Debt Recovery
Things you should know
- Debt should always be properly recorded and documented when incurred. Lack of evidence will defeat an action for debt recovery.
- Time limits apply to bring actions for recovery of debts so delay can prevent any recovery from the debtor.
- Be aware that informal agreements in relation to repayment can prejudice subsequent actions to recover a debt where the promised repayment was not made.
- The longer the debt the more important it is to have proper documentation in place.
- Pursuing only part of a debt can prevent recovery of the balance of the debt in the future.
- 5 reasons why use the help of a debt lawyer early is important.
The Goldbergs Difference:
- We recognise and advise on the basis that debt recovery should in normal circumstances be a commercially viable exercise and should not be an exercise where large fees are expended for no return. We advise our clients on that basis.
Why would you need this service?
Debt recovery is a process you undertake if someone owes you or your business money in return for something (e.g. : goods and services)
We can advise on a range of potential strategies for debt recovery of funds owed to you; taking court proceedings on your behalf if necessary. We also advise as to the likely cost involved, so you can make an informed decision on whether to pursue recovery.
For example, we have recover a debt of $45k that had been incurred in litigation, which the debtor was reluctant to pay. We also successfully recovered a small debts of $5k for other clients. And, depending on their situation, we advised other clients not to proceed in some instances, where the process is likely to exceed the potential return.
Some may have a relationship with a credit control agent, known as “debt collectors” but they can only take recovery so far after which point they also need to refer the matter for legal action by a debt lawyer.