Debt Recovery

What to do if you are owed money. If a person or business owes you money but will not pay, you need to know what your options are. Below we highlight the steps you can take to recover your money.

Recovering Debts – What Action Can You Take?

There are certain steps you can take to recover debts owed to you:-1. Write a letter It is important to give the person or company in question a last chance to pay. To do so, send them a final warning letter stating how much it owed, and why. Ensure the letter is focused upon the facts involved: do not get drawn into an argument. Instead include information such as:-

• Circumstances of the debt, with copies of necessary paperwork;
• The date by which you expect payment;
• What action you intend to take if payment is not received;
• Your wish to have any response put into writing.