I Am Owed Money How Can I Get It Back?
11th April 2023
If you ask yourself “I Am Owed Money, How Can I Get It Back?”, you have come to the right place. In this article, we go over the best steps for those in situations such as I Am Owed Money By A Friend, I Am Owed Money From A Company, etc.
When someone owes money, this can result in a rather unpleasant situation, especially if the amount owed is large.
At DCBL, we recover millions of pounds of debt from various scenarios. In some cases, this is sadly something that cannot be avoided.
Financial difficulties may have left the debtor with no choice but to avoid paying you for the goods provided.
Whilst this may have been unavoided, you are still within your rights to attempt recovery. We have produced this helpful information to help you decide how to get it back.
Spoiler alert – the best way to recover money owed to you is by using a professional debt recovery firm.
Continue reading to find out what you can do to help alleviate the stress of money owed to you.
What to Do if You Have Not Been Paid?
As previously mentioned in this article, there are many different ways that you can be owed money by someone.
Either way, the goal is to recover the money quickly and with little impact on your day-to-day.
I Am Owed Money by a Friend
Picture this…your friend asks you to lend some money, promising you will be paid back next week. Next week, you have still been left without the promised money.
Understandably, you want to resolve this matter as peaceably as possible not to jeopardise your relationship.
For example, you wouldn’t take legal action against a friend or family member as this would heat the situation.
The steps below are the best way to recover a debt if you are owed money by a friend.
- Speak to your friend
If your friend has not paid you back when they said they would, it is best to ask them why. This can be done over text, a phone call or email.
There may be a genuine reason why they can’t pay on time. Unexpected bills or other financial difficulties are especially common as a result of the current cost of living crisis.
- Give them another week to pay out of kindness
After the initial conversation with your friend, it may be worth you giving them another week to produce the money.
Allowing more time to pay shows you trust the friendship and have listened to their reasons for not paying.
- Make a phone call to them to remind them of the payment date
Is the payment date approaching, and you have not heard from your friend? Give them a phone call to remind them of the upcoming payment.
Giving them a call also acts as a way to show you are serious about getting the money back. After all, you were nice enough to lend them the money, so you should expect this back.
If the debt has been left unpaid after your various methods of chasing, it is time to escalate this further.
I Am Owed Money From a Company
- Collate all information related to the debt
Unpaid invoices for goods or services can sadly be common for any size limited company. If a company owes you money, a good start is to collate all documentation related to this.
This could include anything from terms and conditions, payment plans, and emails relating to the payment date of the invoice.
The information you collect will give you enough evidence, should you need this if the situation needs to escalate.
- Contact the company to find out why the payment has been delayed
With all of your documentation prepared, contact the person responsible for paying. A phone conversation will allow you to understand why the invoice hasn’t been paid fully.
You may also feel good about their intentions to pay by their mannerisms and how they present themselves.
Most companies work off invoice dates that are 30 days after the initial work was carried out. With this in mind, a lot can happen in 30 days, especially concerning finances.
- Discuss another payment date
If they cannot pay their invoice on the originally agreed date, propose another payment due date.
It is worth telling them that you will escalate if they fail to pay by the new date. This could be through means of late payment fees, legal action or debt recovery.
I Am Owed Money, What Can I Do? – Debt Recovery
If someone owes you money, regardless of whether this is personal or business, you deserve to get this back.
We recommend escalating the recovery process further and contacting DCBL to collect the money on your behalf.
A professional debt recovery agency can successfully recover debts, allowing you to focus on the things that matter.
DCBL has over 20 years of experience recovering debts for individuals and companies across the UK. No amount of money is too difficult, from self-employed individuals to SMEs to large enterprises.
Choosing DCBL to recover money owed to you will also allow you to keep those relationships intact. This will assist in prolonging the future of you and your debtor.
After all, owing money can sometimes be unavoidable, and the debtor may have no option but to refuse payment.
Don’t hesitate to contact one of our experts today via the website or call us at 0208 108 6421.