If you own your own business then you may have had some sort of trouble in the past trying to get money that is owed to you. Over the past few years, this problem has got much worse as more businesses are beginning to close down due to the economical problems the country has. If you or your company is still owed money, then follow my guide to recover it.
Contact the Person/Company
The first step to recovering the money that is owed to you is contacting the person or the company that is in debt to you. You should attempt to speak to the manager or owner of the business about this issue, if you cannot get in touch with them you should ask for a more convenient time to speak to them on this issue or another way to get in contact with them. If you do not get any other alternative way to contact them you should continue trying to contact them this same way.
If you do get in contact with the person who owes you money, you should explain how much they owe you and you can make a payment plan for them to return the money that they owe you. If the other party does not agree to paying you off then you should write a letter/email.
In the letter that you write you should include:
- How much they owe you
- What they owe you it for
- When they were supposed to pay
- What you have currently done to try and get the money back to you
In this letter you should include dates that you have spoken to this company on and agreements they have broken, a date which you expect the payment by (around 10 working days).
You should also explain that if the payment is not received then you will be taking legal action out against the company.
If you do not receive any payment by the date that you have stated, then it is now time to take further action. You should contact a solicitor who specialises in debt recovery. You should print all the documents out that you have had with the other party discussing the issue of the money they owe you.
Your solicitor will then contact the company; if they cannot obtain the money themselves then it is likely that the case will go to court.
However you should make yourself aware that it can take months to resolve, and during this time you will have to pay for your solicitor fees. There is also no guarantee that you will win the case and get any money back.