How to Recover Money Owed – #1 Personal Debt Collection

How to Recover Money Owed – #1 Personal Debt Collection

Do you need to know how to recover money owed from someone that is withholding payment from you?

It can be difficult to know how long you should leave it before instigating recovery action for overdue amounts.

Should you take your debtor to the small claims court or use money claims online?

Can I send a letter before action to recover the money owed? What is a debt collection pre-action protocol and do I need one?

When an individual is owed money, there are a large number of questions that need answering.

In this article, our experts have outlined the warning signs, excuses and recovery options for when someone owes you money.

Expert Advice on How to Recover Money Owed to You

In reality, no rational person wants to experience a situation where they need to know how to recover money owed.

Whilst commercial businesses regularly suffer from late payments, individuals have many more ways they can be owed money.

For example, they can be owed money by friends, family members, tenants, customers, ex-partners, employers, etc.

The large list of culprits for owing money makes it extremely likely that this could happen to anyone.

It should give you peace of mind to know that you are not alone and there are plenty of options available.

How to Recover Money Owed – Warning Signs and Common Excuses

Depending on the relationship between you and the person, it can be difficult to know if they will pay or not.

However, there are signs that you can look out for which should give you an indication of their payment intentions.

Some of the most common warning signs of someone who isn’t going to pay are:

• Ignoring terms and conditions they have signed to agree to pay you on time.
• Lack of communication or “ghosting you” after they have received the money.
• Disputing a payment or claiming they were never given the money in the first place.
• Requesting that they have an extension on the payment.

Looking out for these warning signs can help you to prevent the debtor from getting away with not producing the payment.

In sensitive situations like these when money is owed, prevention is always better than a cure.

Sometimes, instead of the warning signs listed above, the debtor may use every excuse to avoid paying you.

Whilst these excuses may be a genuine reason for why the individual cannot pay you, they can also be delaying tactics.

Across our long history, we have encountered every excuse and understand how frustrating this can be for the person owed money.

For more information on excuses, read our guide on 5 Common Excuses for Late Payment and How to Prevent Them.

How to Recover Money Owed – Frontline Collections

There are different factors to consider when taking action to recover money, including costs, resources, success and debt recovery time.

Choosing the right method for debt recovery can be the difference between getting paid or losing more money.

Frontline Collections has provided private debt collection to thousands of individuals to help recover money owed to them since 2005.

Our authorised and regulated, low-cost fixed fee service maximises success whilst minimising cost.

We have helped self-employed individuals, independent schools, vets, dental practices and many more.

The calibre of our service has resulted in us becoming a “Gold Preferred Supplier” with the Independent Schools Association.

We can also provide legal advice for matters such as charging orders, court proceedings, legal proceedings etc.

If you are owed by someone registered in England and Wales, Scotland, or anywhere else, we can recover your money.

How to Recover Owed Money – FAQ

What should I do if I need to know how to recover money owed?

You need to take appropriate action quickly to recover any amount owing to you. This can be done in a variety of ways, including legal action, court action and debt collection routes.

Can I just try and recover a debt by myself?

Many people try to recover money from debtors themselves, however, this can be a laborious exercise.

This can end up costing a lot of money, depending on which avenue you go down.

Is it recommended to use legal action or a debt collector?

Solicitors have been a popular method for debt recovery for hundreds of years, despite it being an expensive option.

Debt collection agencies provide a service that is both effective and low-cost.

What makes using a debt collection agency so affordable?

Whilst every debt case is unique and priced accordingly, we offer low commission rates. We can provide you with a proper cost once you answer a few questions.

If a friend or relative owes money, will our relationship be damaged?

We offer the utmost professionalism as part of our debt recovery solution, meaning relationships are not jeopardised.