When choosing between using Solicitors and a Debt Collection company, you should always consider the cost implications. Today we experienced a classic example of a firm of Solicitors attempting to collect a debt for a client by taking the debtor through the County Court process. The debtor already had a string of County Court Judgements, hadn’t filed accounts for years, had a compulsory striking off order against them from Companies House. Yet the Solicitors thought they could recover the debt. Yes they got the judgement………..a worthless piece of paper! An empty victory!
The only conclusion we could come to was that the Solicitor just failed to do their job properly. Did they research the credibility of the debtor before advising if this debt was going to be possible to collect or not. What they actually have done here is not only failed to collect the debt but they have run up a bill for the creditor of in excess of £3000.00.
To conclude the Creditor was owed £6000 plus to start with and now has lost a further £3000.00 as the due diligence was not carried out.
As a debt recovery company. The first thing we do is look at the debtor. Is this debt going to be collected, if we win a court case are we going to recover the money for our client. If the credibility of the debtor is so poor we would simply say put it down to experience and move on.
Solicitors or Debt Collection…………….
It’s not rocket science…deal with the company that get paid on results!!………………DEBT COLLECTION every time.
Come and visit our blog on a regular basis, we will publish articles such as this every week. These are all real cases.