Our experienced debt recovery lawyers can explain your options and help you recover what’s owed so you can focus on your business.
Debt recovery
Letter of Demand
Why MNG Lawyers
Our experienced debt recovery lawyers know what you can and can’t do to recover what’s owed to you. They can outline your options and help guide you to get paid quickly and minimise the strain on your relationships, so you can get back to running your business.
Frequently Asked Questions
A debt collector or debt collection service is someone you can pay to collect a debt you owed. This can be a way to recover most of the money owed if you have already tried informal negotiations or friendly reminders. Engaging a debt collector is often one of the final steps in the debt recovery process unless you’re considering court action.
Debt collectors often take a proportion of the debt owed as payment and they must follow rules about debt collection fairness. This means behaving reasonably and providing sufficient information when trying to collect the debt. Using force, coercion or deception is not reasonable and may be against the law.
If you’ve tried a Letter of Demand and other methods to get your money back you may be able to go to a government body or court to help you recover what’s owed. There are several departments that may be able to help including the Victorian Small Business Commissions (VSBC), the Victorian Civil and Administrative Tribunal (VCAT) or Consumer Affairs Victoria (CAV), as well as the court system.
Deciding which is the right body to resolve your claim depends on your individual circumstances and what assistance you require. There are also different costs associated with going to each department or to court. Our experienced lawyers can guide you so that your dispute is resolved as quickly as possible with minimal expense.
It isn’t always possible to stop others from not paying you what is owed, but you can make sure that your terms of trade are clear and protect your rights. Our lawyers can help you draft terms of trade that clearly explain when payment is due, what will be charged if an amount is overdue and how you will collect the debt if it remains unpaid. This also applies to your employment contracts, so that staff know when they can expect payment and what the terms of that are.
If you supply goods you may be able to register your product on the Personal Property Security Register (PPSR). This means that you register that you have a financial interest in the goods and gives you a legal way to recover the money owed to you.