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How To Chase Money You Are Owed

Money : Money Management

If you are owed a reasonable sized debt - more than ?750 - then chasing it can be very hard indeed.

Certainly letters and phone calls will not coax a non payer into paying. So what can you do then in this admittedly very hard situation?

Well, the best way to get an advantage is to learn a little about the law with regards insolvency in particular.

Most people think that to try and recover this sum of money one needs to issue a summons and use the county court system.

However what most people don't seem to know is that you can actually bypass this system completely.

Rather, you can issue a notice under section 122f of the 1986 Insolvency Act. The bottom line with this notice is that, if the debt isn't paid within seven days, you can actually start proceedings to get the debtor's business closed down!


By: Fred

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