Debt Review, Collection Strategy, Legal Support, and Recovery Assistance
Recovering unpaid invoices and accounts receivable entails retrieving outstanding payments from customers who have received goods or services but have not yet settled their dues. This process helps businesses retrieve the money owed to them while maintaining clarity and accuracy in their financial transactions.
An unpaid invoice is a bill that has been sent to a customer or client for goods or services rendered, but has not been paid by the due date indicated on the invoice.
Accounts receivable is the money owed to a business by its customers or clients for goods or services that have been delivered or used but not yet paid for.
If a customer has not paid their invoice, you can take legal action to recover the outstanding debt. This may involve sending a demand letter, filing a claim in court, or engaging the services of a debt collection agency.
In South Africa, the Prescription Act sets out the time limits for collecting unpaid debts. The general rule is that you have three years from the date the debt became due to take legal action to recover it.
Yes, you can charge interest on overdue invoices. The interest rate must be reasonable and should be stated in your terms and conditions or on the invoice.
If you take legal action to recover an unpaid debt and are successful, you may be able to recover your legal costs from the debtor. However, this will depend on the specific circumstances of your case.
Yes, you can engage the services of a debt collection agency to recover unpaid debts. However, you should ensure that the agency is registered with the Debt Collectors Council of South Africa and complies with the regulations set out in the Debt Collectors Act.
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