Preston was recently named as one of the fasted-growing economies in the UK. A report by solicitors, Irwin Mitchell recorded that its economy grew by around 8.5% during 2021.
Much of the growth is contributed to The University of Central Lancashire, which has also invested heavily into the city, but the city is also growing rapidly in other areas.
Why is Preston Debt Collection important? And why are Adams Legal Partners specialists in the area?
As a rapidly growing city, there are many new businesses and an influx of new people moving to the city. Unfortunately, not all of these businesses will succeed and ALP have seen instructions from the region grow by 13%. ALP has debt collectors situated across the UK, but with the head office based locally, there are many agents in the area.
A recent successful Preston Debt Collection saw a relatively new company on Red Scar Business Park owe a very well known Japanese electronics company £21,000 for microchips, which they had avoided paying for around 18 months, blaming the pandemic. ALP sent a formal demand but there was no response. On expiry of the demand, an external agent attended the offices on the business park and made contact with the directors.
On assessing their surroundings, the Preston Debt Collection agent could clearly see that the debtor had assets. The directors were advised that if a payment was not made, insolvency papers would be produced and served on the next visit, which would be in 24hrs.
A card payment of £7,500 was then made, and the directors assured the agents that the same would be made within 7-days. Predictably, the remaining payment was not made in 7-days, so the Preston Debt Collection team reattended with insolvency papers. This cost the debtor another £495 in legal costs.
The papers (known as a Statutory Demand), gave the debtor another 21 days to clear the full debt, which of course they took advantage of, but for the privilege, it costs them more money and additional interest.
Ironically, once paid, the debtor instructed ALP to help recover some of their own debts. If only they had done this in the first place!
If you need help with Preston Debt Collection, give us a call on 01772 273 122 or email email@example.com.