Debt Recovery in COVID-19: How we can help you
During these uncertain times, cash flow is incredibly important. This is fundamental for all businesses, but particularly small to medium companies, who are challenged by cashflow issues in light of the current economic pandemic. If you are finding yourself with unpaid credits that you believe are due and payable to you, contact us now at Wainwright Legal.
There are many ways in which, Wainwright Legal can help you retrieve monies owed to you. The steps to remedy a monetary dispute are as follows:
Letter of Demand-
A Letter of Demand is a formal document addressed to an individual or company as a final demand for the monies that you are owed. A Letter of Demand outlines how much is owed, for what reason the money is owed and when the money is due, before further action is taken. A Letter of Demand is the first step which is taken prior to bringing a matter before the courts, and monetary disputes can often be resolved at this level, through negotiations or payment plans. In the event that they cannot, the matter would then proceed with a Statement of Claim.
Statement of Claim-
A Statement of Claim is the second step in having a matter brought before the courts. This is a document drafted by your Lawyer and filed with the Courts, setting out the grounds for which you believe that there is money owed to you. In support of the Statement of Claim, people will usually submit copies of any unpaid invoices to help establish how the total monetary figure owed to you have been calculated.
Within this document, an individual can claim for monies owed as well as interest, court filing fees, and their legal costs. If the opposing party, also known as the Defendant, believes they have a case, they will reply with a defence, this will then be either accompanied by a court date or a cross-claim submission by the Plaintiff (you).
In the event that there is no defence filed within 28 days from the date of the Statement of Claim, the Court’s can enter into Default Judgement, making orders for the defendant to pay the outstanding money without the need to appear. In the event that default judgment is entered, your lawyer can then assist you with enforcement of the judgment, through a Garnishee Order. This Garnishee Order is a court order, requiring the defendants bank or employer to pay you the money that you are owed, without their consent.
If you or anybody you know have any questions about debt recovery or monetary disputes, contact us at Wainwright Legal. Here at Wainwright Legal we specialise in Debt Recovery and Monetary Disputes among other things, and we would be happy to advise, draft and send a Letter of Demand or submit a Statement of Claim on your behalf.