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Article Directory :: Legal Articles
In the current economic climate an increasing number of small and medium sized businesses are put at risk by late paying clients. Around a third of all UK businesses experience problems because other companies continue to make late payments on their invoices or try to hold off payment altogether. The fact is that as a business owner you cannot continue to supply goods and services to clients who never pay their bills on time because that affects your ability to meet your own commercial obligations. If your business is suffering because of repeated late payments then you need help from debt recovery solicitors.
Once you have enlisted the help of a good firm of debt solicitors they will liase with client or clients that are harming your business by their continual late payments or because they continue to ignore demands for payment. Debt recovery solicitors may begin by writing to your late payers, explaining the situation and asking for payment. Some late payers may respond immediately to the initial letter, while others may ignore it. A good firm of debt solicitors will inform late payers that under the terms of the Late Payment of Commercial Debts Act 1998, as the creditor you have the legal right to claim interest on any outstanding payments and this sum will be added to the original invoice total. Your debt solicitors will be able to work out the amount of interest you can charge on the overdue debt as this is laid out under the terms of the 1998 Act.
In cases where a debtor does not respond to the demand for payment your debt recovery solicitors may suggest court action. If you agree that court action may be the only way to recover certain debts your solicitor will apply to the court for the forms that are required to begin court proceedings. Once the form is completed your debt solicitor will submit it to the County Court together with the required fee. When the application is submitted the debtor will be required to pay the sum requested in 14 days. If the debt is not paid you can request the court for a judgement that requires the defendant to pay the full amount within 28 days. Your debt recovery solicitors will tell you that in many cases the debtor will admit the debt and pay the full amount, after which you can stop the claim.
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