Whether you are a business owner, accounts receivable manager or credit controller tasked with pursuing unpaid debt, it can be a nuanced and challenging endeavor.
If you are in business long enough, the need for a debt collector will become inevitable. When it is time to collect on unpaid debts, you can eithertry to handle everything yourself or outsource your collection efforts to a third party.
At Lovetts we've been awarded the Law Society's top accolade of Lexcel Accreditation for our personal and business debt collection services.
Imagine this situation: a sales person has skilfully closed a high-value deal, only to allow the customer to dictate payment terms at the last minute. Oooooops…
Sometimes a debtor will change address without notifying creditors, leaving those creditors feeling pretty helpless as far as debt collection goes.
As a creditor it might seem like they have gone for good, but remember: nobody really disappears off the face of the earth.
When you're in business a bounced cheque or direct debit can feel like a major blow. However, it's not all bad news… That's because the payment failure represents solid evidence, not only that you are owed money, but also how much.
Debtors are becoming more sophisticated in avoiding enforcement of a debt. This is partly due to the exchange of information through some online forums. However, there is always a solution to every problem. There are many enforcement options, one of them being a Third Party Debt Order, formerly known as a Garnishee Order. Here, we focus on the pros & cons and other relevant details of Third Party Debt Order.
In February 2016, A Civil Courts Structure Review – Interim Report was published by Lord Justice Briggs which proposed an Online Court and effectively raising the small claims threshold to £25,000. The proposal was potentially the biggest shake-up of the Court system in almost 20 years.
When it comes to payment disputes it's easy to take things personally. After all, you've kept your side of the bargain and the non-payment can feel like a slap in the face.
The Ministry of Justice have confirmed that following a debate in the House of Lords on 20th July 2016 and the swearing in of the new Lord Chancellor, Elizabeth Truss, there will be an increase to some Court fees from 25th July 2016 following the approval of the Civil Proceedings, First-tier Tribunal, Upper Tribunaland Employment TribunalsFees(Amendment) Order 2016.