There is nothing worse than doing a great job for a client or meeting a customer’s product supply requirements and then not getting paid.
With many businesses facing difficult times, being battered firstly by the coronavirus pandemic and then by the inflation and cost of living crisis, cashflow can be tighter than ever.
Successfully recovering debts which are owing to a business can be crucial to its profitability or, even, its very survival.
It is vital that businesses are proactive in keeping on top of their customer debt and that they have cost-effective processes in place for recovering money owed to them.
If an unpaid customer debt is sufficiently large, then it will, in all likelihood, be pursued through legal channels.
Often, however, individual debts fall within the “not worth it” category and are, eventually, written off rather than pursued. Over time, these accumulated written off debts can become significant.
Toby Joel, partner at Jacksons Law Firm and head of its debt recovery team, explains: “Being alert to the needs of our clients, we have developed a software driven solution which enables us to chase low value, volume debts for our clients at a price which makes it affordable for them to do so, meaning that our client’s businesses no longer have the frustration of writing off these ‘nuisance’ debts’.
“The software has proved to be something of a game changer when it comes to the costeffective recovery of low value, high volume debts on behalf of our clients.
“Jacksons has a region wide reputation as a leader in the debt recovery sector. We have gained this reputation over decades of successfully recovering debts for our clients.
“We wanted to provide a solution to our clients where they receive a streamlined cost-effective service and where no debts, no matter how small, are off limits.
“After an initial client discussion to gauge the value and volume of the client’s debt book, we set a fixed price for taking on their debt recovery.
“From there our software uses the client’s debtor spreadsheets to generate solicitor’s demand letters which are sent to the debtors.
“The letters instruct the debtors to pay the debts and costs direct to our client, which helps to speed up our client’s cashflow.
“Businesses usually have their own credit control processes in place, but they often find that their own efforts to chase up late payments are ignored. Jacksons debt recovery service enables the client to utilise a more potent solicitors’ letter.
“The letter demonstrates to the debtor that our client is sufficiently intent on recovering the debt that it has gone to the trouble and expense of instructing a solicitor.
“That, together with the threat (set out in our letter), that court proceedings will follow failure to pay, is usually enough to persuade the debtors to pay.
“The old adage that ‘every penny counts’ is never more appropriate than in this case.”
If Jacksons’ debt recovery service could help your business and you wish to discuss the process in more detail, email either [email protected] or [email protected].
