.

Reviews

The Process Followed by a Debt Recovery Lawyer

  • Written by News Company

Many different situations can lead to being in need of a debt recovery lawyer to remedy the situation. When you own or operate a business, unpaid invoices or problems with clients can cause issues that can only be handled by debt professionals. If you’ve found yourself in such a situation and you’re wondering what the process entails, here’s what you need to know.





Choosing Your Lawyer

First and foremost, the most important part of your entire journey is choosing the right debt recovery lawyer, as this will help to ensure a successful and more satisfying experience. When you fail to choose a lawyer that’s established, experienced and reputable, you may end up disappointed with your decision and the entire process.

A debt recovery lawyer who is worth contacting will be somebody who seems genuinely concerned about your debt related issue. They will go out of their way to properly explain the debt recovery process to you, in a way that you understand, and they’ll make sure you’re correctly informed. Until you find a lawyer to provide advice and assistance, here’s an outline of what the typical debt recovery process looks like.

Your Consultation

Once you’re sure you’ve chosen the correct lawyer in terms of reputability and credibility, you will meet with them to discuss the issue at hand. At this stage, your debt recovery lawyer will ensure that they’ve asked all of the necessary questions to properly understand your situation and provide the best solution. It’s a debt recovery lawyer’s job to identify ways you can legally recover any outstanding funds, while informing you of your rights and suggesting ways to protect yourself in the future.

Letter of Demand and Phone Contact

Once your debt recovery lawyer correctly understands your situation, the letter of demand (LOD) is the next step. Typically, this is the first point of contact between the lawyer and the “debtor” – the person that owes money. This letter will outline the amount owed and will provide the debtor with details on how the payment needs to be made.

There are times where further initial contact through a phone call may be necessary. This step is usually taken when the situation is urgent, and it’s used in combination with the letter of demand. At this stage, the debt recovery lawyer will notify the owing party that legal proceedings will be taken if the debt is left unpaid.

Legal Proceedings, Statement of Claim and Settlement

Next comes the more confusing part of the debt recovery and collection process, and this stage only occurs if the debtor fails to pay the owing debt after receiving their letter of demand. The statement of claim is more simply described as a summary of facts that supports your claim and is an outline of your particular situation. It’s used to begin the legal proceedings and the debt enforcement process. First it’s lodged to the appropriate court, and when accepted, the court case begins and your debt recovery lawyer starts to prepare for the legal dispute.

Lyst, the world’s biggest online fashion site

Everyone’s dressing as Eleven (or Barb) for Halloween Lyst, the world’s biggest online fashion site, is calling this year’s most popular costumes based on global search and sales data.   There’s still a month to go until Halloween, but the savviest shoppers are already sourcing their costumes o...

Read more

Three services which are better online

With technology becoming an increasingly ubiquitous part of life, we see more and more of our everyday activities finding their way online. Certain things you may still want to do face-to-face, the old fashioned way for that human touch–like seeing a doctor, or psychologist, but there are some activ...

Read more

Navigating Cold Weather in a Campervan

Loads of people love the idea of cruising through the great outdoors with the family, but hitting the road in a campervan in frigid winter is a little daunting. However, there are plenty of pros to this mode of travel in conditions others would shy away from. Tasmania is regularly the place of cam...

Read more

Three Top Tips for Increasing Your Monthly Income

Living hand-to-mouth can be a real struggle. No matter how hard you work, or how much effort you put into impressing your bosses, your income simply doesn’t leave enough left over at the end of the month. Yes, you might earn enough to just about get by, but you don’t have the cash necessary to splas...

Read more

How Technology Has Impacted the Currency Markets

Technology has fundamentally changed our world. This fact is inarguable, and it’s a reality that we can see everywhere that we look. In today’s society, everything from dating to keeping in touch with friends, shopping, booking gym classes, and even ordering prescriptions can be done online, negatin...

Read more

5 things to consider when picking a realestate agent

A lot of people have made mistakes with the decision about which realestate agent to entrust with the sale of a property. In any realestate transaction, the cost of making a poor decision about which agent to use can be very painful to a bank balance. Anyone who is looking for realestate to buy, ei...

Read more

Healthy Food Partnership set to save plenty of Aussie lives

The Healthy Food Partnership – to have its inaugural meeting in Canberra today – has the potential to save thousands of lives by improving the health of Australia’s food supply, Heart Foundation spokesman, Rohan Greenland, said today.   The Healthy Food Partnership – convened by Rural Health Minis...

Read more

Christmas Cheer Can Last the Whole Year With NSW's Event Ticket Gift Guide

This Christmas, avoid the frenzy of last-minute Christmas shopping and give loved ones an unforgettable experience with tickets to one of the many blockbuster events taking place across Sydney and New South Wales. As Australia's home of sports, arts, culture and food and wine events, Sydney and reg...

Read more