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    What is meant by debt collection?

    Julia_RockzBy Julia_RockzDecember 5, 2022 News No Comments3 Mins Read
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    A self-employed or self-employed worker is understood to be one who habitually, personally, and directly carries out an economic activity for profit, without being subject to an employment contract, even if he uses the paid service of other people, whether or not he is the owner of a company: individual or family.

    Workers over the age of 18, who habitually, personally, and directly, carry out an economic activity for profit, without being subject to an employment contract, are included in this regime with people who are self-employed and not been paid

    An overdue obligation or past due sum from a second party (customer or “debtor”) on behalf of a first party (original lender or “creditor”) is referred to as debt collection as a whole. The entire debt recovery procedure in London is referred to as debt collection. Debt Collection Agencies (DCAs) are regulated by a variety of national laws and are licensed. DCAs are strictly governed by a number of institutions, and they operate in a morally and legally correct manner.

    London debt collection can be broken into two stages. The extrajudicial stage is the first. On behalf of the creditors, the debt collection agency contacts the debtor. At this time, no legal action is being taken, and the judiciary is not involved. The debtor is first sent a written claim letter, after which he is called and asked to pay the amount in full, plus interest and costs, within a short period of time. The matter is brought to court to begin legal procedures if the debtor still refuses to pay after the out-of-court phase.

    A registered solicitor practicing in England can explain the options available to the client and advise and guide them through the various stages of the procedure. Debt collection agency in London is a quick and efficient process, but occasionally, due to the diversity of the legal system and the tools available, a foreign client with a debt owed to an English company or person faces difficulties that are difficult to overcome on their own.

    The first thing that we usually advise our clients is to try to contact the debtor informally to obtain as much information as possible about their willingness and/or ability to pay the debt.

    Unfortunately, this preliminary activity does not always lead to concrete results and, in such circumstances, it is mandatory to send a letter of summons (debt recovery letter before action) by a law firm, in order to formalize the credit claim and guarantee the client the possibility of acting in the later phases of the debt recovery procedure.

    In addition, another advisable prior activity is to carry out an investigation of the debtor’s balance sheet to control its state of insolvency and the real possibilities of collection in light of the information available in public records.

    Once all the preliminary analyzes have been carried out and the aforementioned intervention letter has been sent, in the unfortunate event that the counterparty does not even respond to this formal reminder, there are usually two options, namely, the initiation of a lawsuit or the notification of a Statutory Demand.

    Julia_Rockz

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