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Business Debt Recovery
If you have been in business for any length of time you have probably needed to collect a debt that was owed to you. You may have had to hire a solicitor to handle the process for you. While you may have gotten the payment the expense of a solicitor may have been more than you really wanted to spend. Keeping costs down in business is one of the key components of a successful business. Of course, so is collecting any monies owed to your company. This web site is devoted to providing the most current and legal templates for business debt recovery.
We have used the services of highly competent solicitors to draft our letters and templates. They are easy to download and provide a very affordable way to recover business debt. This is especially helpful if you have a small or medium sized business. Our forms allow you to take control of the situation and get the money you are entitled to into your office.
If you want to collect an overdue debt or just draft a proposal for a repayment of the debt it can be found on these web pages. A guide is provided for the ease of completing the templates or letters. They can be customised to fit your exact situations as well as helping you understand the legal terminology.
business must have a positive cash flow and with these letters and templates you can continue to pursue this cash flow. No one wants to have to collect a business debt, but sometimes it must be done. Everyone has the right to be paid for the work that has been completed, so find just the right document to help you receive your payment.
Once you have a business invoice with the terms and conditions written on it you will have verifiable proof of when a business debt must be paid. If the terms and conditions of this invoice have been broken, your business can then begin business debt recovery. There is a step by step procedure that is followed starting with a claim for business debt recovery. Businesses can also find an acknowledgement of debt, guarantee for payment, assignment of debt and notice, power of attorney to collect a debt, limited sum documents and others that will get you the payment you deserve.
Before you send the form that lets you take the party to court it must be prefaced with at least two letters informing the party or company that the invoice is past due. The letters must be very specific, noting the invoice number or numbers that are unpaid. Your business must also tell them in these letters that your company will be seeking the court’s help to recover this business debt if it remains unpaid. Our business debt recovery letters will help you in preparing the information.
A document that can be very helpful if the payment stretches into years can be an acknowledgement of debt. This would be something that is signed at the time the work was started. It can help recover a debt that has gone beyond the six year statute of limitations. This is the period of time that the UK provides for a debt to be collected. However, if the party or company signed this agreement you will have more paperwork to help you plead your case within court. The following procedures of two letters, the acknowledgement of debt and the form taking them to court must be presented.
If your business doesn’t wish to get involved in court proceedings to collect a business debt you could use the debt settlement letter from our web pages. It would allow you to accept a realistic payment of the debt to settle out of court. The letter has been created by a solicitor so you can use it with confidence. The use of this letter has been shown to settle the debt without the court becoming involved which can save your company money. Making an offer like this with a debt settlement letter might be all the incentive necessary to receive the money you are owed. As always the template allows you to reuse it as often as necessary to recover a business debt.