Debt Recovery Made Clear

Highlights from the Midlothian & East Lothian Chambers Networking Event

Last week, Scott Runciman, Associate in our award-winning Debt Recovery team in Edinburgh, had the pleasure of attending and speaking at the Midlothian & East Lothian Chamber of Commerce joint Chambers networking lunch at Norton House Hotel. Here is what he had to say…

The event was a brilliant way to get to know owners, managers and entrepreneurs (to name a few) from a wide scope of different businesses across the region. With pre/post – networking refreshments, one on one speed networking and of course a fabulous lunch provided by the hotel, I will surely be back.

I spoke to attendees with regards the general debt recovery process in Scotland, the measures a creditor can take to enforce their contractual rights and some of the ways in which a creditor can improve their chances of success in the event they are required to take debt recovery measures forward. We even discussed the possibility and circumstances of avoiding those measures entirely, where available.

The feedback from the talk was certainly positive with many attendees finding the information useful for their own respective business ventures. Some hadn’t previously understood or were even aware of the processes available to them and appreciated the pointers to help steer their business cash collection in the right direction.

For others it was interesting to hear that they had past brushes with the debt recovery process in Scotland. The key takeaway from the day was that whilst many business owners had their own book of debts or cash collection problems, some seemed reluctant to pull the trigger on the process of debt recovery. Whether that was because they were worried about the rising costs of doing so or the impact of the cost of living crisis upon their debtor’s ability to repay, some business owners did not feel confident in beginning the process. Others had in the past attempted the process on their own without taking legal advice and were met with disastrous results so were put off entirely.

It was a real privilege to be able to speak to those attendees who held such concerns and to alleviate those apprehensions with some insight into the process, an indication of costs vs recovery and a summary of timescales. The outcome was that in the majority of those instances, their concerns could be addressed and a clear way forward could be established with the right advice, so there was no need to fear the process! I very much look forward seeing some of the attendees in the near future and providing them with a helping hand in their debt recovery journey.

Find out more about our Debt Recovery services here.