If you or your company experience problems in recovering money owed to you by the other party, you can bring a legal action for a debt recovery. However, before bringing a claim you have to take some steps to recover the debt and should inform the debtor about your intention to issue proceedings if he fails to pay within a certain period of time.
The procedure and time involved depends on complexity of the matter, amount of money claimed and whether the amount is disputed. The timing also depends on the court (County Court or High Court) and the track which is to be used:
- For claims below £5,000 – small claims track
- For claims between £5,000 and £15,000 – fast track
- For claims above £15,000 or more complicated matters – multi-track
You will be also able to claim interest on late payment from the date the debt became due.
If you would like to obtain a professional legal advice and have your case assessed before proceeding with your money claim, please contact us.
We have significant experience both in settling debt recovery claims before the proceedings are issued and dealing with debt recovery claims at court. We will also be able to assist you if you need to issue enforcement proceedings in case you received a judgement in your favour but the debtor fails to pay.
If you want to speak to one of our experienced lawyers please call us on 020 8877 3421 or contact us through email.