When Is It Too Late To Recover Payments?
A common question for people seeking payments for overdue invoices from customers is when is it too late to recover payments?
While we all like to think that our customers will do the right thing and pay on time, sometimes you will come up against customers who have no intention of settling their invoices. Weeks can so turn into months and months into years at which point you wonder if you are still within your rights to chase for payment.
This depends on a variety of factors but people are often surprised to hear that they have up to six years as long as there is a contract in place between supplier and customer. Sometimes debts can be recovered even after this time limit if part of the payment has been made or a demand for repayment is made in writing by the creditor.
Even so, after 6 years, your chances of recovering money owed will be greatly reduced, which is why it’s important to keep on top of late paying customers or use the services of a debt recovery company to help you.
If you require advice on recovering money owed please contact one of our debt recovery specialists today.