A common issue when businesses decide to pursue their customers for unpaid bills is the amount of time that has passed before they get to that stage.
Some businesses might leave it for more than a year before they decide to pursue debtors and this often creates some ambiguity into what rights a company has in this regard. The golden question is, how long do you have before time has run out?
You might be surprised to hear that you may have up to six years, and in a minority of cases longer than this to recover debts, if they are subject to a contractual agreement. It is important to note that the six-year period starts from the day the debt is due rather than when a demand is made for payment.
Once this period has passed, the unfortunate truth is the debtor stands a good chance of getting away without paying a penny.
The best chance of recovering the money you are owed is to appoint a debt recovery specialist and even when that 6-year period has expired, there is still a chance that money can be recovered.
To ensure the best possible outcome however, time is of the essence and it is important to act fast.