Dealing with debt!

What should you do if someone owes you money?

If the debt is more than $1,000, a solicitor may ask the debtor to pay interest as well as your legal costs.

Interest will keep accruing on their debt until they pay it.

Your solicitor will tell you the amount you should be able to recover as it is generally based on interest rates set under legislation.

A letter of demand can also be prepared.

What is a letter of demand?

You can send a debtor a letter of demand to allege that they owe a debt and advise that if it’s not paid within a certain period of time (usually 14 days), legal action will commence.

If you receive a letter of demand you should pay your debt as soon as you can.  This is because interest and legal costs may be added to the original debt.

For assistance in debt recovery, contact the team at G&B lawyers.

 

M: 0481 287 528

E: info@gandblawyers.com.au

W: www.gandblawyers.com.au

GPO Box 1849, Sydney, NSW 2001