At some point in our lives we may encounter the word ‘debt’. You may be owed money from an individual or a business. So how can the J M Wilson team help you recover the money you are owed?
We understand that recovering debt is stressful, especially when you have several other important things that require your attention. We can help defuse awkward situations without you being involved and preserve your relationships with good clients by pursuing the debt in a firm but professional manner.
Before taking court action, we look to undertake steps to make the individual debtor (person owing the debt) aware that they owe you a debt and provide them with a deadline to repay that debt. Under the Late Payment of Commercial Debts (Interest) Act 1998 you are entitled to claim back the costs involved with recovering your debts. Under this Act, we are able to recover the costs of using our services at various stages of the collection process in relation to the debt. Furthermore, if your claim is successful, we can help you claim compensation and additional interest on the outstanding debt. You are entitled to claim £40.00 to £100.00 in compensation per invoice and interest at 8% above the Bank of England’s base rate, this is all in addition to the original debt amount and legal costs*.
At J M Wilson Solicitors our priority is to try and settle the matter first without going to court thus keeping your legal fees to a minimum. Should the debtor refuse to comply with our requests for payment it may then be necessary to take the matter to court.
Once a County Court Order or High Court Enforcement Order has been obtained against the debtor, there are various options available for you to enforce the debt.
Some of these options are as follows:
- Instructing court bailiffs to seize goods at the debtor’s property to be sold for payment of the debt;
- An attachment of earnings order for the debtor to pay instalments from his or her earnings towards the money owed;
- A charging order to secure the debt over any property that the debtor may own, and ultimately;
- Insolvency proceedings to bring a bankruptcy petition against an individual or a winding up petition against a company.
At J M Wilson Solicitors, we take a strong but professional approach to recovering debt owed to you, whether this is a large or small sum.
If you feel you may be owed money of any amount, we are happy to talk to you to discuss your options and provide you with professional legal advice. Ask to speak to our specialist advisor, Lisa Shocker from our Civil and Commercial Litigation department on 0121 356 4556 or email your enquiry to firstname.lastname@example.org.
*This is subject to whether the debt qualifies as a commercial debt under the Late Payment of Commercial Debts (Interest) Act 1998.