14 Jul 2020 / Back to latest updates

Post Covid-19 Recovery and are you able to still recover your debts

In recent weeks restrictions are being gradually lifted around the UK and the economy is slowly getting back to a new ‘normal’. Official figures from the Government’s Office of National Statistics has reported last week that the UK Economy shrank 2.2% in January to March 2020 which is the biggest fall since 1979.

The press has reported on the possibility of a further recession in the UK economy. We advise our clients and other small to medium businesses to not delay in taking action to recover debts that are owed to you.  

Tips to Collect Debts in this current climate

• Don’t delay  – act now to recover your debts by sending a Letter Before Claim;
• Follow up any letter by phoning the Debtor and discussing their reasons for non- payment or see if they can put forward a payment offer;
• Consider whether you will be continuing business with the Debtor and if it will save you money, your time and future business to discuss the matter openly in a meeting (by virtual means or by telephone); and, 
• Should your debts remain unpaid; contact professionals with experience in the Debt and Insolvency areas to receive assistance with any debts owed to you.

Please contact us if you would like any further information.