Why You Should Use Debt Recovery Solicitors

1. Why You Should Use Debt Recovery Solicitors Debt recovery solicitors can provide you with legal advice and assistance when it comes to debt recovery law. They provide a complete range of legal services from the initial assessment and demand letter to commercial legal proceedings, filing and serving claims to obtaining a judgment. The legal process starts with an initial assessment of the debt. This involves fully understanding the nature of the debt and how much is owed, along with details on the debtor. After this, the debt recovery solicitors send a formal letter of demand that outlines the debt and asks for prompt payment. The letter is usually a final warning before any legal action is taken. Sometimes it also includes a payment deadline. In the event the debtor fails to make the payment as per the letter of demand, the debt recovery solicitors start legal proceedings. This involves filing a claim at the appropriate court. The court will be determined based on the amount involved. With the legal proceedings now under way, the statement of claim and the claim are filed and served to the debtor. These documents outline the debt, claim basis and expected relief. Should the debtor continue to ignore the claim, or if the court finds in favour of the creditor, then a judgment is obtained. This judgment is a formal court decision. When you have the judgment in hand, there are a number of enforcement actions that can be taken to recover the debt. This can be the court issuing an enforcement warrant to seize and sell assets belonging to the debtor or forcing the debtor into bankruptcy or insolvency. Your debt recovery solicitors can assist with liquidation proceedings should the debtor be unable to make payments. Bankruptcy is for individuals, while liquidation is for businesses. This may involve the sales of the debtors assets in order to recovery any debts owed. Many creditors will rely on debt recovery solicitors to get any outstanding debts collected. As a business, you need a consistent cash flow and be free of any debts to succeed. When your debtors don't make payments, it slows down your cash flow and can result in issues within your own business. Debt recovery solicitors specialise in helping you collect monies owned to you. They specialise in the law and are not a debt collections agency. When you work with these legal professionals, you benefit from their extensive debt collection knowledge and how they navigate these problems. Debt recovery and law are connected. Collecting debt involves the managing of money and personal details on your clients, this is stressful to you. It is essential that this is all correctly managed, to ensure your debtors are safe. With such high takes, law places regulations on what can and cannot be done by debt collectors when it comes to recovering debts. Debt recovery solicitors are legal professionals with in-depth understanding of the laws and how they are applied. Any debt recovery has a number of steps designed to recover any amounts owning as efficiently and legally as possible. This always starts with the assessment and demand letter, then starting legal proceedings, filing a claim, obtaining and then enforcing a judgment. Chances are that a debt recovery solicitor has a higher chance of convincing your debtors to make payments, when compared to a debt collections agency. Legal professionals are professional and have an authoritative appearance. The debtor is immediately made aware of the seriousness of the situation and are more likely to make the payment to reduce the risk of legal problems down the line. About Us: Grant Saw Solicitors LLP is a London based law firm that caters to private and business clients. The firm has been operating since 1851 offering legal excellence and a modern and friendly approach. They are recognised for their excellence with numerous accreditations. Grant Saw Solicitors LLP are based in Blackheath and Greenwich, both offering disabled access. Their extensive range of legal services range from tenant and landlord disputes to residential property transfer, commercial property, insolvency, employment and dispute resolution.