The business world is full of companies who have gone under because non payers and late payers of bills have not been pursued effectively. Most business people recognise that late payers can often be having genuine problems, and will work with them to address the issues. Sometimes writing simple debt recovery letters can do the trick, and good working relationships can be maintained to mutual benefit.
Non payers can be more difficult to deal with, especially if they have “done a runner” leaving no forwarding address. This is when the services of debt collectors may come into play, tracking down and recovering bad debt. When you have worked extremely hard to build up your business, the very last thing you want is for non payers and late payers to threaten your cash flow, and perhaps even jeopardise the business itself. AR Legal Collections can take the burden of chasing up bad debtors from your business, using their legal knowledge and understanding of guidelines issued by the Office of Fair Trading to resolve the situation to your benefit.
Debt collection is not just about rushing to court, but rather thinking through the problem carefully with advice from a debt recovery company, to map out the best way for recovering bad debt from non payers and late payers. They can help you by debt tracing if a business you have been dealing with appears to have vanished overnight, or by negotiating ways for non payers and late payers to pay you what you are owed.
If you have the right agreement in place with your debt recovery agency, costs can be kept relatively low, freeing up your time and money to do what you do best – developing your business. Bear in mind that litigation can get very expensive, so work with your debt collectors to explore all other avenues first before taking non payers and late payers to court.
For more information, free initial advice or a general discussion, please contact AR Legal Collections on +44 (0)20 8202 0730.