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Ways A Debt Recovery Lawyer Will Help You Get Your Money Back

A debt recovery lawyer is a legal professional who focuses on helping companies and individuals to legally recover debts and money orders from defaulters. Most brands at some stage have clients who are bad at paying their money back, this process of asking and sending reminders can be quite frustrating and at some point, people use debt collection solicitors to help them. Debt collection lawyers can provide assistance and advice to creditors who need to recover their debts. Here are a few ways they can help you get your money back.

  • They negotiate with debtors

The first step is that the debt recovery lawyers will try to resolve the dispute by negotiation. This is the best option as it avoids any hassle of going to court and can save on time, stress, and money if the other party agrees.

  • They need to have some sort of leverage to put them in a good negotiating position and will send out a letter of potential things that may happen if the debtor does not clear his payment. Leverage could entail waiving interest if they pay now or reducing the debt for immediate payment. It can also include telling the debtor that if they don’t pay, legal action will be taken and they could wind up bankrupt, their property or company could be confiscated by the law, and more. The cause of action needs to be valid and not something that is made up and not available.
  • Another part of the negotiation is to send a letter of demand to the debtor. This letter of demand displays the debt dispute, the debtor’s obligation to pay, and the ramifications that could happen if they refuse to pay the debt. Always engage a debt recovery lawyer to send a letter of demand as they know exactly how to go about it and word it accordingly.
  • A letter without prejudice or a Calderbank letter often sent out is a letter of offer compromising the debt in exchange for immediate payment. This will be marked as without prejudice save as to costs and is a great opportunity for the creditor and the debtor to settle the dispute in good faith and avoid it from being taken ahead. However, there are a number of requirements that need to be taken into consideration, and it is better to hire a debt lawyer to help draft and send the letter.
  • Alternative dispute resolution

Alternative dispute resolution is a way of resolving debt without having to go to court, this can be done through conciliation with the debtor, determination of the debt by an expert, mediation with the debtor, building payment dispute adjudication, and expert arbitration with the debtor. A lot of these forms of alternative dispute resolution apply to certain legal matters and you need to seek legal advice from qualified and experienced debt collectors as soon as possible.

  • Commencing legal action

Debt disputes can be commenced by debt recovery lawyers by filing the correct documents in court. This recovery action in court is done by filing the process which in most situations is a claim and a statement of a claim. This is done by filing an application for a minor civil dispute. Once this is done and the documents are filed and sealed the creditor will need to serve the debtor with the documents and the debtor will have 28 days to respond. The matter according to what the response is, will then either proceed to trial in court or a hearing.

  • Enforcing judgments

The purpose of the court is to then obtain an enforceable money order which can be enforced on the vehicle or the property of the debtor to recover that amount. If you get this as a decision by a commercial lawyer in Dubai, then it needs to be registered in the magistrate court before it can be enforced. This money order can be enforced in the court by getting an enforcement warrant which can include a warrant for charging order, redirection of debts, redirection or earrings, sale and seizure of the property, payment by installments, and financial institutions. It is important that you have the proper legal documents protecting you if something does go wrong.

The Takeaway

This gives you a basic idea of what a debt collection lawyer does in relation to legally recovering debts. It is a lot more complicated than it appears and it is strongly suggested when dealing with cases like these, you take the help of professionals who know what they are doing.

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