Debt recovery can be challenging and time consuming when you are not familiar with the processes involved. There are different pre-action protocols which must be adhered to prior to issuing any claim. Furthermore, the Court process for higher value claims can be extremely complex.
In addition to your outstanding debt, you may also be entitled to interest, late payment compensation and costs.
It is important to arrange a payment date at the start of the process prior to carrying out any services involved or providing the goods. Payment dates should also be clearly detailed on invoices for the avoidance of any doubt.
Interest can then be charged from the day after the payment fell due. Unless interest is defined within the contract terms, Statutory Interest can be charged. This is 8% plus the bank of England base rate for business to business transactions or 8% for business to consumer transactions.
There are different ways of recovering debt and enforcing judgments. Our team within the Litigation department here at Lamb & Holmes offer a range of expertise in this area. Here are some of the types of debt recovery we have worked on recently:
• Unpaid Invoices
• Faulty Goods
• Breach of Contract
• Failure to Supply Agreed Services
• Poor or Incomplete Workmanship
To find out more about how we can help with any queries regarding debt recovery please visit https://www.lambandholmes.com/commercial-law-services/business-debt or alternatively please contact our Kettering office on 01536 513 195 or our Corby office on 01536 745 168 dependent on your location.
