For any business, particularly in tough trading conditions, it is crucial that you stay on top of your money flow. It can be bothersome, time-consuming and often costly to keep chasing individuals and businesses that owe your small business money. If you let your debtors to be late on any payments, there may be significant effects for you personally or your organization.
Our litigation solicitors are based in Glasgow, Shawlands & East KIlbride and specialize in recovering both commercial and individual debts due Do You Think Banks Are Debt Collectors? The CFPB and the FTC Do ... to our clients in Scotland -- fast! Our team is led by specialist Litigation attorney and Times Lawyer of the Week Billy Smith.
We act for all kinds of companies in Scotland and the most common types of debt recovery include bill retrieval, loans, building contracts, insolvency situations, consumer debts and more complicated contract disputes.
How do we help you regain 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). If the prospects of recovery are good, we counsel you on the best paths -- these may comprise, for example, sending a letter of demand, which can provoke the debtor into paying their debt immediately without needing to resort to the courts. But, in most cases we litigate. It is as straightforward as that!
After describing your choices and, if we determine that lawsuit is the best route for you, we'd raise a court action in the Scottish courts (usually Sheriff Court, though Court of Session in Edinburgh could be right in certain circumstances), seeking immediate repayment of the debt, in addition to interest on the debt and any expenses due. In some cases involving bigger debts, ancillary steps will be obtained, such as'freezing' money from your debtor's bank account or requesting the court to prevent the borrower from selling their home or land until the debt is repaid.
Allergic Interest on Debt
It may be challenging for businesses to handle their cash flow and keep their business operating whenever they don't take sufficient measures to recover debt for them.
If your business is owed money, you must aim to recover this debt whenever possible (talk to people ). If you pursue a method to recover your debt, then you're entitled to look for interest on the amount to the extent the payment is late.
Our debt recovery solicitors are specialists in this area and we will act on your behalf to make sure 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 legal right to claim interest on late payment of commercial debt. The amount of interest which may be retrieved is usually calculated at 8% above the base rate, beginning 30 days after the debt is due. The due date for repayment in respect of services or goods would be the later of either the date of delivery of their goods or services, or the date on which note (such as in the shape of a statement ) has been supplied to the purchaser of the amount of the debt.
The important thing to note is that when debt is a result of your enterprise these details and the payment overdue, we will constantly want to recover interest on such debt to you and we appreciate just how important the recovery of such amounts can be to your company.
Speak to our Debt Recovery Pros in Glasgow, Edinburgh, 50 things anyone dealing with a debt collector should know - USA Today Inverness & Aberdeen, Scotland
According to Glasgow, Shawlands and East Kilbride, we provide our clear and practical legal services to individuals throughout Scotland including people from Airdrie, Edinburgh, Motherwell, Bellshill