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Help with debt recovery

PUBLISHED: 22:12 28 July 2012 | UPDATED: 21:40 20 February 2013

Help with debt recovery

Help with debt recovery

By Nicholas Southwell, Solicitor at Tayntons of Gloucester

Help with debt recovery

By Nicholas Southwell, Solicitor at Tayntons of Gloucester

Late payment or even non payment of invoices is one of the major headaches facing business today - and its getting worse.

Many companies, especially larger ones, are extending their payment times from 30 days to 60 days and even 90 days or more.

This puts their suppliers and contractors under severe pressure and many of course go out of business.

At Tayntons we have evolved a service tailored to suit your business needs delivering a cost-effective solution to getting paid faster.

We can help with all aspects of debt recovery. If you are owed money for goods and services correctly supplied this can be frustrating and sometimes financially damaging for your business.

But, it is your legal right to be paid on time.

Good commercial practice starts with an effective credit control policy protecting your cash flow.

Without this, your business may suffer from reduced profitability, cash flow problems and even insolvency.

We can review your current credit control policy and help you improve your payment terms and conditions and credit documentation.

We understand how much time can be lost in chasing late payments and so where necessary we can act as an extension of your credit control department and aim to recover payments without the need for court proceedings.

In every case, we send a letter of claim for a fixed fee of 25 and thereafter costs will depend on whether claim is contested or uncontested.

If pre-litigation efforts fail to yield results we never issue proceedings without discussing a strategy for recovery of your debt with you first.

Gathering information before taking the decision to sue is an essential part of the process of formulating that strategy.

It ensures that the debt is recovered cost effectively. Where the costs and the risk of litigation outweigh the potential benefit, we will not hesitate to advise you to consider writing off the debt if it is appropriate to do so.

If the debt is contested, we will write to the debtor on your behalf in an attempt to resolve the dispute.

If the debt is uncontested, we will simply send a formal letter requesting payment in full within a specified deadline.

If you do not receive payment by the deadline, we will write a letter before action threatening court proceedings if the debt is not paid within seven days.

We also operate a fixed fee recovery system for uncontested debts thereby ensuring you can keep on top of your costs at all times. Details are available on our website.

Once you have secured a court order in your favour for the debt to be paid, we will advise you on how best to enforce the order, using one of the following methods:




  • Writ or Warrant of Execution We instruct High Court Enforcement Officers to remove goods to the value of the debt.

  • Charging Orders We will secure the value of your debt against property or land owned.

  • Third Party Debt Order We can obtain a court order compelling a third party to pay funds to you.

  • Order for Questioning at Court An order requiring the defendant to attend at Court to answer questions under oath.

  • Attachment of Earnings Order An order requiring the defendants employers to pay you directly from their salary

  • Insolvency Proceedings We will obtain a Bankruptcy or Winding Up order.





For more information on our debt recovery service please contact:

Nick Southwell

Solicitor

Direct: 01452 509092

nick.southwell@tayntons.co.uk

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