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If your business is owed money, it can significantly impact the day-to-day running of your operation, leaving you with cash flow problems or eating into your reserves, leaving you potentially exposed in the event of unexpected costs. Chasing late payments and other business debts can be time-consuming, frustrating and highly stressful, which is why it is often worth handing this responsibility to an expert.
Franklins’ debt recovery solicitors in Milton Keynes have years of experience chasing debts for our clients. We have a high success rate in recovering money owed and find that in many cases being contacted by a solicitor is enough to prompt most people to pay.
We handle debt recovery with sensitivity, so you can preserve positive relationships with people you need to continue doing business with, but will pursue all available options to recover a debt where necessary, so you are not left out of pocket.
If you have a business debt that needs recovering, our solicitors can help. Please get in touch by calling 01908 660966.
Most debts can be recovered fairly quickly once we get in contact with the debtor, but where necessary there are a number of steps we can take to resolve the situation and recover the money you are owed.
The first thing we will do is draft a Letter Before Action, stating exactly how much is owed and when the amount was originally due. We send this letter directly from Franklins Solicitors to the debtor, politely warning them that if the outstanding balance is not paid promptly, court action will be the next step.
If the debtor still fails to pay or explain why they haven’t paid and agree a solution, the next step is to issue court proceedings against them. We will draft a Claim Form and Particulars of Claim as required, stating the amount of money owed, plus any interest that needs to be applied and a contribution towards your legal costs. We will then send these documents to the court for issue on your behalf.
The debtor will then have 14 days to make a payment or submit an Acknowledgement of Service giving them an additional 14 days to submit a defence.
If no payment is received or agreement reached within a further 14 days and the debtor fails to file a defence, or they filed a defence but a Judge finds against them, they will then be issued with a County Court Judgement (CCJ). A CCJ will appear on the debtor’s credit record and this knowledge is a powerful incentive for most people to pay what they owe.
If the debtor still fails to pay, it may be necessary to take action to enforce the County Court Judgement. There are several methods that can be used to achieve this:
Warrant of Execution – This is issued by a court and gives a court-appointed bailiff the right to trace the whereabouts of the debtor and visit them to demand payment. If the debtor still refuses to pay, the bailiff has the right to seize goods from them to the value of the Judgement.
Charging Order – This places a charge on the debtor’s property, similar to a mortgage. If the debtor then decides to sell or remortgage their property, they will be forced to use a portion of the money raised to repay the debt.
Order of Sale – You may also be able to apply for an Order of Sale, forcing the debtor to sell their property and repay the debt using the proceeds from the sale.
Attachment of Earnings Order – If owed money by an individual, rather than a business, an Attachment of Earnings Order can force the debtor’s employer to deduct money from their monthly salary to repay what you are owed.
Franklins has been established for over 30 years and employs over 100 staff, spread across our offices in central Milton Keynes and Northampton. We pride ourselves on being one of the most technologically advanced firms of solicitors in the country, combining broad legal expertise with the latest innovations to offer a truly modern approach to the law.
We are accredited to ISO 9001 standard and Lexcel accredited by the Law Society. We are also a recognised Investor in People. These attainments reflect our commitment to providing excellence as standard, not as an exception.
Get in touch with our expert debt recovery solicitors in Milton Keynes
Need help recovering a debt? Contact our expert debt recovery solicitors in Milton Keynes by calling 01908 660966 or click on the “next step” button below to request a call back.
From 14th October, our MK office will be moving to: Ashton House, 409 Silbury Boulevard, Milton Keynes, MK9 2AH.
Directions
Franklins Solicitors LLP
Gloucester House
399 Silbury Boulevard
Milton Keynes
Buckinghamshire
MK9 2AH
United Kingdom
Telephone: 01908 660966
Fax: 01908 558000
info@franklins-sols.co.uk
We offer a range of debt recovery services, including pre-litigation advice, drafting and sending demand letters, negotiating settlements, and representing clients in court proceedings if necessary.
Our team provides expert guidance to help recover debts efficiently, leveraging legal strategies to maximise recovery while minimising costs and time.
Costs depend on the complexity and stage of the debt recovery process. We offer a transparent fee structure and provide estimates after an initial assessment of your case.
The timeline varies based on the specifics of each case, such as the debtor’s response and the need for legal proceedings. We strive to recover debts as quickly as possible while safeguarding your interests.
Yes, we provide initial consultations to understand your situation, discuss potential recovery strategies, and outline how we can assist you.
Please bring all relevant documentation, such as contracts, invoices, payment records, and any correspondence with the debtor.
Yes, we have experience in international debt recovery and can provide guidance on cross-border legal challenges.
We understand the urgent nature of some debt recovery cases and are dedicated to providing prompt and effective legal support to address your needs swiftly.
If you have any questions about anything legal, please don’t hesitate to contact our team of experts in the Milton Keynes office who are on hand and ready to help you.
