Before taking a debtor to court over an outstanding payment, you may wish to consider bad debt mediation.
Businesses that struggle to collect payments from their debtors can find themselves at risk of running into serious financial difficulties.
Unfortunately, in today’s uncertain financial climate, many businesses are finding themselves facing cash flow problems due to late and non-payment of invoices.
Taking a debtor to court over an unpaid invoice is not always financially feasible as it can be an expensive and time-consuming process.
Here at Debt Squared, we offer a variety of pre-legal debt collection strategies on a no collection, no fee basis, including bad debt mediation.
What is mediation?
Mediation is a process whereby two parties sit down together with an independent third-party mediator to negotiate a resolution to a problem.
A mediator will listen to both sides of the argument and help those involved to discuss the dispute constructively and come up with a solution that suits both parties.
Where bad debt is involved, the mediator will help the parties to reach an agreement about how and when the debt owed is to be settled.
Mediation is confidential, informal, and much cheaper than going to court. It also gives you more control over the outcome than you would have if you took your debtor to court.
If an agreement cannot be reached using mediation, then our team here at Debt Squared can advise you on any other pre-legal strategies or escalate your case to our legal service if appropriate.
To find out more about the bad debt mediation services that we offer here at Debt Squared, or to discuss our other pre-legal debt collection services, give our team a call on 0800 002 9049.
Mon Nov 27 2023
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