BridgeMcFarlandSolicitors

Personal
Legal Services
More Information
Bridge McFarland can offer you practical, uncomplicated advice, support & guidance when you need it most. Whether it be an employment dispute, family advice, an accident or negligence, life planning or moving house, let us help you.
Business
Legal Services
More Information
Our commercial team in Lincoln, Hull, Market Rasen and Grimsby prides itself on its sound business sense, commercial insight, local knowledge and first class understanding of the relevant legal disciplines ranging from employment law, business contracts, dispute resolution to agriculture and property development. From company formation to sale, succession, dissolution or dispute resolution, you can trust our team to deliver first class service and results.
Photograph of Chris Green
Chris Green
Senior Solicitor
View Profile
Photograph of Janet Wilson
Janet Wilson
Senior Conveyancing Executive
View Profile
Photograph of Rob Ripley
Rob Ripley
Partner
View Profile
Photograph of Lee Whiting
Lee Whiting
Partner
View Profile
Photograph of Lisa Moore
Lisa Moore
Partner
View Profile
Photograph of Ian Sprakes
Ian Sprakes
Partner
View Profile
Photograph of Leanne Keating
Leanne Keating
Partner
View Profile
Photograph of Rob Ripley
Rob Ripley
Partner
View Profile
Photograph of Mike Wilson
Mike Wilson
Partner
View Profile
Photograph of Chris Hubbard
Chris Hubbard
Partner
View Profile
Photograph of Patrick Purves
Patrick Purves
Partner
View Profile

Pre-Action for Debt Recovery

Most undisputed business to business debts are recovered quickly and cost-effectively. Our success rate is more than 75%

Home » Business Law » Debt Recovery » Pre-Action for Debt Recovery
“I would like to thank you for all your help and support during the last few years of George's life and the continued assistance you are still giving now. You have shown much empathy and we appreciate the advice you have given during difficult times. ”
Feedback from Mrs Sanderson about Allison Rawling, Chartered Legal Executive, Grimsby
View all Testimonials

In most cases, undisputed debts are successfully recovered without the need for legal proceedings.

The first-step is usually a same-day letter before action demanding payment within 7 or 14 days. Where necessary, this can be followed up with further letters and/or telephone calls.

We will also:

  • Carry out credit checks on corporate debtors to establish whether a debt is worth pursuing.
  • Calculate and add any interest, late payment compensation and legal costs to which you may be entitled.
  • Where necessary, provide tracing services if the whereabouts of a debtor are unknown.
  • If payment is not made, contact you to discuss next steps.

In some cases, an alternative or additional step may be to serve a statutory demand for payment. A statutory demand is a direct route to insolvency proceedings (winding-up or bankruptcy) without the need to obtain a court judgment.

Late Payment of Commercial Debts

The Late Payment of Commercial Debts (Interest) Act 1998 allows businesses to add interest of at least 8% to the price of goods or services, plus a fixed sum for late payment compensation and reasonable costs of recovering the debt.

The Act applies to most business-to-business contracts, whether or not in writing, unless excluded by other contractual terms.

If the Act applies, the following can be added to a debt:

  • Simple interest at 8% above Bank of England base rate.
  • A fixed sum of £40, £70 or £100, depending on the amount of the debt.
  • Reasonable costs of recovering the debt, less the fixed sum.

To find out more about our Debt Recovery services, or to discuss our funding options, then please contact us on 01482 320620, request a call back or enquire online.

How can I help you?
Mike Wilson
Partner

T: 01482 320 620

View Profile
How can I help you?
Rob Ripley
Partner

T: 01482 320 620

View Profile