Unpaid debts can cause serious problems for many businesses. They affect cash flow, and can adversely impact your ability to meet your own financial obligations to staff or creditors, and potentially harm your reputation.
Whether your business has large volumes of invoices to recover, or the occasional debt, our fixed-fee debt recovery service gives your business a clear, fast and cost-effective solution to recover the money you are owed.
The debt collection team at Spencers is fast and efficient and offer a seamless approach to your case as we can help you every step of the way. We will guide you through the debt collection process, from sending a letter before action to your debtor; assessing your debt recoverability chances and issuing Court proceedings if needed. We will work hard to try to retrieve the amount outstanding to you plus any costs and interest.
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We can handle enforcement proceedings for you to take action on any unpaid Judgement debt. This can include Court Proceedings; instructing bailiffs, freezing assets; or gaining a charging order on land/property.
From only £60 + VAT
Solicitor's letters to your debtor threatening County Court or Insolvency Proceedings
From only £100 + VAT
Issuing a County Court Claim or Statutory Demand against your Debtor
From only £75 + VAT
Taking Enforcement against your Debtor
On 1st October 2017, new rules came into force - the Pre-Action Protocol for Debt Claims affecting debts between a business and sole trader or individual. This protocol means that businesses have to give requisite documentation and information to debtors and also give them at least 30 days to respond.
Spencers Solicitors specialise in resolving business debt disputes and can offer a bespoke service for debts of this nature.
For business to business debt recovery companies are still permitted to use letter before action with a time frame of between 7 to 14 days for payment. Contact Spencers now for robust collection action.
If the debtor is having trouble paying you - it is likely that they are experiencing financial difficulties and owe money to other creditors too. This which makes it essential you take action before it is too late.
There is no point in pursuing a debtor for money you are owed if they are unable to pay. You can easily check their status through Companies House searches and bankruptcy checks.
Going to court has its place but is not always the best way to ensure debt is recovered. We use to the most effective and speediest pre-court methods to ensure recovery of the money you are owed.
Under the Late Payment of Commercial Debts (Interest) Act 1998 you are entitled to recover compensation from the debtor, due to their late payment. This compensation is in addition to their repayment of the amount owed and any interest.
If we are successful in recovering compensation, it will go towards covering the cost of instructing us to recover the debt on your behalf. We will always seek to recover compensation from the debtor: however, this can only be recovered where the debtor is a business.
The amount you are entitled to recover is dependent on the amount owed and the number of outstanding debts.
Our fixed-fee debt recovery service for undisputed debts includes:
The benefits to your business: