Are you in a position where someone owes you money, however is struggling with their finances and you don’t know the best way to proceed?
This is not an uncommon situation to be in and one way that you may have not yet considered is offering a payment plan.
Payment plans may offer a palatable solution to all parties involved. It allows the debtor to pay what is affordable to them over a longer period of time and saves the creditor spending money obtaining a money judgment that they may struggle to enforce. It may avoid ruining any relationship between the parties.
At Debenhams Ottaway, we would always advise having any agreement in writing and signed by both parties. If you would like any assistance with this, please contact us, we are happy to help!
This article was written by Sophie Taylor, a legal assistant in our debt recovery team. For more information, contact slt@debenhamsottaway.co.uk or call 01727 735632.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
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- Sophie Taylor
- Legal Assistant
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