs it can be devastating. The most common type of dispute that occurs in Leicester is non-payment of invoices. Perhaps owing to the recent economic climate there have been a number of businesses who have struggled to recoup the monies that are owed to them from third parties.
There are a number of simple things a business can do to help with recovering any debts due.
Firstly, ensure that your business has terms and conditions that clearly set out the cost of the goods / services being provided and the payment terms. You may be surprised at the number of businesses that don’t clearly set these out at the commencement of the contract, ensuring these terms are clear and unequivocal will put your business in a better position to recover the debt, not least because if the price of the goods or services is unclear, the only party that may be able to resolve this is the court.
Secondly, credit control is vitally important for any business. There is no law that prohibits a business from sending a reminder before the payment period expires (normally 30 days from the date of the invoice). Such reminders not only help ensure payment within the 30 day period but it also lets your customers know that you are focused on credit control, this can have a positive psychological impact for debt recovery.
Thirdly, if, despite having clear terms and conditions with your customer and having chased them for the debt we are here to help you recover your money. At Josiah Hincks solicitors we have a team of experienced debt recovery solicitors who will work with you to help ensure recovery of your monies. Most debtors do not want to risk getting a County Court Judgment against them as this will have a detrimental impact on their ability to obtain credit in the future, as such the threat of legal proceedings is normally sufficient to ensure the debt is recovered. If your debtor doesn’t make payment after we have written to them we shall issue court proceedings.
Once judgment is entered in your favour we will recommend which enforcement method will be best suited to recover the debt.
For more information about our debt recovery services please get in touch today.