Role Of A Debt Recovery Lawyer for Auckland Businesses
The whole world revolves on credit which brings the risk of a transaction not being paid for compared to a cash transaction so debts are very common in the modern day. Debts or credit can be very good as they help a business attract customers, can help customers through a cash squeeze or can help people invest in their business. The problems arise when the debtor fails to repay the debt. This can be a crucial challenge to the creditor especially if the amount of money in question is quite large. Such situations need to be looked at very careful as the law also has some regulations that govern on how one should go about recovering debts owed to you. You can try a debt collection agency but their fees can be very high. Alternatively, this might be where debt recovery lawyers come in.
Some credit situations can be quite complicated and tricky such that you cannot handle them on your own. Debt recovery lawyers are the best people you can go to in such situations as they are able to help you out of the problem. These lawyers are experts and highly experienced in credit and debtor situations rather than having a broad spread of knowledge like general practice lawyers have. This gives them an advantage in trying to help you solve your situation compared to say a divorce lawyer.
It should be noted that debtors also have rights and they have to be handled in a certain manner. Your lawyer will know how to handle the other party, often via their lawyer so you do not get a harassment case against you. The lawyer will aim to help the debtor and the creditor settle the debt in an amicable and legal manner without having to go to court.
The moment you appoint a lawyer to recover your debt, the solicitor acts as your representative and he or she will be the sole point of contact between you and the debtor. This is very helpful especially in situations that may make you feel uneasy dealing with your debtors.
Debt recovery lawyers will do all in their power to keep a case out of court so they will in the first instance, write to the debtor asking for full settlement of the debt. many times this alone will be sufficient to get the debtor to act and pay you what you are owed.
Sometimes though, the debtor simply does not have the money available. In this case, your lawyer will ask the debtor to acknowledge the debt is due which saves ongoing wrangling about the debt itself. This can save a lot of time an expense.
The next step will be for your debt recovery lawyer to negotiate a repayment schedule. You will not get your money paid immediately but at least you will have an agreed plan with payment dates recorded. If the debtor again fails to meet the payment dates, then you can take further action.
If you have clients with outstanding invoices and are looking for a lawyer in Auckland for debt recovery, then you can contact McVeagh Fleming, an experienced, mid-sized law firm. They have a specialist debt recovery team of lawyers in their Auckland and Albany offices who can give you advice on your particular case.