When a business or individual fails to pay back an outstanding debt, it often becomes necessary to bring in the experience of a debt recovery lawyer.
Finding the right debt recovery lawyer is important because it can help decide the difference between a quick and cost-effective recovery or a long, drawn-out recovery process which proves expensive and unsuccessful.
Oracle Law are highly experienced, highly trained professionals when it comes to debt recovery. Our team have helped resolve everything from simple invoice recovery to the settling of contractual disputes and loans. We aim to maximise the recovery of money owed to you from debtors.
In this article we’ll look at the reasons why you should enlist the services of a debt recovery lawyer.
1. A lawyer’s letterhead is often more than enough
In many cases, it is possible to resolve an unpaid debt purely via the letterhead of a solicitor. Many debtors are inclined to pay up immediately if a lawyer or solicitor is involved because they are aware the situation has escalated and may end up dragging them into a court case, which they are eager to avoid.
This means a letter of demand sent from a lawyer’s office can be invaluable. It is a great way to make clear to a debtor that you are serious about recovering the debt owed – and this is further made clear if the letter indicates you are ready to begin commencing court proceedings. Often this is enough to recover the debt, ending the problem early on and resolving the issue without having to proceed to court.
It is also important to note that many courts will expect you to have attempted mediation outside of court before they begin any kind of proceedings regarding your debt. Having a lawyer to help mediate therefore is vital.
2. Getting a Professional approach
Like any legal or financial matter, debt is a complex matter and there’s many factors you’ll probably be unaware of when engaging with the debtor at first. By having a professional lawyer in charge of the matter, you will not need to worry about these matters and can leave much of it down to the lawyer. Furthermore, you will not need to worry about your company or business suffering damage to its reputation; an expert law firm will negotiate and mediate in a stern but professional manner; they will not harass your debtor – but make clear your legal rights to the debt.
Therefore, it is vital to look at the experience and achievements of firms before making a choice. Oracle Law has extensive experience engaging with debt recovery in a quick, concise manner – and has also engaged in debt recovery on a variety of levels, from invoice recovery to recovery during insolvency situations. This kind of experience is invaluable to call upon and can massively reduce the complexity and difficulty involved.
3. Avoiding Hidden Fees and Commission Costs
Lawyers follow strict rules for disclosure when it comes to what they can charge. Many debt recovery lawyers provide services at a fixed rate – meaning you’ll know up front exactly what you are paying.
4. If matters escalate, having a lawyer is vital
While settling the matter in an out of court dispute is always the favoured option, if a matter does go to court, then having a law firm on your side is invaluable. In fact, attempting to escalate a matter without one becomes much, much easier. An experienced, effective debt recovery solicitor or law firm will know exactly how to handle the process from beginning to end. This includes commencing the proceedings to then taking the difficult steps to enforce the judgement (which is often the hardest part).
Oracle Law have a swathe of experience in settling in court disputes over debt and can guarantee the quick resolution of the problem. Furthermore, we will never have to refer to third parties for assistance in recovering the money once a judgement has been made.
5. Quality Legal Advice
The complexity of debt recovery is hard to understate; there’s a huge number of factors you’ll need to keep in mind when approaching the recovery of your money and not to mention, several pitfalls and potentially difficult situations which can emerge if you aren’t careful. Without legal expertise, you could easily end up costing yourself money or find yourself making errors with paperwork and delaying the process. Even engaging in mediation can be difficult without a lawyer, so it is vital that you can call on professional help when it comes to debt recovery.
Furthermore, if you do get to the court stage, debtors will likely attempt to dispute the claims to avoid paying the debt and try and raise the suggestion that your claim is invalid or lacks reasoning.
Having a qualified solicitor in these cases is invaluable; they can provide clear cut legal advice about both the strength and validity of the debt before you begin incurring any costs to try and recover the money. Because solicitors at www.oraclelaw.com are trained professionals, they can also provide you with the best avenues of approach for recovering the debt and help you formulate the best possible strategy.