Financial transactions in and out of your company accounts can be a fast moving process and as such it can at times be complex to monitor. As so often happens, outstanding debts regarding monies owed to you can mount up, and this is something that needs to be addressed as swiftly and efficiently as possible. If your in house credit control department have done all they can to recoup the debt yet remain unsuccessful then you may require the assistance of a legal expert.
As it currently stands, debts that have remained outstanding and unpaid for a period of six years or more can legally be eliminated so it is of utmost importance that you address any debts before this time frame is reached or exceeded.
At Bailey & Cogger, our debt recovery team have a wealth of knowledge and experience in dealing with matters of debts in a wide variety of industries encompassing business of all sizes from initial start-ups to well established large corporations.
We can help you with:
- the development of robust credit control procedures;
- formal demand letters, requesting payment as soon as an account becomes overdue;
- follow-up letters to deal with account queries;
- compliance with the strict rules governing the recovery of debts from individuals, including sole traders and members of the public;
- calculating interest due on outstanding accounts in accordance with your terms and conditions of trading;
- calculating interest, compensation payments and recovery costs that may be added to outstanding accounts owed to you by other businesses under the Late Payment of Commercial Debts (Interest) Act 1998;
- the issuing of statutory demands for undisputed debts where the instigation of bankruptcy or insolvency proceedings is considered the best way of securing payment;
- the issuing of court proceedings for undisputed debts where bankruptcy or insolvency proceedings are not appropriate;
- the use of mediation and other forms of alternative dispute resolution to deal with disputed debts;
- the issuing of court proceedings for disputed debts where alternative dispute resolution is not appropriate or has failed; and
- the enforcement of court orders directing debts to be settled.
Advising businesses throughout Kent and beyond
If the need arises we can also offer meetings at your place of business or via skype if appropriate.
How much does it cost?
The cost of our debt recovery service depends on your circumstances and whether the debts passed to us are disputed. We are happy to provide a quotation and to agree flexible payment terms, including monthly billing to help you budget.
Where the Late Payment of Commercial Debts (Interest) Act 1998 applies it may be possible for you to recover some or all of the costs incurred in the debt collection process. This is because, under the Act, it is usually possible to add interest, compensation and reasonable recovery costs to any sums you are owed.
Get in touch
Call us on 01732 353305 if you need our help. Alternatively complete our Contact Us form and we will be in touch as soon as possible.