fbpx

Debt Collection

We are Commercial Debt Recovery legal specialists.

If you have a debt that needs recovering then we can help so  please call us to have a free no obligation chat.

It is a concern for any business if they encounter debt issues.

It can affect the financial side of the business and could result in a drastic outcome.

It is important that you have a debt collection plan in place to avoid this happening.

Please call us for a free no obligation chat on 0800 3 10 11 12

Credit Control

Within a business, an important aspect to consider is to structure effective debt collection and credit control policy. Cash flow is linked directly to the business’ approach to credit control. If debt collection is not commenced, and you have liability to pay VAT and tax, you will incur that obligation regardless of whether you acquire outstanding debt. Furthermore, if you do not construct an effect debt collection policy, you will experience loss of interest on money held in account.

Claiming Interest

When supplying goods and services to customers, you will evidently include a time frame for payment but it is highly recommended the inclusion of The Late Payment of Commercial Debts (Interest) Act 1998 which implies into a contract for sale of goods or supply of services a term that debt collection comprises simple interest from the day payment falls due until it is remunerated in full.

If you have to pursue debt collection through the court, it is important that you include an interest claim under section 69 of the County Courts Act 1984. The present interest rate is 8% per annum.

The Cost Implications Of Going To Court

The cost for any litigation matter can be expensive and Court fees are unavoidable and will add further to the expense. As a business, proportionality should be considered between the amount of debt outstanding and the cost of going to court. Understandable, every business suffers loss from time to time.

Latest Articles About Commercial Law

Court Urges Peace on Unmarried Couple at War Over Family Business

Unmarried couples should be under no illusions that they have legal rights equivalent to those who have tied the knot...

Exporter Heavily Fined for Breaching Cross-Border Waste Shipment Rules

Britain is fully committed to worldwide environmental protection measures and waste exporters who break the law can expect severe punishment...

Station Building Which Featured in Dad’s Army Reprieved From Demolition

Many admired and much-loved buildings are not listed, but that does not mean that they are entirely without protection. In a case on point, a rural station building once used in the filming of Dad's Army was reprieved from demolition thanks to a planning challenge brought by SAVE Britain's Heritage…

Court Acts Fast to Save Airport Logistics Group From COVID-19 Insolvency

Many companies are struggling to survive amidst the COVID-19 pandemic but, so far as judges are concerned, it is a case of all hands to the pump to save what can be saved.

Why Use Seatons?

  • Practical sensible help and information
  • Fixed, competitive and affordable prices
  • We care about you and fight for you
  • Regulated by the Solicitors Regulation Authority
  • We can help resolve your issue quickly & easily

COVID-19 Information

We are OPEN and would like to reassure our client's that it is business as usual and as a firm we intend on supporting our clients through this difficult time. Please note: Clients are requested to wear face masks when attending our office(s). As a precautionary measure to limit the risk to everyone our preferred communication is by telephone and/or email and/or post. We may take a little longer to respond to enquiries and deal with matters. Please bear with us in these unprecedented times.