Our debt recovery lawyers can help you reclaim what is rightly yours at a low cost. Our debt recovery lawyers are effective in getting you the results you want. Our commercial debt recovery solicitors are fully backed by commercial litigation professionals, who are qualified to deal with complicated and contested claims and provide comprehensive advice throughout the process to maximise your prospects of recovery.
Recovery of monies awarded in a claim can involve negotiation or litigation, but usually begins with a letter of claim in what is known as the dunning process – which can also be used if monies are to be recovered in cross-border cases (ie from overseas). The dunning process involves a series of measures to recover claims, starting with initial correspondence to the debtor, such as the letter of claim, and ending with a statutory demand and possibly visits to any premises to recover debts.
Once a court has awarded compensation in any claim, it is important to enforce the debt as soon as possible – and establish a dialogue to recover the monies. Using harassment or threats are illegal in recovery of claims, but patient and persistent negotiation to recover the debt can yield results without recourse to court proceedings.
In cases where a third party – such as a bank or building society – is holding monies for the debtor, it may also be possible to apply for a Third Party Debt Order (TPDO), which in effect freezes the assets held by a third party, such as a bank.
In the event that the debtor fails to pay, a court order for payment can be obtained in the County Court. If the debtor continues to refuse to pay, the court might take additional procedures to reclaim the funds known as enforcing a judgement.
At this point, procedures like bringing in bailiffs to retrieve the funds may be considered. It is also feasible to recover claims through mediation. Bloomingdale Solicitors’ civil litigation lawyers can help with conflict settlement and mediation in claim recovery cases.
Bloomingdale Solicitors may also assist on requesting an instalment order from the court, which requires the debtor to pay the unpaid funds in agreed-upon instalments.
When a debt is paid in instalments, it may be feasible to get a Charging Order against a debtor’s house or other property so that the obligation is secured against it and may be recovered if the property is sold or re-mortgaged.