Knowing your debtor is a key skill. Communication and listening is so important – listen to your customer. Do they have a point? Is there a dispute that can be negotiated and settled? Is it a point of principle that is causing the debt? Are your terms and conditions being adhered to?
I had a conversation with an Insolvency Practitioner recently and her practice was proud of the fact that they dealt mainly with VAs (Voluntary Agreements) which helped all the affected. Although an IP, her team tried everything not to put companies into liquidation. She and I agreed that debt is something that no business or its owners want to think about, but failing to prepare for all possibilities is often one of the biggest mistakes a company (and individual) can make. In Property Management Companies for example, it’s keeping on top of service charge arrears and not letting your tenant accrue those arrears to such an extent the communication can break down – communicating to ensure all parties are aware of future problems can keep debt at bay.
Don’t let your customer become an “ostrich”. Their debt is not going away. Do you have customers or clients who keep putting off paying their fees? They could be the classic “head in the sand” customer, hoping the debt will just go away. It won’t – it is not their money. It is your money or your business’s money.
Allsquare Law can help you collect your debt via our Pre-Action Investigations. Please contact the team at Allsquare Law.
Enforcement encompasses understanding the method to use. Beginning with making enquiries; Judgment Order; Order to obtain information; Land Registry search; Company searches; Writ or Warrant of Control; Charging Order, Interim Order; Third Party Debt Orders; Insolvency and so on. The Government’s help service is good however, once the debtor becomes tricky, this is where a regulated firm of solicitors can really help.
As an ex-colleague of mine once said “whoever snoozes, looses…..”
Allsquare Law is an innovative legal firm enabling regulated debt recovery for our clients. Allsquare Law, being one of the first Alternative Business Structures (ABS), has leading technology enabling its forward thinking team to stay competitive and execute bulk debt arrears, or ad hoc debt.
Contact me if you would like to discuss any concerns.