Business Debt Recovery

Unpaid debts can cause serious problems for many businesses. They affect cash flow, and can adversely impact your ability to meet your own financial obligations. Whether your business has large volumes of invoices to recover, or the occasional debt, our fixed-fee undisputed debt service gives your business a clear, fast and cost-effective solution to recover the money you are owed.

You are to decide from the start exactly how much you wish to invest in recovering a bad debt and how far you are willing to take legal proceedings. We don't want you to throw good money after bad. There is no surprise bill for you to pay at the end and often, your debtor will make a contribution towards the cost of recovering what you are owed.

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When should you instruct us?

If the debtor is having trouble paying you - it is likely that they are experiencing financial difficulties and owe money to other creditors too. This which makes it essential you take action before it is too late.

Is the debt worth pursuing?

There is no point in pursuing a debtor for money you are owed if they are unable to pay. You can easily check their status through Companies House searches and bankruptcy checks.

Is court the best option?

Going to court has its place but is not always the best way to ensure debt is recovered. We use to the most effective and speediest pre-court methods to ensure recovery of the money you are owed.

Claiming Compensation from the Debtor

Under the Late Payment of Commercial Debts (Interest) Act 1998 you are entitled to recover compensation from the debtor, due to their late payment. This compensation is in addition to their repayment of the amount owed and any interest.

If we are successful in recovering compensation, it will go towards covering the cost of instructing us to recover the debt on your behalf. We will always seek to recover compensation from the debtor: however, this can only be recovered where the debtor is a business.

The amount you are entitled to recover is dependent on the amount owed and the number of outstanding debts.

Our fixed-fee debt recovery service for undisputed debts includes:

  • No hidden charges - just a single fixed-fee
  • No commission payable on amounts successfully recovered
  • Advice on claiming compensation from the debtor
  • Advice from your lawyer at each stage of the debt recovery process

The benefits to your business:

  • Reduce the amount of bad debt your business writes-off each year
  • Improve cash flow
  • Discourage late payment by taking a consistent approach to recovering debts
  • Reduce the burden on your finance and administrative staff by outsourcing the process

Our Fees for Debt Recovery

Stage 1

Solicitor's letters to your debtor threatening County Court or Insolvency Proceedings

From only £50 + VAT

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Stage 2

Issuing a County Court Claim or Statutory Demand against your Debtor

From only £100 + VAT

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Stage 3

Taking Enforcement against your Debtor

From only £75 + VAT

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How can we help?

Why Choose Spencers Solicitors?

At Spencers Solicitors we are fearlessly committed to our clients and ensuring that their best interests are central to everything we do. To maintain this focus, we request client feedback at the conclusion of every case we handle. By sharing the responses we receive, you'll find out why clients choose Spencers Solicitors to deal with their legal issues.

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Contact Us Today

Our offices are conveniently located near to Chesterfield town centre & fully equipped with onsite meeting facilities, disabled access and free parking.

  08000 93 00 94

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