As an MD, CEO or CFO, the last thing you want to waste your valuable time and attention on is late or bad debt. You need to be focused on growing the business.
We all know that it’s a waste of time having accounts chase it up. If they could have collected the money, then the invoice would have been paid by now.
The good news is that you can get many of your commercial (Business-to-Business) debts collected at no cost provided you act quickly. We add our fee onto your debtor’s invoice as covered by the European Directive 2011/7/EU which came into force on 16th March 2013.
We will add the appropriate late payment (commercial debts only) to their invoice:
Less than £1,000 £40
£1,000- £10,000 £70
Over £10,000 £100
Else will also add on statutory interest which is currently 8% pa for commercial debts.
The complete debt recovery process starts by minimising your amount of late and bad debt through good credit control. Here are the key steps in this end-to-end process:
- Credit control – the best way to minimise late and bad debt is by putting in place effective terms and conditions and having a rigorous credit control process.
- Your billing process – this is a key part of credit control – invoice your clients on the day of delivery. Don’t wait. We will advise you on best practice.
- Debt collection letter – this is the step before legal action. Else collect 95% of debts at this point.
- Issue Court proceedings – if our series of letters is unsuccessful and they can pay the debt then we issue a County Court Claim and take the needed legal action.
- Apply for a CCJ – If the proceedings are not acknowledged or defended then we will apply for a County Court Judgment.
- Enforcement – The final step is enforcement of the judgement which can be done as required such as winding up limited companies, bankruptcy, charges against property, attachment of earnings order etc.
What We Do Best
Else Solicitors has a long standing reputation as the debt recovery solicitors. We work hard to ensure that you get paid whether this is through rigorous credit control, debt collection letters or legal action. Debt recovery is one of the things we do best and we can collect late and even “old and abandoned” debts on your behalf.
Discover why we are considered the best and why even major international law firms use our services and how we recovered £4,500 for a major travel brand.
For more information please contact Laura Charles or Chris Else on 01283 526210 or email laura.charles@elselaw.co.uk or chris.else@elselaw.co.uk.
SRA Transparency Rules: Debt Recovery Process Pathways & Charges
What are the SRA Transparency Rules?
The SRA Transparency Rules set out the information that SRA authorised firms should make available to clients and potential clients and form part of the Better Information, more choice: Post consultation rules. The rules aim to ensure people have accurate and relevant information about a solicitor or firm when they are considering purchasing legal services and will help members of the public and small businesses make informed choices, improving competition in the legal market.
Debt Recovery Guide – Process & Costs
