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owed money by a company

Owed money by a Company?

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Being owed money by a company is a situation that can arise by various means. It could be that you are self employed and not been paid or it could be you are owed an insurance pay out. It could be that you are due a refund but that refund has not yet been paid. There is a full kaleidoscope of different scenarios where somebody can be owed money by a company. How to fix the problem is often a much more elementary task.

Many of us will be owed by by a company at some point so you are not isolated with this problem. Failure to keep promises of payment is one thing, a refusal to pay is another. This article looks at the complexities involved and asks the relevant questions.

Do you have proof of what is owed?

ideally there will be documented evidence to show that sums are due to you from the company. The origins of an unpaid debt can form from various provisions. What is the debt owing for? Is there a written agreement to pertain to this. Was your relationship bound by a written contract?

Being owed money without a contract or any documentary evidence can be difficult to prove under UK Law. Normally, there will be be some form of paper trail that can help act as evidence of a debt being owed.

If the money owed to you is for a refund, then you will have proof of purchase. Likewise, if the money is owed to you for wages, you will likely have an employment contract or something of similar statue. Quite often you may have received a promise to pay by email or text.

What can you do?

If a company owes you money and it is overdue, then you can can take steps to recover these monies yourself. You can send them an email or letter making a formal request to be paid. This action should be recorded by way requesting a read receipt for emails or proof of delivery by post.

If this fails to produce payment then a follow up phone call can do the trick. Always remain calm otherwise you can prejudice your position. It is frustration to be owed money, there is no doubt about it. Unlawful actions can work against you and can be used as an excuse not to pay.

What if the company won’t engage with me?

There could be a couple of reasons for this. It could simply be that there is a valid reason such as the person dealing with it is absent. If this excuse is used frequently, you will quickly sense you are being given the run around. When this happens it is time to take a more proactive action.

It could be that they are just ignoring you or using basic payment evasion tactics. Either way, it is time to up the ante or risk not getting paid what you are owed.

How long do I have to act?

You are usually able to claim what you are owed for up to 6 years from the date it was due. So do not worry, just because you may have other things to deal with at that given moment in time, it does not mean you cannot revisit the problem.

In accordance with the provisions of the Limitation Act 1980, you have 6 years to collect what you are owed. It is always recommended that if a Business owes you money you act quickly.

Why have they not paid me?

Every non payment scenario has a different reason. It could be that the company that owes you money is experiencing cash flow issues. It could also be that they are insolvent and have gone into liquidation. You can check for free the status of a Limited Company on the Companies House register.

Is the Company disputed the amount they owe you? This is where the proof of debt is critical as mentioned earlier. Any proof of the amount owing to you becomes very relevant at this point. Objections to paying what is owed can be overcome by producing proof of the debt.

 I need help to collect what I am owed

If all efforts to resolve payment from the company have been fruitless, do not despair. At Frontline Collections we have helped thousands of people just like you. Being owed money from a Company is something we deal with every day. We can assess the situation for you, free of charge.

Upon this assessment, we can advise you of your options to act. Situations like this rarely require court action and our aim is to keep the cost to you at a minimum. It could be that you are self employed and not been paid. Or simply that you are waiting for a refund for goods or services. Whatever the situation – We can help, we do help and we want to help.

If you have a genuine problem and need help, you can contact us now for Free advice and assistance. Our friendly New Business Team are waiting to help!