Debt Recovery
DEBT RECOVERY SOLICITORS EAST LONDON
“If I owe you a pound, I have a problem, but if I owe you a million, the problem is yours”
- John Maynard Keynes
Unfortunately for creditors, and even if someone owes you less than a million pounds, what John Maynard Keynes said is very true. As credit has become more freely available, debts have become an increasing problem.
For many people, debt recovery agencies seem to offer a great solution. You pay them the money and they get back the money, right? Well, that is not entirely true. The problem with debt agencies is their commonness. If a debtor gets a letter from an agency, more often than not that letter will end up in the bin like all the other debt letters. To most people, it is just not that big of a deal.
As creative as a blank canvas painted white
Debt agencies use a tired one-size fits all approach, keeping their costs low and margins high. They frequently threaten debtors with bankruptcy and in 90% of cases bankruptcy does not ensue, which damages your credibility in both the eyes of the court and debtor. Ultimately, the chances of you getting your money back can fall too. You also have to consider the pre-existing relationship you have with your debtor. If it is a fairly amicable one, do you think threatening them with bankruptcy is going to help maintain that relationship?
Like a good suit should be
Knowing the shortcomings of standard channels of debt recovery, our debt recovery solicitors adopt a tailored approach that is based on your needs and is designed to maximise the chances of you getting your money back. In order to maximise your chances we consider:
- Whether the debtor can pay or simply refuses to
- Whether the debtor has any counterclaims
- The best way of contacting the debtor
- The nature of your relationship with the debtor
- The best means of recovery
An automatic benefit that you get from using a debt recovery solicitor is legitimacy. A letter or call from a solicitor will more often than not make the debtor sit up and take note. A call from the debt recovery agencies threatening to send in “the heavies” will not.
Whoever owes you money, whatever the size of the debt may be, get in touch with our East London debt recovery solicitors to find out how we can help get your money back.