Momentum Legal Debt Recovery Wether you are a business or an individual, late payments and bad debt are very much a fact of business life. Debtors cause individuals and companies to suffer cash flow problems when they don't have the means to recover monies owed to them. The process can often seem daunting, complicated and time consuming and many simply dont have the resources to pursue bad debtors all the way. Debt Recovery is the process of recovering payments or sums of money owed to you. Momentum Legal offers an easy and streamlined debt recovery process to recover monies owed to you or your business. The service offered will be tailored to meet your individual needs and most importantly, with a transparent pricing structure to make you aware of the costs involved from the outset. A dedicated team (who deal with each and every claim proactively) will work to reduce your debt and improve your cash flow. As a company of solicitors regulated by the SRA, we are equipped to deal with your claim from the outset and issue court proceedings on your behalf if necessary. We aim to work closely with you and your business to create an efficent process which maximises your debt recovery and minimises your debt. As solicitors, we will waste no time in issuing court proceedings against an individual or company with whom you have a dispute and we will maintain full control of the court process with the sole aim to recover your money as quickly as possible. Do you have a claim? When you instruct Momentum Legal to deal with your claim, the first step in our process will be to determine whether or not you have a case. This isn't always clear cut and our experienced team will review the circumstances of your dispute and advise you as to the merits of proceeding with a claim. Letter Before Action (LBA) Upon receiving your instructions and after making sure that you have a claim against a debtor who is worth 1 pursuing, we will send out the first 'Letter Before Action' based upon the outstanding invoice. If the debtor fails to pay, we will discuss the next stage of the debt recovery action which is the issue of court proceedings. 1 - According to a recent report, using a solicitor when chasing unpaid invoices is still the best way to ensure swift payment.
Momentum Legal Tracing Agents Before even considering the commencement of court proceedings, we will first seek to establish whther the debtor is worth pursuing. Even if you are found to have a robust case against the debtor, it does not mean that you are guaranteed a positive outcome. The last thing we want is to make a successful claim on your behalf only to find that the debtor has no means to pay. Momentum Legal can make enquiries into the debtor's financial status, including property ownership and employment status. If you are particularly concerned about the whereabouts of the debtor or their financial viability, we will discuss the option of instructing a tracing agent to make more detailed enquiries at a later stage - before court proceedings are issued. Before legal proceedings are commenced, we want to ensure that we have the correct details for the debtor. If there is any doubt as to their whereabouts, we can instruct a tracing agent to confirm the up to date details. Alternatively, we can rely on electronic searches. The search results won't always be as accurate but in most cases it will at least produce a new address for the debtor. Can You Instruct A Debt Collector? In many cases, our clients know the debtors better than anyboday else. As such, you may be of the opinion that instructing a debt collector to visit the debtor will assist in the recovery of the unpaid debt and avoid the commencement of court proceedings. The collector would charge £100 + VAT and they would also retain a percentage of any amount recovered. In addition our fees for instructing the debt collector will be £80 + VAT. However, we must stress that a debt collector does not have the power to threaten execution of a writ or take possession of the debtor's belongings. This action is only possible once court proceedings have been issued and judgment obtained against the debtor. Issuing Proceedings The advantage of instructing Momentum Legal to deal with your debt recovery claim as opposed to a debt collection agency, is our experiance as litigation solicitors. A debtor, who refuses to pay you the monies due, will be subject to county court proceedings which we will commence swiftly in the event of a debtor refusing to repay the sums upon receipt of the Letter Before Action. Momentum Legal utilises an online option to issue court proceedings to minimise any delays and to achieve results as effiiently as possible. The costs of issuing proceedings are dependant on the amount being claimed. If you are successful in your claim and the debtor is ordered by the Court to pay the sums claimed, the cost of issuing the claim and part of Momentum Legal's costs will be ordered for the debtor to pay.