You & Your Family
You & Your Property
You & Your Business
Chasing unpaid invoices or overdue debts? Our debt recovery solicitors can help track your money down.
At TV Edwards, we specialise in complex and high-value debt collection for businesses. We understand how stressful and time-consuming debt recovery is, and can take practical steps to help you get paid faster.
From initial letters to court proceedings, we offer clear advice and swift action to protect your business.
What is Debt Recovery?
Debt recovery is the legal process of recovering money owed by one party to another. Being owed money can affect your business’s cash flow, and you may have taken multiple steps before deciding to get legal support.
Typically, a debt recovery solicitor will go through the following steps to help secure your payment.
Letter Before Action
This involves giving a formal written notice to someone who owes you money, saying you’ll take them to court if they don’t pay what they owe in a set timeframe (14 days for businesses, 30 days for individuals).
It’s important to follow a procedure and write this correctly, or you may have to pay costs yourself.
Court Proceedings
We prepare and send your legal paperwork to the court. If the debt is over £10,000, we’ll add 8% yearly interest, plus court fees and legal costs. For smaller claims, both sides usually cover their own legal costs.
The person or business owing you money has 14 days to respond after receiving the paperwork. They can get an extra 14 days if they formally acknowledge receiving it. At this stage, they’ll have three options:
- Pay the full amount (including interest and costs if they pay after court proceedings begin).
- Admit the debt and offer to pay in instalments. If you accept, we will apply for a judgment to pay in instalments. If you don’t, a court hearing is often needed to assess the debtor’s finances and set the payment rate. If a hearing is required, our attendance will be charged at our usual hourly rate.
- If the claim is defended, it may be resolved out of court or proceed to trial. Our fees will be charged at our standard hourly rate.
Enforcement of the Judgment
Once a judgment is made, the debtor must pay within 14 days. If they do not, our debt recovery solicitors will advise you on the best way to enforce payment. The main enforcement options are outlined below.
- Order to obtain information from a judgment debtor: The debtor must go to court to answer questions about their finances. This will help you find out what assets they have and decide the best way to recover the money.
- Obtain a warrant of execution-county court bailiff: A bailiff visits the debtor’s property to try to take goods that can be sold to pay the debt. The court fee must be paid whether any money is recovered. If the bailiff is successful, they will collect enough goods to cover the fee as well.
- Attachment of earnings: The debtor’s employer sends part of their wages to you until the debt is fully paid. It can be effective if you have the right details, but repayment can be slow and depends on their income. It doesn’t apply if the debtor is self-employed.
- Charging order: If the debtor owns property, you can secure the debt against it. There must be enough equity after mortgages and other claims are paid. Once a charging order is in place, you can apply to force a sale to recover your money.
- Third party debt order: If you have the debtor’s bank details, you may seek an order to recover money directly from the bank account to satisfy the debt.
- Statutory demand: This gives the debtor 21 days to pay, or face bankruptcy or winding-up proceedings. These actions are costly if contested and only apply for debts over £5,000 (individuals) or £750 (companies). A demand is most effective if the debt is large and the debtor is likely to pay.
We can help you decide which of these options is best for you and your business. This often depends on the debtor’s financial situation. We’ll help you choose the most cost-effective approach to get your money back.
Related Debt Recovery Services
What to Expect From Our Debt Recovery Solicitors?
Our debt recovery lawyers in London understand the importance of choosing the right approach. We’ll fully assess your situation and guide you through the process, offering a solution tailored to your priorities.
To recover debts, we’ll work with you to understand the debtor’s financial position and the best method for you.
Wherever possible, we’ll try to settle things out of court at the lowest cost to you, but can support you through the court process if needed. We can also talk you through the various debt recovery methods available.
We also recognize that debt recovery costs should be proportionate to the debt and likelihood of recovery.
Why Choose TV Edwards?
- Highly ranked in legal directories – Recognised by Legal 500 and Chambers UK
- Proven success – A track record of complex and high-value UK debt collection cases
- Cost-effective solutions – We prioritise practical resolutions to keep costs manageable
- Specialist expertise – Our lawyers understand the best approach for the debt situation
- Client-first approach – Clear, honest legal advice from start to finish, tailored to you
Client Testimonials
Debt Recovery Frequently Asked Questions
What does a debt recovery solicitor do?
A debt recovery solicitor helps you recover the money you are owed. This could be through advising on the best debt collection approach, writing and sending formal demands, starting court proceedings if needed, and enforcing judgments. They aim to recover your debt quickly while keeping costs proportionate.
What is the debt recovery time limit in the UK?
In the UK, the time limit for recovering most debts is six years from the date the debt became due or from the last payment made. After six years, the debt may become statute-barred, meaning you can no longer enforce it through the courts. In Scotland, this is reduced to five years from the last communication.
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