“My business is owed money, what can I do?”
At Commercial Domestic Investigations we know that a common question for many SMEs is “My business is owed money, what can I do?”
When you’re owed money, you are often left wondering if there is anything you can actually do. However, there are various legal options if you’re owed money but these can seem daunting if you’re not trained in the correct procedures.
Here we will outline how the services of a collection agency make it easier to recover what’s owing.
How to get your outstanding invoices paid
If your business is owed money the first step to take is to contact a collection agency who specialise in this sort of work. It can be time consuming for your staff to chase debts when they could be getting on with generating more new business for you.
The advantages that come with using the services of a professional debt collection agency include peace of mind that the debt is being chased in an ethical but firm way. They specialise in the law around debt enforcement.
There are many ways to enforce the payment of a debt legally, such as statutory demands, which are dealt with through the courts. Collection agencies often have legal experts in-house who can handle all this alongside a team of collection experts.
Sometimes it isn’t the legal means the collection agency can take to recover debt that are important. It’s the explaining of means to the debtor, and the effect a legal recovery process would have on the debtor if they continue to refuse to pay the debt. The fear of the legal process often means that the debt is repaid before legal action can be taken. This is good for your business as the debt is repaid in good time.
Bankruptcy and winding-up orders
Using a legal process can also include bankruptcy petitions (for debts that are personally guaranteed) and winding up orders (where a Limited Company owes you money). Again, it is important to remember that often the threat of these legal actions are often enough to turn a ‘won’t pay’ into a ‘will pay’. Properly explained, these legal sanctions can act as a spur to individuals and companies to pay what they owe.
Collection experts will issue winding up orders for you. The legal process is complicated and using a collection agency makes it easy so that you can get your invoices paid in a timely manner, and not to mention spend your previous time on something more worthwhile.
Considering the services of a debt collection company may be the answer to relieve the stress of late payment and allow your company to spend time on growing your business.
Contact us for an informal chat about your unpaid invoice and how we can help you. Our team have the experience and knowledge to help your company recover money owed. Working with our debt collection team gives business owners the peace of mind needed to move forward and get past negative cash flow.
About Commercial Domestic Investigations
Commercial Domestic Investigations are regarded within the debt collection and credit control industry as one of the best credit management companies in the UK. Established in 1988 to support and service all sizes of companies in the field of Credit Management.
Commercial Domestic Investigations have recently featured in the press in The Guardian. To keep up to date with the latest debt collection news make sure to follow Commercial Domestic Investigations on twitter, LinkedIn and Google+.
We now boast a national client base in excess of 30,000 companies. Commercial Domestic Investigations has grown by listening to clients’ requirements and adapting our services to meet all companies’ needs from Sole Traders, SMES, Ltd and Plus. Please contact us on 08444 159200 for more information.