When a small firm finds that an bill they sent to a larger firm for projects completed or equipment provided is still unsettled and the closing date for payment has passed, they will need to consider their options for Debt collection. The closing date may have been agreed as part of the contract negotiations, or in the standard terms and conditions, normally for supply of equipment. Where this has not been specified, the legal period for payment of invoices is 30 days from the date the bill was received. For a small firm the bill may be a significant part of their monthly earnings and so without that they may be short of funds which may well make them carefully consider their options.
Their options may be down to a choice of a solicitor, a Debt collection agency or a do it yourself approach. None of these is guaranteed to get the larger firm to pay the account in full, but some are more likely to succeed than others.
Solicitors who specialise on Debt collection are likely to be well established and may well offer a good service. They can apply their experience in dealing with Debt collection issues and their skills in drafting suitable Debt collection letters, which may well get the attention of the larger firm quickly. Their fees may well reflect their standing in the Debt collection market, where they may charge
