Chasing unpaid accounts is almost as bad as the debt itself. If the debt has already accrued, your main concern is cash flow. At the same time, you want to maintain good client relationships and uphold your business reputation. It is a tricky balancing act but it can be done.
If you’ve tried our Steps to Collect Your Small Business Debt, including creating a letter of demand, it might be time to outsource. So, what’s the best way to go?
What is Debt Collection Lawyer
A debt collection lawyer is a lawyer with expert knowledge in debt collection and recovery. Debt collection lawyers offer legal advice and services to both creditors and debtors.
There are good reasons to speak to a debt collection lawyer:
- If you would like to formally request payment for an outstanding debt;
- If you want to have legal documents in place to protect your business from any outstanding debts in the future;
- If you want to review any existing legal documents;
- If you are considering taking legal action over an outstanding debt;
- If you would like to know more about the steps you can take to recover your debt.
A debt collection lawyer will provide proper legal advice and documentation to protect and prevent your business from bad debts. Our qualified lawyers can create or review any existing contracts and offer advice on how to manage credit. Getting in touch with a debt collection lawyer will ensure that your business is legally compliant.
LawPath has a dedicated network of debt collection lawyers operating on a fixed-fee basis.
What is a Debt Collection Agency?
Debt collection agencies specialise in debt recovery and are a useful avenue when the action you have taken proves unsuccessful. These agencies can register debt against a debtor’s credit history, meaning people often take their communication very seriously! These agencies are efficient and cost-effective. However, a lawyer might be the better option if you’re looking for broader preparation and protection.
It is important to be aware of your obligations if you are chasing a debt personally. Anyone collecting a debt should be aware of the guidelines found in the National Consumer Credit Protection Act.
For more information on how to manage debt, speak to one of our debt collection lawyers today.
Want to collect a debt? Contact a LawPath consultant on 1800 529 728 to learn more about what you need to start-up your business, obtain a fixed-fee quote from our network of 750+ expert lawyers and have your legal questions answered.
