How to turn confusion into progress when it comes to debt recovery.
Debt recovery - do not roll over and accept it.

November 23, 2023

How to turn confusion into progress when it comes to debt recovery.

Dealing with debt recovery can feel overwhelming, causing stress and confusion. You may feel like your only options are to spend lots of money to recover the debt or to lose lots of money by writing it off.  Neither are appealing options but there is another way. Below are 5 tips to help you.

1.    Understand how much your business is owed overall.

The first step is to take a little time to properly understand the debt. How much is it? How have the debts arisen? For example, an unpaid loan, unpaid services charges, or unpaid invoices. 

2.    Gather your evidence.

Pull together all documents relating to each debt. Helpful documents such as:-

–         the contract with your client.

–         your business terms if those are in a separate document to your contract. 

–         all letters, emails, text messages, WhatsApp messages and any other form of written communication between you and your client. 

3.    Initial chat: 

Call your client to try and find out why they have not paid. 

Can they pay? Have they missed your invoice or forgotten to pay. Or are they genuinely experiencing financial difficulties and they can’t pay.

4.    Get legal advice: If you have completed stages 1 to 4 above and your client still has not paid, take legal advice as soon as possible. Many lawyers offer low fixed fees to help and they should be able to handle the process of getting the debt paid reducing the confusion and stress for you.

5.    Keep a Positive Attitude.

You can do this! You do not have to roll over and write-off debt. Follow the above stages and get paid.

If you would like to get a debt paid, we can help you. We offer a free, no-obligation initial chat, and if you choose to work with us, we offer low, competitive fixed fees.

Make a free enquiry. Call us on 020 8150 7171, email [email protected] or complete our Free Online Enquiry for a free, no-obligation discussion and let us explain your legal rights and options.

Would you like to speed up inbound cash to your businesses? Take our free scorecard full of helpful tips and tricks to help you achieve just that. You can take the scorecard by clicking the link below.

#business #businesscontracts #cashflow #debtrecovery #invoices

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