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Navigating debt and recovery during a financial downturn

April 6, 2020
Resource Centre
Navigating debt and recovery during a financial downturn
a man looking frustrated whilst reading a business letter in a cafe
Debt collection
minute read

Find out the best way to recover debt during difficult times for the economy

Recovering debt can be difficult in even the sunniest economic climate. In a financial downturn, however — like the economic fallout of the COVID-19 crisis — it can be far more challenging to collect what you're owed. Late payments can become a compounding problem for businesses and individuals; it gets harder to recoup outstanding invoices, right when you most need the money.

If you're having trouble navigating debt and recovery during a financial downturn, don't despair. Our debt recovery team at AANDI Lawyers has years of experience. They know the law inside and out, and can substantially improve your chances of receiving payment.

In this article, we'll show you how we converse with debtors, how we choose the right course of action, and what we do if the matter needs to be escalated to court.

Contact AANDI Lawyers for a complimentary, confidential conversation, and take the first step toward recovering outstanding payments.

Book in for a free consultation session

Our process begins by having a conversation with you, the person seeking debt recovery. You can tell us about your case, and we will ask questions to clarify the specifics.

We don't charge for consultation sessions with new clients. That way, you won't be any further out of pocket, and you'll know what to expect before committing to a course of debt recovery.

We will determine whether your debtor has the capacity to pay their debts

financial advisor providing advice to a man and woman

In times of economic recession, people who would usually pay their outstanding balance can suddenly become unable to pay what they owe. Often, this is a temporary problem, and payment might only be a few days away. Other times, it can become a serious issue with no end in sight.

It is vital for us to figure out whether your debtor has the capacity to pay their debts — or even if they are able and willing to pay their debts in the future. We will do our research, and find out whether you're dealing with:

  • Debtors who are likely to have the funds to pay you in the future
  • Debtors who are currently paying off other bills and debts, and do not regard the money owed to you as urgent
  • Debtors who genuinely do not have the funds to pay the outstanding amount, and will not have the means to pay their debts in full in the foreseeable future
  • Debtors who have the ability to pay their debts, and are simply choosing not to pay

We will advise you of your options for debt recovery

Having extensive experience in debt recovery, we can give you an honest and comprehensive picture of where the debt stands. Then, we will advise you on the course of action that we think is likely to get the best result.

For example, if your debtor is insolvent, then pursuing them with legal action could waste your time and money. During a financial downturn, those are two things you can't afford to waste. We will pursue a results-based approach, and get you the best result possible.

If necessary, we will pursue your case through the courts or VCAT

You have the legal right to sue for money that is owed to you. There might be easier options than seeking justice through the legal system, but sometimes that is what circumstances demand.

Our team at AANDI Lawyers will pursue your case, whether that is through the courts or the VCAT (Victorian Civil and Administrative Tribunal). We have a vast amount of knowledge and experience in this area. We will do everything that can be done to secure a successful outcome.

Our support for our clients doesn't end there. After going to court or VCAT, enforcement actions and statutory demands may be placed on the debtor. We can continue to help you enforce your rights.

We offer flexible pricing for debt recovery

Thrift is important, especially during difficult economic times. That's why we offer options like fixed fee or flexible pricing. We do whatever we can to tailor a solution that fits you and your specific case.

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