The recovery of debt often involves legal procedures which are best handled through competent and experienced debt recovery solicitors Sydney.
To recover the debt due it is necessary to go through four steps that can ultimately result in recovery of the debt. The first step requires a letter before action to be issued to the debtor which has to be a formal letter issued on the letterhead of the solicitor. This letter must state clearly the sum due to the business, a period allowing payment that is anywhere from 7 to 14 days, and the consequence of non-payment. 75 percent of cases get solved through this action taken by appointed solicitors.
In case the debt is not paid, the second step is to initiate legal action where the demand for payment comes from the court. The third step is obtaining a court order to confirm the debt that enables legal action for recovery to be taken. The fourth step is enforcing this order.