Late payment and its effect on the financial viability of your business is of concern regardless of what business you are in. It is a well known fact that the earlier a debt is processed through the legal route the easier it is to recover.
Before submitting a file for legal debt recovery creditors need to know the following information;
- The full title of the company involved?
- Is the customer a Limited Company/Sole Trader/Partnership/Individual?
- Where the company is’s Registered Office?
- Does it trade from any other address?
- What is the company’s Registration number?
If the Customer is an Individual
- What is his/hers full name and address?
- Do they trade under any other title?
It is important that legal proceedings are entered under the correct customer name, therefore, it is Wales & Co policy to conduct a Company search in order to ascertain the correct title for each customer submitted.
Terms & Conditions
It is a good policy for each business to have clearly written Terms & Conditions as this will assist you in the event that you have to issue legal proceedings for the recovery of outstanding monies. Credit terms should also be clearly set out to ensure that customers are fully aware of your company’s credit terms.