Cash is the lifeblood of any business and constant diligence is required to spot those customers who are putting your business at risk or reducing its profitability to an unacceptable degree through late payments.
Having an effective system in place for your business when it comes to chasing late payments will help boost cash flow and reduce the risk of overdue payments turning into bad debts. At Clifton Ingram, we can help your business ensure you have efficient credit control procedures in place prior to payments even becoming late and thereafter assist you in recovering debts should they become overdue. Our specialist debt recovery unit gives a complete service to a substantial number of companies and businesses of all sizes and in all parts of the country.
Issuing regular invoices and statements should be a standard part of your credit control routine and if invoices aren’t settled when they should have been, contacting the offending party immediately usually resolves the issue. It is often quite simple to establish whether there is a genuine reason for late payment or whether the offending party is effecting delaying tactics.
If a late payment has turned into a debt and correspondence with the debtor has been unsuccessful, you will need legal advice. At Clifton Ingram, we will advise you as to your most cost-effective option, including whether or not the debt is worth chasing in the first place.
Should you decide that legal action is necessary to chase outstanding debts. We will identify:
- Who owes you the money;
- What terms and conditions applied to the contract;
- Whether contractual interest is claimable; and
- For a fixed fee, we will write to the offending debtor.
If the debtor fails to pay we will start court proceedings, keeping you informed at every stage of the process. We regularly provide you with accurate costs so that you can always ensure that the costs/benefits are acceptable to you. In most cases a good proportion of the costs are also recoverable. We will also take steps to try and check the solvency of the debtor. No one likes to see good money thrown after bad.
In some cases, we will recover goods that have been sold but not paid for, providing a retention of title clause applies.
Contact our Debt Recovery Solicitors in our Wokingham and Reading, Thames Valley offices
Our solicitors at Clifton Ingram can advise you on how to recover debt and can handle your case swiftly and effectively. We are a highly experienced, proactive and down-to-earth team of solicitors; bringing a high quality and professional service to your local area. We regularly advise clients across the South East, including Berkshire, Hampshire, Oxfordshire, Surrey, Wiltshire and London. Speak to one of our team today to see how we can help on 0118 978 0099. Our solicitors will move fast to find a solution personal to you.