How can I reclaim an outstanding debt?
6257284524_1b1022a53c
Photo Credit: SalFalko via Compfight cc

By the time you decide to take action to reclaim an outstanding debt, you have probably been dealing with the issue for some time – from initially carrying out the agreed work, to invoicing, to chasing the customer for payment until you can wait no longer.

 

However, take a moment to step back from the situation, and look at it anew to determine where the process broke down; is it possible that your invoice genuinely went astray? Or that your client has the full intention of paying you, but is facing late payments from customers of their own?

 

Depending on your relationship with your client, you might want to be lenient if you can afford to be; but where this kind of relationship does not exist, or you can wait no longer for the money, experts like those at CPA can help.


 

First, we may need to see copies of any signed contracts governing your work done for the debtor, along with your invoice and any subsequent reissues that state extended payment deadlines.

 

We can then contact the debtor to explain to them, in clear terms, how much they owe, when it was due, and what action they may face if they do not pay – often the threat of court action, coming from a debt recovery specialist like CPA, is enough to make the debtor realise you are not bluffing.

 

Some UK debt recovery companies are still advising customers to seek a fixed-fee service; and while this is still good guidance, it is less significant since early 2013, as reasonable recovery fees can now be sought from the debtor, rather than being deducted from the amount you receive when they settle their bill.

 

With the option of adding statutory interest dating back to the day the invoice went overdue, even fairly old debts can be worth pursuing, as it’s likely that the sums involved will have become quite substantial when the interest is factored in.

 

For more information on how to proceed with pursuing any debt – big or small, new or old – contact CPA directly and make a no-obligation initial enquiry.

Leave a Reply

Your email address will not be published. Required fields are marked *

REQUEST A FREE CALLBACK

Website Designed by Brookstone Creative Ltd.