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Debt Recovery Assistance
If you are owed money, or if you are being pursued for a debt, our experienced debt recovery solicitors can help.
We have extensive experience dealing with debt recovery matters, including pursuing claims as well as defending claims, for both individuals and businesses. We can offer flexible funding arrangements to clients wanting to pursue third parties for outstanding debts, including fixed fee arrangements.
When pursuing a third party for an outstanding debt there are several steps that you will need to comply with:
1. You will need to send the debtor a Letter Before Action (LBA).
- Prior to issuing court proceedings you must send to the debtor an LBA.
- The LBA is a formal letter that sets out what is owed and the circumstances of the claim.
- Most cases normally settle following receipt of a LBA but if it doesn’t then you will need to consider formal court proceedings.
2. If the debt remains unpaid following the LBA you have several options including court and insolvency proceedings.
How do I defend a debt claim?
If you are being pursued for an outstanding debt it is important to act quickly. As soon as you are notified of the potential claim you should seek legal advice.
If you dispute the debt, then it is important that you set out the reasons why clearly prior to the commencement of court or bankruptcy proceedings. You should be given the opportunity to respond to the claim and it is important that you set out why you believe the debt is not due. If you don’t dispute the debt, then it is important to engage with the creditor as soon as possible to avoid matters escalating and the debt increasing.