There are many things which you may wish to do to protect your business where you offer credit terms, including:
· Credit check your customers prior to offering credit terms and keep under review;
· Ensure all invoices are dated, numbered and addressed to the correct person/company;
· Keep credit terms to a level which your business can afford to lose;
· Ensure your customers are reminded, at least annually, of your present terms and conditions of business, including credit terms and interest penalties for late payment.
If you do experience problems collecting your debts, a solicitors’ letter before action, threatening court proceedings if the customer fails to pay within a set time frame, often prompts payment, providing there is no dispute relating to the debt.
In the event that payment is not forthcoming, we can assist in the preparation and submission of the court claim form on your behalf, and guide you through the legal process up to and including enforcement proceedings if necessary.
For more information and assistance in relation to debt recovery, contact Frances Woods at firstname.lastname@example.org or a member of our litigation team on 01905 726789.