POSTS TAGGED : debt recovery

The Business Debt Recovery Process

Most, if not all, firms may need to pursue an outstanding debt at some point, regardless of their industry. To help with cash flow, it is crucial for many firms to effectively handle the recovery of unpaid debts.

Debt collection meeting

Businesses must have a comprehensive debt recovery procedure in place to do this, and they may also want the help of a qualified debt recovery solicitor to guarantee fast payment of bills. The business debt recovery team at Myerson Solicitors can help you recover what is owed to your business.

How Long do Businesses Have to Collect a Debt?

Businesses in England and Wales have six years from the due date of the payment to pursue the unpaid debt.…

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Don’t Try This At Home – The 5 Worst Mistakes People Make When They Get Into Debt

Debt has a horrible way of sneaking up on you. While there are plenty of things you can do to escape its clutches, there are some tempting “fixes” you must avoid at all costs.

Stressed out woman due to debt mistakes

Source – Unsplash – Anh Nguyen

To ensure you don’t inadvertently make things worse while trying to make them better, steer clear of the following five mistakes people make when they get into debt:

1. Payday Loan Panicking

When you panic, you don’t tend to think any further ahead than the moment you are in. This can lead you to act in ways that aren’t healthy for your future self.…

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5 Steps for Debt Recovery

Sound collection procedures and processes do not always stop bad debt occurring. The important step is knowing how and when to increase the severity of the action to be taken to recover these bad debts.

Debt recovery

Early communication with the debtor is on one of the key steps to ensure recovery of the debt.

This contact needs to be consistent and measured to determine what action mostly achieves the desired result.

There are various collection processes that can include:-

  • personal contact with your client either face to face or via the telephone
  • written demand requesting payment
  • negotiation
  • use of a debt collection agency
  • legal action

Contact

Collection of your overdue accounts should be a daily task not just looked at when cash flow is poor.…

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