How Does Commercial Debt Recovery Work
If you have encountered poor paying customers during the lifetime of your business, then you will be all too familiar with the challenges debt recovery can present, as reaching an agreeable resolution is often a long-winded process.
Many business owners find that, despite repeated attempts to recover any outstanding sums owing to them, the debtor(s) continue to withhold payment. Such a situation will undoubtedly have a negative impact on business cash flow which could jeopardise the future of the business, but hope is not all lost…
Commercial debt recovery works by engaging a specialist agency to help you reclaim any unpaid invoices. The agency will work on your behalf to recover the money that is owed to you, using a variety of methods, such as phone calls, emails, and letters.
Here at Jackson CRS, we have the knowledge, experience and negotiation skills to help secure the best possible outcomes for you and your business.
The pre-legal chase method
Before any claim can be put before a judge, there is a pre legal chase method that must be implemented, so that you can prove to the judge that you have taken all the necessary steps to try to recover the debt.
Once a debt is passed over to us, we will send a letter to the customer and will follow this up with numerous phone calls and emails to try to encourage the customer to settle their outstanding balance. If payment has not been received, then we will go ahead and send a second letter. We will continue to reach out to the customer via telephone and email.
If, after the second letter, the customer has still not made payment, we will issue a ‘Letter Before Action’ letter. This letter serves notice to the customer that the outstanding debt will be referred to the courts if the customer continues to withhold their payment.
Maintaining positive relationships
We will make every attempt possible to recover the debt without having to take legal action. Often times, there is a reason why a customer has not made payment and so, by adopting open communication with the customer and acting as a mediator, we can hopefully address any outstanding matters and reach an amicable and fast resolution.
If maintaining a positive relationship with your customer in the future is an outcome you are seeking, then we will act with this in mind.
Unfortunately, there will be times when the pre-legal debt recovery method fails, leaving no option other than to recover the debt through the courts.
No matter the route taken, we work on a no-win, no-fee basis so you can appoint us with confidence.
Our commercial debt recovery service is fully bespoke and is tailored to meet the specific needs of your business.
Contact Us
If you would like to put your business in good stead for the future, then please give us a on call 01603 319034 or email: info@jacksonscrs.co.uk for a free no obligation chat about your needs and how we can help.
