Debt Management
Business Debt Management & Collection
Good cash flow is essential to the success of any business. The members of the debt management team are experts in converting debt into cash at the earliest opportunity and provide an efficient and cost effective service which will maximise your chances of recovering outstanding debts.
We appear in the Industry Guide 'The Legal 500' as a recommended firm for debt recovery in the West Midlands.
Sydney Mitchell acts for a wide range of clients from small businesses and professional firms through to much larger organisations. The success of this team is attributable to the fact that they offer competitive rates, yet do not compromise on the quality of their service.
Backed up by our highly experienced Dispute Resolution Team, unlike debt collection agents we can pass a matter seemlessly from the initial 7 day letter through issue of proceedings to final hearing within one department and with one point of contact.
Contact us
Please contact our team by email at debt@sydneymitchell.co.uk or ring 0121 746 3360.
Click here for our PDF Debt Brochure
Fees
Please contact our team and ask for a copy of our standard tariff of fees to see if we can help you further. For routine debt collection, especially where there is a regular stream of work from a particular client, we offer a fixed fee scheme. More complicated and defended cases are dealt with on a 'made to measure' time spent basis.
Wherever possible we will claim interest, costs and compensation under relevant late payment legislation.
What we can do for you
The team is able to offer a total debt recovery\credit management package for clients which includes:
- Low fixed fee arrangement for pre litigation work including letters before action
- Financial background checks on companies and individuals
- County Court and High Court litigation
- Insolvency related litigation
- Enforcement proceedings
- Detailed reporting facility
- Advice on Terms & Conditions
- Adice on credit applications\forms
As well as having an up to date case management IT system, the department can offer a range of reporting formats which ensures that clients receive a fast, proactive and cost effective service.
Help us to Help You
Experience tells us that a number of factors improve your chances of recovery dramatically.
1. Pass the debt to us as early as possible after the due date. Chasing a debt whilst it is still ‘warm’ is a lot easier than chasing it months later.
2. Where possible ensure that your terms and conditions have an up to date retention of title clause in them. This means that if the Debtor becomes insolvent you will find it easier to recover your goods.
3. Check out your clients thoroughly before you give them credit, and ensure they complete a credit application form giving you relevant details – and check the details they give. If the order is large seek references and possible guarantees.
4. Do your customers have the means to pay? If you are not sure, then consider payment on a COD basis. Otherwise do you really want to trade with them? Better they become your competitor’s bad debtor than yours.
5. Ensure that the customer is provided with your Terms and Conditions before you finalise any contracts with them. In this way we minimise disputes as to due dates for invoices, interest etc
6. Handle any complaints / queries immediately they arise and keep records of what was said. If possible confirm all conversations by e-mail or fax.
7. Know who you are dealing with. Is it an individual, a partnership or a company? Does the person who you are selling to have the power to place the order?
8. Consider having us look at your Terms and Conditions and ordering system to ensure that there are no loopholes in them.
Want to know more?
Please contact our team e-mail at debt@sydneymitchell.co.uk or ring to speak to a member of our team on 0121 746 3360
