Owing money or being owed money puts pressure on servicing credit payments and maintaining a commercial loan or mortgage.
The consequences of filing for bankruptcy are quite serious for both parties involved. Those finding themselves in a position where debt recovery has become an issue should always seek the advice of a commercial debt recovery lawyer to help assess the available options.
At Arnold Lawyers, we have extensive experience providing legal advice in the area of debt recovery, whether you are having difficulty recovering your outstanding debts or are struggling to pay your outstanding debts.
For those involved in debt recovery matters Arnold Lawyers can:
- Issue debt recovery letters to your debtors
- Advise on the best options available to recover a debt in your specific circumstances
- Advise on whether a counter-claim can be pursued to dispute the amount of a debt
- Assess other options for dispute resolution to resolve the situation quickly and without incurring further major costs
- Lodge court documents where necessary to protect your rights
- Assist you in deciding whether your best option is to defend a debt recovery matter and, if so, suggest the best action for you to take in the circumstances
- Provide court representation and attend other related meetings
Having difficulty recovering your outstanding debts
Bad debts are often a major problem for business. We can offer you help – whether it is in relation to a one-off personal debt or if your accounts department needs regular assistance in recovering commercial debts.
Initial advice and correspondence via letters of demand might solve the problem but, if not, we are able to pursue the matter through the Courts to obtain a Judgment and, if necessary, take the necessary steps to enforce it.
Struggling to pay your outstanding debts
If you have found yourself in a spot of bother in respect to your finances and are now being pursued for payment of an outstanding debt, it is certainly not wise to “stick your head in the sand” and hope that the debt will go away! Many people believe that by simply ignoring a debt, the person or persons who are owed the money will sooner or later stop pursuing them. However, this is quite often not the case. A debt that remains unpaid can follow you around for years…
Did you know that once a Judgment has been entered against you by the Court in relation to a debt, the Judgment stands for a period of twelve years! Effectively, once Judgment is entered with the Court the debt will continue to affect your credit rating, making it difficult for you to obtain credit in the future. It can even affect your ability to obtain a mobile telephone plan with most telephone providers.
Further, the additional costs will be incurred by you, including interest, if the debt remains unpaid and Court action is taken to recover the debt. Each step in the Court process incurs additional fees, which means that your initial minor debt can soon escalate and you may find yourself being required to repay quite substantially more than the initial amount owed.
In our vast experience with such matters, it is always much better to try and negotiate a payment option with the person to whom money is owed before the matter reaches Court. However, if the debt has already reached the stage where Court action has been taken, there are still ways that we can assist you in navigating the Court system to resolve the matter, thus avoiding extensive additional costs to those already incurred and owed.
We have successfully assisted many clients in negotiating debts with financial institutions, credit companies and debt recovery companies. So don’t just sit back and hope it will all disappear – come in and see one of our friendly solicitors who can assist you in dealing with your debt in a timely and cost effective manner.