The Debt Recovery Process

Recovering debt owed to you can be a stressful and daunting process, especially within the current economic climate, knowing your rights and options is a crucial step to start recovering what is owed to you.

What is debt recovery?

Debt recovery involves steps in recovering money owed to you, whether it is owed by an individual, business or a client.

Recovering debt involves a combination of legal knowledge, strategic negotiation and where necessary legal proceedings so it is crucial that the process is handled correctly.

The process

1. Initial Review and assessment – we will review invoices, correspondence and outstanding amounts. This allows us to assess your claim and advise you on the best course of action.

2. Letter Before Action – We will then send a formal letter known as an LBA (Letter before action)

An LBA is a formal written notice that states the debt owed and expresses a demand for payment within a specified period

It serves as a final warning before legal proceedings are initiated in accordance with the applicable protocol.

3. Negotiation – where appropriate we will attempt to negotiate with the debtor to recover the amount owed.
4. Legal Proceedings- We find that most debtors make payment once they have received our initial letter, if this is not the case and they fail to make payment, respond or even dispute the debt then we can discuss taking the matter further and commencing legal proceedings should the need arise, together with any additional amount you can recover

In commencing legal proceedings, we also claim statutory or contractual interest and/or compensation meaning we can often recover more for you than the original debt

How we can help – our package for businesses

We offer a debt recovery package which is ideal when you have a number of debtors avoiding payment and instructing us is simple.

We provide:

• Fixed price pre-action letter
• Late Payment interest compensation calculated and added where appropriate at no extra charge
• Free credit checks on debtors before proceedings
• Fixed costs proceedings
• Enforcement of judgments

You don’t have to be based in Northampton, Kettering, Corby, or Northamptonshire…..we can help pretty much regardless of where you are. If you’d prefer to meet at our offices, we can meet you across Northamptonshire and Leicestershire in Northampton, Kettering, Corby, Higham Ferrers, Wellingborough and Leicester. Contact a member of our team today!