How to settle disputes about money owed
If someone owes you money, it can be stressful, time-consuming and, should it come to it, possibly very pricey. Luckily, there are a few different approaches that you can take to get back the money you’re owed.
Contact the person who owes the money
This is usually the most common and informal way to retrieve the money. Whether it be over letter, text, phone call, email or in person, it’s important to try this route first to avoid relations going sour – as this could further jeopardise repayment. Remember to include all of the necessary information, such as the amount owed, why it’s owed, and other factors. If you’re worried that they’re going to avoid you on social media, try and arrange a face-to-face meeting in public, as this will help to avoid escalation and arguments if money is a sensitive subject.
Try a mediation service
If the previous method has failed, consider hiring a mediator to aid your attempts to retrieve owed money. The point of a mediator is that they work with both sides to resolve the matter, without the priciness and hassle of bringing it to court. Of course, a mediator is only useful if the other side is willing to enter discussions, negotiations and reach a compromising conclusion. Most courts expect you to have tried the previous informal methods of resolution and mediation before you take a case to court, so remember to document every attempt of closure well.
Hire a solicitor
A solicitor who specialises in debt recovery is the first legal step that you should take if other methods yield no results. The solicitor will write a letter threatening legal action if the debt isn’t repaid, and this will usually get the debtor to pay up. Solicitors will either work on a fixed fee basis or charge an hourly rate.
Hire a debt recovery agency
Another possible solution before taking the matter to court is to hire a debt recovery agency. These are companies that offer debt recovery services for a fixed fee. Some may instead take payment by claiming an amount of the money that they recover for you. It’s worth noting that you’ll need to research an agency before employing them, as not every debt collection agency uses legally trained staff.
Go to court
This is the last resort for settling a dispute over money owed to you. It can take months for the process to complete and may prove costly. However, it is one of the most surefire ways to settle a monetary dispute. For more information regarding the ins-and-outs of taking your case to court, including if it’s worth it, check out this government services website.
Contact First Capitol Collections
If you’re looking for an external collections agency to aid you in resolving a feud surrounding money, look no further than First Capitol Collections. We’re a reliable, knowledgeable and friendly company sitting among the market leaders in doorstep debt recovery, credit control and other legal matters.