With lockdown easing, what does this mean for debt recovery?
9th Jun 2021
With Covid-19 restrictions having eased slightly in the UK from 12 April 2021 and with more restrictions eased from 17 May 2021 and further easing over the coming weeks and months, the economy is opening back up and this has left some with outstanding debts to be paid and others requiring assistance in pursuing the recovery of debts.
The coronavirus pandemic has been tough for all whether you are a business owner, supplier, employer, employee or self-employed individual. The UK Government debt will hit astronomical numbers following record borrowing to get us all through the toughest of times since the end of the Second World War.
As a result of the year long public health emergency 1 in 4 people in the UK will have incurred debt due to the Coronavirus pandemic. It is estimated that business debt will double to a figure of £8.6 billion and this then has an impact on the smaller companies further down the chain, one goes out of business and this then has a ripple effect on others. Types of businesses affected by debt include those involved in:-
– Real Estate and Property Services
– Travel and Tourism
The list is not endless but gives an example of those who may be subject to debt claims and the knock on effect it may have to supply chain.
At Rogers & Norton we can assist businesses and individuals with most debt claims be it in the recovery of outstanding rent arrears, monies owed to a business or for that matter monies owed to or from an individual. Following discussions with you and the taking of initial instructions, we would send out a letter before action generally free of charge giving an individual a period of 30 days in which to make payment or reply and a company or business a period of 14 days. Dependent on the reply we will deal with your individual needs in pursuance of the recovery of the debt and each case and fees are tailored to your own needs and requirements.
The process can be very quick once proceedings are issued or may go on for a considerable amount of time dependent on the issues raised and the Debtor’s ability to pay. The general process is however generally straight forward as we have a monumental amount of experience in dealing with all claims for recovery of debt be they large or small.
Once proceedings are issued and if Judgment is obtained then there are numerous options available as to the enforcement of the debt including but not limited to:-
– Attachment of Earnings Orders
– Charging Orders
– Writ of Control for the Taking of Goods
We continue to maintain a number of social distancing procedures within our offices and are willing to discuss matters via the telephone, emails and via various video platforms including Teams and Zoom.
To speak to the team regarding your debt recovery needs please contact us at email@example.com or 01603 666001.
*This article is provided for general information purposes only and does not constitute legal or any other professional advice.