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Debt Recovery - Cash is King!
In previous articles, we have given tips to help your credit control. For a quick recap:
1. Know your customer: it is essential to know the full name of your customer.
2. Think about your exposure: if things went wrong, and you were not paid, how much would you be "out of pocket"?
3. Have a system for collecting your debts.
Also remember, you can make your debt recovery pay, or at least contribute to your costs. You can claim compensation of up to £100 per outstanding invoice and interest at 8% over base. This can help towards your legal costs or be used to negotiate with your debtors.
Perhaps the best tip for keeping on top of your credit management is to keep in contact with debtors, so you can identify debts that may be difficult to collect.
At Bradshaw Hollingsworth Solicitors, we are working with companies in Leicester, Leicestershire and nationwide to improve cashflow and recover their debts. This can be from sending a debt recovery letter, also called a Letter Before Action, to issuing court proceedings at the County Court.
Contact Greg Hollingsworth at Bradshaw Hollingsworth Solicitors to talk about your debt recovery requirements.
Bradshaw Hollingsworth provide specialist legal advice in the areas of Employment Law, Litigation, Commercial, Insolvency, Debt Recovery, Wills & Probate and Property, including residential conveyancing, house sales, house purchases and re-mortgages. For more information about our services please contact Greg Hollingsworth of Bradshaw Hollingsworth Solicitors, 19 New Walk, Leicester on 0116 204 2500 or by email at greg.hollingsworth@bhlaw.co.uk.
Partners: Robin Bradshaw and Greg Hollingsworth - Bradshaw Hollingsworth is regulated by the Solicitors Regulation Authority.
