In May 2012, Morrisons launched MorrCollect, a low-cost debt recovery service to help businesses and individuals pursue payment of their unpaid invoices.
MorrCollect is a fast, efficient and cost-effective service which consists of three stages designed to obtain payment as soon as possible from the debtor:
- Act quickly – send a Demand Letter to the debtor
- Start Court action
- Ask the Court for Judgment.
Most debtors prioritise the order in which they pay their debts based on what they believe the consequences will be if they fail to pay. No debtors want to have a Judgment Debt recorded against them and clients who have used MorrCollect have found that debtors often pay upon receipt of the Demand Letter.
Recent articles in the press have discussed the fact that using a Demand Letter from a will send a strong message of your intention to punish late payment.
Sending the Demand Letter costs £48 inclusive of VAT. The Demand Letter makes it clear to the debtor that if they fail to pay the outstanding invoice(s), they could be taken to Court.
If Court action is required, the legal costs vary depending on the amount owed, but the majority of legal and court fees are recoverable from the debtor and interest can be added to the amount owed.
Further information in relation to cost can be found here.
If you want to get started today, send your invoice(s) to firstname.lastname@example.org