Do you have a delinquent debtor who disregards payment reminders or repeatedly makes promises to pay but fails to follow through?
Engaging a lawyer to recover debt can be a highly effective way to successfully recover fees, while protecting your business’ financial interests.
Here are some key factors to consider:
Legal Knowledge and Compliance
Debt collection is governed by strict ACCC regulations. A lawyer ensures recovery actions follow legal requirements, minimising the risk of penalties or reputational damage.
Increased Recovery Success Rate
A delinquent debtor will usually take more notice about paying their fees when contacted by a lawyer. A formal legal letter holds more weight than a standard reminder notice, increasing the chances of a quick resolution.
Legal Recovery Strategies
An experienced debt recovery lawyer is often best placed to advise on an appropriate course of action. Whether it be negotiation, mediation or further legal proceedings.
Protection of your Reputation
A professional approach to debt recovery can help prevent unlawful collection tactics that could harm your business reputation.
Cost-Effective
Although legal services have a cost, hiring a lawyer can help resolve disputes faster, reduce financial losses, and ensure debts are recovered more efficiently.
Stress Relief
Hiring an experienced debt recovery lawyer can alleviate the stress of chasing long overdue debts. It shows you are very serious about being paid for the services provided, and in most cases, will increase the likelihood of a successful outcome.
The team at FeeSynergy are well educated on this topic. If you wish to discuss in further detail, please reach out to Dean Phillips on deanp@feesynergy.com.au
