Debt Recovery and Paywatch
You may be familiar with the process of sending reminder notices to clients/customers after your payment terms have expired. Depending on the procedures you have in place and the response or lack of response from the debtor, you may send out a number of these notices seeking to finalise the account.
It is often the case that these reminder notices are ignored by the debtor and the outstanding debt simply continues to age.
The Paywatch system enables you to request a legal letter of demand to be sent to the debtor from Havilah Legal on your behalf, advising that the outstanding account must be finalised within 7 days or legal action may be taken to recover the amount.
We know from our experience that debtors who receive a letter of demand from a law firm, are far more likely to respond, resulting in significantly faster recovery times.
If you haven’t reviewed your terms and conditions, you should check to see if they contain a costs recoverable clause. A costs recoverable clause maximises the chances of being able to recover some of the costs incurred in pursuing an outstanding amount from a debtor.
Paywatch letters of demand explain to debtors that if legal proceedings are required to be brought against them, that those proceedings will include a claim for interest on the debt as well as a claim for the costs of the legal action, both of which may be payable by the debtor (should a valid recoverable clause be in place).
Having in place legally enforceable payment terms is crucial should you find yourself in the regrettable situation of chasing overdue accounts through the courts. Court costs incurred when using the Paywatch system may be partially recoverable from the debtor depending on the size of the debt and the jurisdiction.
If you are unsure whether your terms and conditions are effective, Havilah Legal will be able to review them and recommend appropriate changes.
An essential component of an effective debt collection system is to incorporate escalating follow-up steps at predetermined intervals.
Paywatch facilitates this process, enabling the set up, management and monitoring of outstanding accounts, combined with the highly effective rate of debt recovery associated with letters of demand that come from a law firm.
In many instances outsourcing of the credit collection process will no longer be necessary.
- Feature Rich Interface
- Bulk Debt Uploading Functionality
- Action Required Email Prompts
- Scheduled Reminders
- No Commission Charged on Recovered Amounts
- No Set Up Fee or Minimum Use
- Two Way Messaging with Debt Recovery Experts
- No Installation Required
- Local Support Team to Guide you through the Debt Recovery Process
- Fixed Fee Structure = Realistic Cost vs Benefit Analysis of Debt Recovery
- Client Controlled at Every Stage - Customise Your Service Level
- Management of Payment Arrangements with Debtors
- Early Solicitor Involvement
- Detailed Transaction Log for Each and Every Debtor