Smooth Debt Recovery Process by RRR Lawyers
Collecting the outstanding debts is time-consuming and costly, yet critical to the operation of your business. The RRR debt recovery lawyers in Melbourne have an extensive experience in providing effective and affordable strategy to recover debts. We manage the debt collection process from issuing a letter of demand, issuing a claim, obtaining a judgement to enforcing the judgement and recovering the debt.
In order to effectively and efficiently recover a debt, there are some questions that you need to consider:
- How old is the debt?
- Is the debtor a person, a company or some different type of entity?
- Is the debtor a trustee of a trust?
- Do you have a contract in place?
- Do you have handwritten notes or emails to rely on or to authenticate your claim?
- Did you conduct a previous credit check on the debtor including its directors or proprietors?
- Do you have a personal guarantee or bank guarantee in place?
- Does your debtor have the capacity to actually repay the debt?
It is necessary to keep a record of your monetary transactions, its details and the documents involved in these processes. Also, having a proper monitoring system can even give you an idea of the debt-related details like the timeframe for the payment to be received by you.
Take Control of Your Cashflow through Our Debt Recovery Process
The debt recovery process by our debt recovery lawyers in Carlton involves multiple steps like establishing contact with the debtor, trying alternate dispute resolution process for settlement and in the event of the dispute not being resolved – taking action through the relevant courts.
Hiring our debt recovery lawyers from Melbourne will provide you with the debt recovery by undergoing the following steps:
Sending Initial Reminder Letter
Never ignore your instalments and start tracking the delays as soon as you experience a debt situation. This will enable us to provide the debtor with the effective reminder letters.
Issuing Letter of Demand
If there is no response from the debtors with the reminder letter, the next step involves issuing the letter of demand to these unresponsive debtors. Here, we will advise them to pay the debt within 7 days to avoid any legal action.
Commencing Legal Proceedings
If there is still no response from the debtor’s side, we initiate the legal procedure by preparing a legal claim. To commence a legal action, we will need to complete a Statement of Claim and lodge it before the appropriate court.
The debt recovery process ends here allowing the debtor with the following payment options:
- Pay the debt in full
- Negotiate an acceptable agreement with you
- File a legal defence disputing the debt
Once the judgement is given and things are settled, we can draft a Deed of Settlement which will have an acknowledgement of debt. If the debtor breaches the payment terms, he will be sued on the basis of the Deed as the debt will be easily recognized here. Hence, it will become easy for us to prove in the court.
Never Face Outstanding Debts Again
Dealing with the debt issues can take a lot of your time, energy and money. Hence, it is best to take precautionary measures in order to avoid such situations in future. One way to protect against bad debts is to review your contracts, trade agreements and terms of trade properly. Our debt recovery lawyers of Carlton will help you make sure that your terms are clear and your processes are concrete. This will help you to avoid the lengthy and costly litigation proceedings in the future.
If you have encountered any such debt issue, we can be your perfect partners in letting you convert your debts into earnings. Contact us directly at (03) 9387 2424.