In order to reduce the need to send Letters of Demand/Statutory Demands in the future, it is worthwhile to conduct a root cause analysis which might include the following questions:
✅ Did you perform reference checks on the Debtor?
✅ Did you perform a credit check before extending credit?
✅ If you are dealing with a company, did you obtain a personal guarantee from the company directors to support the account?
✅ Does your written agreement include a term granting you the right to secure a charge against the Debtor's current +/or future real and/or personal property?
✅ Do you have a written agreement with the Debtor, which includes payment terms, address for service, and the capability to serve notices via email/fax?
✅ Did you engage a lawyer to prepare your written agreement with the debtor or your standard terms of trade?
This FAQ was written by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.
This FAQ is intended for general interest + information only.
It is not legal advice, nor should it be relied upon or used as such.
We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.