Many people turn to debt collectors to recover an outstanding debt, to no avail.
As qualified and experienced lawyers, we bring a level of legal authority that debt collectors don’t possess. Debt collectors can contact the debtor, negotiate repayment plans, and report debts to credit bureaus. However, they do not have legal standing to escalate matters beyond polite (or persistent) requests.
Have you issued a statutory demand and received a defence in response? Learn what it means when a debtor challenges a statutory demand, common defences used and why it’s crucial to respond strategically to protect your interests.
When a client fails to pay, the initial instinct is often to wait. Polite reminders, phone calls, and hope the issue resolves itself. However, every day you delay pursuing recovery is a day closer to a complete write-off. In today’s fast-moving commercial landscape, delayed debt recovery significantly increases your risk of non-payment and ultimately, hits your bottom line.
As the End of Financial Year (EOFY) approaches, most businesses are focused on tax returns, stocktake, and financial reports. But there’s one item you shouldn’t let slip off the radar: outstanding debts.
Recovering unpaid business debts can be a daunting, time-consuming process, whether it’s from customers failing to pay their invoices or clients ignoring payment deadlines.
The frustration of dealing with unpaid invoices is an issue many businesses and individuals face. The time spent chasing debtors, sending reminders, making calls, and dealing with empty promises can be draining. Traditional debt collectors often resort to phone calls and empty threats, without delivering real results.
You’ve played your part, products are shipped or the services are rendered, but the payment deadline comes and goes. The longer you wait, the more time, energy, and cash flow you lose. So, the question becomes, when do you stop chasing and start acting?
Here are five great reasons to reflect on debts before the end of the financial year.
