Recovering payment of debts can often hinder the day to day management of a business as pressure mounts to ensure that overdue payments do not turn into bad debts and prove detrimental to the cash flow.
A diplomatic, but firm approach to debt recovery will ensure that the issue is rectified without alienating valued customers. Simply by making sure that payment terms are clear, and always making contact if a payment is late, a business is more likely to be paid promptly. This can easily be achieved with legal guidance, liaising with professionals experienced with the challenges that may arise in the commercial market.
For example, at Geoffrey Leaver we can offer a fixed price package for clients facing debt recovery difficulties where a letter can be sent to the debtor within 48 hours of receiving all relevant details of the outstanding debt from the client. With a transparent price, and quick turnaround, the value of investing in legal advice far outweighs the cost to a business that could potentially be involved from the amount outstanding because of a bad debt. If payment is still not received, Geoffrey Leaver Solicitors can help take further action such as serving statutory demands, bankrupting petitions or taking court action to recover payment.
Taking the first step and sending a letter of instructions to your client is a low cost sultan to get cash flowing in the right direction again.
For more information please email us or call 01908 692769.