How do I sell an unpaid debt

leisure

I'm self-employed, need to raise some funds a.s.a.p, I've two unpaid invoices one for nearly 6k, which I don't have the money to chase through court, it's contested but only by a creep whose made up reasons why he won't pay to make it really hard to get the money without costly court charges. understand I may be able to sell the invoice and debt, anybody know how I go about it please

Harassed_2

Search for 'invoice factoring' in Google. If it's only a one-off, they might not be interested.

DesG

You could emply a debt collection company who will hassle them. Some are more enthusiastic than others.

I heard of a company in Liverpool I think it was who would be very agressive in collecting debts. But I have no contact details or name, sorry.

I doubt factoring would help in this case.

Cheers, Des.

mountainofdebt

Personally I would write a letter stating that if you do not receive payment within 7 days of the date of the letter you will take them to court.

If they don't pay then use the small claims proceedure using the online sevices found at https://www.moneyclaim.gov.uk.

They have to pay the court fees and don't forget to claim for interest for late payment of the invoices as well.

boss-man-uk

leisure wrote:

I'm self-employed, need to raise some funds a.s.a.p, I've two unpaid invoices one for nearly 6k, which I don't have the money to chase through court, it's contested but only by a creep whose made up reasons why he won't pay to make it really hard to get the money without costly court charges. understand I may be able to sell the invoice and debt, anybody know how I go about it please

try https://www.creditcontrolonline.com

have used them loads of times and they are VERY successful at getting your money, god knows how but they are.

good luck

garyclay

Quick note about moneyclaim

Small claims is only up to 5k so you'll have to reduce your claim and that might prove difficult when it comes to court proceedings.

mountainofdebt

But (and admittly I got this from a web site aimed at land lords but I guess the principles still apply) once the claim is lodged, and the defendant decides to defend the claim, the county court (which will ultimately hear the case decides which of the 3 tracks the case is to follow.

As you say small claims is available for claims up to £5k...the fast track would apply here for a debt of £6K.

It's my expereince that once threatened with court action customers do pay up and if it does to issuing court papers, then it very rarely does go to court....they pay up at the very last minute.

garyclay

Agree that most debtors agree to pay when confronted with legal action ( and this is a great method as it costs VERY little - about 30 quid) the problem would be if it was contested.

It seems the debtee is admiting the value of the debt is already 1000 pounds less than was originaly invoiced. If this is the case whats to say the invoice is correct?

May not be a problem but just a point to think about. BTW I used the online claim method for a small debt (500 pounds) and was paid within 2 days!