This is initial method we usually try to recover your debt and resolve a situation which has occurred with one of your customers before proceeding to further action. Typically 80% of debts are recovered in this phase. Once your customer understands that you are serious about recovering late payments and that you are not willing to simply let the debt go, most companies will take the opportunity to pay the outstanding amount.
A Letter Before Action (LBA) is our easiest and most straight forward step to recoving your debts. It will take only 5 minutes of your time to give us the information we need to draft the letter. The cost for a Letter Before Action is £12.50
Tell us your details, and the details of the invoice and debtor, and we will send an LBA on the same day (LBA’s requested after 3pm or requested over a weekend or holiday period will be sent the next working day).
The LBA explains to your customer that the outstanding invoice has been passed to us for collection, and that court action will be taken if the outstanding amount is not paid within 7 days. After 7 days we will contact you to find out whether or not the debt has been paid to you. If it has, we won’t charge you a penny more. If not, we will discuss the next steps with you.
If you have a large amount of outstanding debts, it may be easier for you to email us a list - exported directly from your accounting package. This way we can get straight to work on tackling your debtors, recoving the money you are owed as soon as possible.
Further Debt Recovery Information
We are a friendly, easy to deal with firm offering a debt recovery, credit control and insolvency service tailored to your needs and budget.
To arrange a discussion with no obligations contact out Debt Recovery Manager, Emma Northall, at our Wolverhampton Office on 01902 392421.
