FAQs About Our Legal Debt Collection Service
Debt collection for legal businesses can be complex, so we’ve answered some commonly asked questions below to clarify any uncertainties.
What is the Distinction Between a Debt Recovery Law Firm &Debt Collection for Law Firms?
Traditional debt collectors like ourselves focus on non-legal debt recovery processes, saving clients valuable time and money. Ombudsman Financial Services specialises in
debt collection for law firms
and various other business industries. This allows us to use expert negotiation skills and processes to claim back debt at minimal cost to the client.
On the other hand, a debt recovery law firm
ensures legal assistance is obtained immediately. Specialist debt recovery solicitors can represent creditors in legal proceedings and obtain a court order to recover business and personal
debts. This type of debt recovery is only necessary if all attempts at negotiation fail. Fortunately, most cases taken on by us do not require a County Court Judgment (CCJ) or any form of
court action, saving creditors time and money.
How Quickly Can You Recover Payments from the Debtor?
While we do our best to fast-track the recovery process of your late payment, the time frame depends on many factors. Factors that affect the process include the amount and age of the debts,
legal complications, and debtor cooperation.
When no disputes are involved, we can typically resolve your claim in one to two weeks. More complex cases can take up to several months, especially if an issue of legal proceedings is
necessary.
How Can I Prevent Future Payment Issues With Customers?
Conducting thorough credit checks on clients through
credit control
is crucial to avoiding late payment issues. This should be done before performing any form of legal support, and clear communication is vital. Clarifying the payment terms and establishing a
standard process for handling late payment issues is always in the best interest of your company’s livelihood.
What Should Law Firms Look for in a Debt Collection Company?
Law firms should seek a debt collection service with extensive experience in navigating legal late payment issues. Our debt recovery business has a proven track record of collecting debts, and
we maintain a strict legal and professional work ethic. When it comes to costs, debt collection businesses should prioritise transparent pricing and consistent communication, keeping the firm
informed throughout the process.
Can You Assist Private Individuals to Collect Owed Money?
While we primarily focus on collections for businesses, we can assist with personal debts. We can collect any type of payment owed by a private individual for any services or goods provided.
This also covers personal loans given to friends or family, VIPs, high-value debts, and debts for high-net-worth individuals. No matter your payment issue, we’ll do everything in our power to
get you paid.