Debt Recovery Solicitors
Our industry-leading team of debt recovery lawyers has been operating for more than 15 years as s debt Recovery Solicitors.
We combines the abilities of a debt collection cases with the expertise of a Bulgarian law firm.
Debt recovery for businesses requires prompt action being taken and quick recovery where possible to help with cash flow and ensure payment for goods and services.
We work hard to recover outstanding debts fast and cost-effectively, usually settling cases without the need for formal legal action.
Over the last ten years we’ve achieved outstanding results, we work as debt recovery solicitors recovering huge amount of fund for our clients.
Our specialist debt recovery solicitors act for SMEs and large businesses to help pursue and recover debts owed.
Our debt Recovery Solicitors can discuss with you the best way to try and obtain payment for unpaid debts.
We provide practical help whatever the situation and the amount of the debt.
We will provide clear advice on all the commercial factors to consider when pursuing repayment of a debt and will often provide funding options based on the amount of the debt and whether it is likely to be disputed by the Debtor.
Factors our debt recovery lawyers consider in the assessment include:
- Whether legal costs will be recoverable as part of any claim.
- Normally legal costs of representation are only recoverable if the debt is over the small claims limit of EUR 25,000.
- Debt recovery options such as a letter of claim, statutory demand, court proceedings.
- If the Debtor is in financial difficulty and incurring legal costs of court action and securing a judgment may not result in the debt being repaid as the Debtor has no assets against which recovery can be made.
- If there is a possible dispute in relation to the debt or a possible counterclaim.
- How the debt arose and what terms were agreed as regards repayment.
Our Debt Recovery team regularly advises on:
- Pre-legal collection including lettering, telephone debt collection, and trace and collect
- Legal collection, including county court proceedings, mediation services, defended legal actions, enforcement, negotiation and advocacy
- Payment agreements, including instalment monitoring, chasing defaults and regular instalment assessments
- Insolvency action, including bankruptcy, winding up, advice on debtor’s petitions, Individual Voluntary Agreements (IVAs), Company Voluntary Agreements (CVAs) and post insolvency trustee liaison
- General debt recovery advice, including Pre-Action Protocol for Debt Claims compliance, process review, credit control and credit management advice
To learn more about how our specialists can help your business to recover unpaid debts,
please contact a member of our below directly on +359 897 90 43 91 or send us an email office@lawyer-bulgaria.bg
Why am I getting letters from a solicitor?
Some companies of solicitors also act as debt collection agencies. Your original creditor may have sold the debt to them, and if the letters ask you to pay the solicitor directly, this is probably what has happened. Or your creditor may be paying the solicitor to collect their debts. This is usually the case if the letter tells you to pay the original creditor. The solicitor may be part of your creditor's collection department using a different name. Check the small print on the letters to see if it mentions the original creditor, or compare the addresses to see if they're similar. This used to be common practice for many banks and other creditors, but most have now stopped doing this because it can be misleading.
What can solicitors do to collect debt?
A solicitor can't do anything different to your original creditor. They can write to you or call you to ask for payments but they don't have any extra powers. They could continue to add interest and charges or they could take you to court. But these actions are much less common than you might think. Solicitors have to follow the same rules from the Financial Conduct Authority as your original creditor when they collect any debts regulated by the Consumer Credit Act. This includes most common debt types such as credit or store cards, overdrafts, personal or payday loans, catalogues or hire purchase
Why choose our law office for your debt recovery case here ?
We will work closely with you to achieve the highest recovery rates and best possible outcomes. We settle many cases quickly and without the need for formal legal action. Where this isn’t possible, we’ll issue court proceedings and advise you on the most appropriate action. The success of our approach is shown by the number and value of debts we have recovered. We build long standing partnerships with clients, becoming a vital part of their team Our online case management system lets you send us new instructions and updates
