Got questions about the debt recovery process? This article details common FAQs on debt recovery and tips on what a debt recovery lawyer can do for you.
When Should You Get Help with Debt Recovery?
The best course of action not only involves vigorous internal procedures when it comes to keeping records on debt recovery success or failure, but also timely escalation to debt recovery lawyers when payment is not forthcoming. If you’ve tried to contact a debtor and they haven’t responded to your attempts, it may be time to hand over the issue to a debt recovery lawyer.
Here are some common circumstances in which it may be wise to seek help from a debt recovery lawyer:
- The debtor has promised to pay two or more times, and has not honoured that promise.
- You have contacted the debtor 3 or more times and it has not resulted in payment. These contact points could be in the form of letters in the post, emails, texts or calls.
- If the payment is more than 60 days overdue, and the debtor has not arranged any payment plan with you.
If you lack the resources to follow up on debt recovery initiatives, this is another reason why you should get help from debt recovery lawyers. The older a debt is, the less likely collection will be successful.
How Much Debt Should There Be Before Contacting a Debt Recovery Lawyer?
It doesn’t matter if you have just a little bit of money owed to you or a lot; a debt recovery lawyer can help you. There are no minimums or maximums required for you to get professional help, although the debt amount may affect how a debt recovery lawyer works to get your money back and what methods they employ. They will put all the options on the table in front of you, taking into account debt amount, debtor circumstance and costs,thengive you a recommendation based on these factors.
How CanYouKnowif a Debt Recovery Lawyer Will be Able to Help?
There are simply no guarantees in life, and this also applies to debt recovery. But by hiring a professional debt recovery lawyer, you will be giving yourself the best chance of recovering your money. A good debt recovery lawyer will have insight into the chances you have of getting back your money, and will be able recommend the most cost-effective way of moving forward with your debt recovery plans.
How Long Will Debt Recovery Take?
There’s no ‘one size fits all’ answer here, as the time taken for debt recovery can vary according to the following factors:
- The financial position of the debtor
- Whether the debtor intends to pay
- If there is an argument about the debt, and how intricate it is
- Whether you have kept good records about the debt situation
- Whether there are personal guarantees involved
What you can be sure of is that when you refer your debt recovery matters to a lawyer, you will be doing everything in your power to recover your debt.