How to Recover Debt
For any business, particularly in difficult trading conditions, it’s vital that you keep on top of your cash flow. It can be frustrating, time-consuming and often costly to keep chasing people and businesses who owe your business money. If you allow your debtors to be late on any payments, there can be significant consequences for you or your business.
No Win No Fee Debt Collection Lawyers
Our litigation solicitors are based in Glasgow & Edinburgh and specialise in recovering both commercial and personal debts due to our clients in Scotland – fast!
We act for all types of businesses in Scotland and the most common types of debt recovery include invoice recovery, loans, building contracts, insolvency situations, consumer debts and more complex contract disputes.
How can we help you recover debts?
Send us the details of your debtors to us FREE OF CHARGE. Using our specialist systems we’ll find out for you the prospects of recovery of your debt(s). When the prospects of recovery are good, we advise you over the most effective routes – these can include, for instance, sending a letter of demand, which can provoke the debtor into paying their debt immediately without having to resort to the courts. However, in most cases we litigate. It’s as simple as that!
After explaining your options and, if we identify that litigation is the best route for you, we would raise a court action in the Scottish courts (usually Sheriff Court, although Court of Session in Edinburgh may be appropriate in certain circumstances), seeking immediate payment of the debt, in addition to interest on the debt and any expenses due. In some circumstances involving larger debts, ancillary measures will be taken, such as ‘freezing’ money in the debtor’s bank account or asking the court to stop the debtor from selling their house or land until the debt is repaid.
Recovering Interest on Debt Scotland
It can be challenging for businesses to manage their cash flow and keep their business running if they don’t take adequate steps to recover debt due to them.
If your business is owed money, you should aim to recover that debt as soon as possible (speak to us). When you pursue an action to recover your debt, you are entitled to seek interest on the amount to the extent that the payment is late.
Our Scottish debt recovery solicitors are specialists in this area and we will act on your behalf to ensure that you receive the MAXIMUM payment owed to you under Scots Law.
In terms of the law in this area of debt recovery, the UK Government has introduced legislation to provide businesses with a statutory right to claim interest on late payment of commercial debt. The amount of interest that can be recovered is generally calculated at 8% above the base rate, starting 30 days after the debt is due. The due date for payment in respect of services or goods is the later of either the date of delivery of the goods or services, or the date on which notice (such as in the form of an invoice) was given to the purchaser of the amount of the debt.
The important point to note is that if debt is due to your business and the payment late, we will always seek to recover interest on that debt for you and we appreciate how significant the recovery of such sums can be for your business.
Contact our Debt Recovery Experts in Glasgow, Edinburgh, Scotland
If you are based in Glasgow, Paisley, Ayr, Fife, Dumbarton, Shawlands, Crossmyloof, Giffnock, Clarkston, Newton Mearns or another surrounding area in Glasgow, or in Edinburgh, find out how we can help you recover the debt owed to you on a no win no fee basis. Call us today on 0141 433 2626 or complete our online enquiry form and let us help you.
Clarity’s No Win No Fee products are subject to Terms and Conditions which are available upon request.