·
Debt recovery involves legal costs that can surpass the owed debt. Considering this, it is prudent to initially engage a lawyer to issue a formal letter of demand before commencing court proceedings.
This letter, directed to the debtor, outlines the debt terms and stipulates a payment deadline of (normally) 7 or 14 days from the receipt of the letter. It also includes a warning of potential legal action if payment is not made.
In the event of non-payment, creditors must assess whether to initiate legal proceedings and instruct their lawyers accordingly.
For assistance with debt recovery matters, Brooklyn Lawyers stands ready to help.