Do legal letters help with debt recovery?
Late payment and non-payment of debts can have very serious effects on small and large businesses alike.
The Law Society Gazette has recently reported on a study carried out by fintech company Ormsby Street, which found that it took around 72 days for invoices sent by smaller businesses to be paid.
In contrast to this, the study of 30,000 customers found that a letter from a solicitor, led to two thirds of debts being paid within a week.
These results clearly demonstrate that for small businesses struggling with unpaid debts, a well-worded and timely letter from a solicitor could make all the difference.
At Samuels Solicitors in Barnstaple, North Devon, we have a streamlined debt recovery service, designed to compliment your own credit control procedures.
Once we receive instructions from a client, we send a demand letter within a very short period of time, usually the same day. We only charge a nominal administration charge of £50 plus VAT for this service. If no payment is received, you can decide whether you want to instruct us further, but you do not have to do so.
Judith Thompson, litigation partner at Samuels Solicitors says: "for businesses wishing to improve their cash flow, the obvious starting point is to ensure that invoices rendered are paid in a timely fashion. Our innovative way of charging for debt recovery letters means that businesses have little to lose and everything to gain by instructing us to chase debts on their behalf".
If you would like to take advantage of our "no recovery no fee" debt recovery services, contact us today for a free discussion about how we can help you improve your business' cash flow.