Process of debt recovery in Manchester

Are you looking for professional advice on the best way to recover debts because you need help in Manchester to get the money that is still owing to your business? The highly knowledgeable and resourceful experts at Oakwood Solicitors could use their in-depth understanding and expertise in the field of debt recovery to offer your company a variety of debt recovery solutions and identify the most practical and appropriate way to collect money from your business or personal debtors.

In order to collect monies that are due by commercial clients or consumers who have not paid, the specialist debt recovery team at Frontline collection used a straightforward but effective three stage debt recovery approach when working on behalf of businesses like yours.

Access to current, up-to-date debt assessment data is the first step toward a successful collection recovery. To get the most recent debt account information, businesses must gather and evaluate the many data sources. For instance, it is important to be aware of a debtor's recent relocation, bankruptcy filing, or incarceration since these significant changes in the debtor's lifestyle may affect their capacity to pay.

Your debt collection plan may benefit from including an analytics and data hygiene component to more effectively acquire and clean data for debt recovery. You may get regular updates and stay in touch with a debtor using account monitoring in your debt collection agency plan, which will increase your chances of recovering more money and increase success.

Once a company has organised its collected data, it should be checked for significant life events including bankruptcy, death, jail, and more. Consumers may be improperly prioritised by collectors who ineffectively cleanse data, which may make reaching and identifying them practically hard.

Human error, data deterioration, and department-specific siloed systems can all cause internal data to be erroneous. To guarantee that their databases include accurate and comprehensive client information, businesses should verify, update, and clean up consumer records. They should also complete any gaps in the data and ensure that the contact information they have for debtor accounts is up to date.

Letter of action

The expert attorneys found that sending a Letter of Action to the non-paying customer is the first step in this procedure and that it has a very high success rate in securing the full payment of any overdue cash. It is a very efficient and inexpensive way to recover debt.

The age of the debt and the debtor's credit status, however, can both affect how well a Letter of Action works. If at this point we are unable to obtain payment, our specialists may file a lawsuit against the debtor to start the legal process. If required, this can then move on to judgement and enforcement.

Start judicial proceedings

The next step is to start judicial proceedings if there is no response to the letter. We will prepare a Claim Form in your place after you have given us the go-ahead. The defendant will then be served with the suit by the court. A defence must be filed within 28 days from the acknowledgement of service, which must be done within 14 days.

Go for country court judgement

In this case, the money will be taken straight out of the debtor's paycheck. Instructing the High Court Enforcement Officer to execute a charging order against a property and secure the amount against the property Since most debtors pay to avoid having their goods taken away and auctioned, this method of collecting the judgement debt is typically quite effective.

Conclusion 

It is feasible to serve a Statutory Demand as an alternative to getting a County Court judgement. This is a highly potent threat that frequently results in payment and occurs before bankruptcy for an individual or winding up for a business. It can only be issued, though, if the debt is uncontested. For the creation of a Statutory Demand, Frontline Collection charges a set price.