Debt Recovery Tactics: Sending An Order Of Payment

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Debt Recovery Tactics: Sending An Order Of Payment

Thousands of businesses and individuals suffer from not being paid every year in Liverpool.

This can be extremely damaging to one’s cash flow and should be prevented at all costs.

Whilst most businesses will have internal credit control teams that can recover debt, some debtors may still slip through the cracks.

If and when this happens, businesses will need a professional solution to resolve the issue.

Small businesses, in particular, may have to resort to other methods if debtors refuse to pay.

Simply speaking to the debtor to make them aware of missed payments can be an easy way of receiving payment.

It is important that you or your business remain calm when accounts payable issues present themselves.

A plethora of options is available to recover money that a customer agreed to pay.

This could include order of payments, payment terms, legal and court action etc.

We have put together this expert guide to ensure your bank account stays unharmed and that you get back what is owed.

How To Deal With Invoice Disputes And Other Excuses

There can be many excuses as to why a product or service has not been paid for and it is important to know how to tackle them.

Some of the most common excuses as to why someone has not paid what is owed are:

• Financial issues that have put your payment low on a list of priorities.
• Simply forgetting to pay the invoice on purchase orders due date.
• The accounts team are not in the office and therefore cannot produce the payment.
• Disputing an invoice due to wrong information (address, name, date etc.).

In regards to invoice disputes, it is important to look into how you can resolve the dispute.

Business dispute resolutions will be mutually beneficial and fair for both parties involved.

Although these excuses may seem legitimate, these can sometimes be a way of stalling payment intentionally.

If this is the case, you need to know how to deal with delinquent debtors that use every excuse under the sun.

What Is An Order Of Payment?

Sending an order of payment or a Letter Before Action is a good tactic to use when money is owed.

The terms and conditions of this document state that if the money is not returned in a number of calendar days, legal action will be enforced.

The threat of legal action or being taken to court is usually enough to get the debtor to pay what is owed. This is due to the fact that this can be very expensive and can affect the debtor’s credit score.

If an order of payment is ignored and the money has still not been paid, you need to speak to the professionals.

The most effective and affordable method if an order of payment fails is by using a debt collection agency.

Debt Collectors In Liverpool – Who To Choose

At Debt Collection Liverpool, we help clients that have failed to send an order of payment find the best agency.

Since 2006, we have created a list of the most effective debt collection agencies in and around Liverpool.

Our partners ensure to not jeopardise any customer relationships, which provides our clients with utmost peace of mind.

If you are owed money by a client, you will need a business debt collection agency.

Our recommended agency for this is Federal Management, which is the UK’s leader in collecting commercial debts.

For debts that are owed by private individuals, such as friends or family members, we recommend using Frontline Collections.

They are experts in private debt collection and recover millions of pounds worth of debts every year.

Both of the partners we recommend above produce success rates of, on average, up to 90% on all undisputed debts.

Debt Collection Liverpool – Frequently Asked Questions