Regardless of why someone owes you money, if they refuse to pay the best step you can take to elevate the debt’s collection is delivering a formal demand letter to the non-paying party. There are a few reasons why a formal demand for payment is worth sending and a responsible step in collecting any debt, including these reasons:
- It shows the non-paying party that you’re serious about collection
- It can be legally required prior to litigation
- It best preserves your remedies (i.e. starts clock for charging interest)
- It may qualify you for extra remedies (i.e. to collect penalties or attorney fees)
Of course anyone can send their own demand letter, and there are plenty of form letters available for free download on the Internet (in fact, you can take a look at some free examples on our ConstructionLawMonitor.com Blog). However, there are clear advantages to having a firm like Wolfe Law Group send your demand letter, including these reason:
- Demand from an attorney will carry more weight than an internal letter
- Letter crafted o take advantage of laws providing for collection of extras (attorney fees, interest, penalties, etc.)
- More reliable proof of delivery
You may think it’s too expensive or cumbersome to hire an attorney to send demand letters. Law firms may require you to place large retainers or spend more than you really need.
However, sending a demand letter from Wolfe Law Group is affordable and easy. You provide us the information, and we’ll get the demand letter promptly sent off. If that doesn’t produce payment, you can consult with one of our attorneys on how to move forward to collect the debt. We do it all for one flat fee.
Sending a Demand Letter is an Effective Way to Collect a Debt
If someone owes you money and refuses to pay, a demand letter can help you to quickly recover the money you are owed. Demand letters are a powerful way to show that you are serious about collecting the money that is due, and is often the only remedy needed to collect a debt.
A demand letter is a formal document requesting the return of monies owed. Demand letters come in many shapes and forms, but usually include the same basic information. Your letter should include a summary of what is owed, exact amounts owed and a due date. Also be sure to include an address where payment should be sent and a contact number in case your debtor has questions about your letter.
Why Send a Letter?
It can be costly and time consuming to chase down a debtor to recover a debt. They may avoid your calls, give you incorrect information and refuse to pay. A demand letter is often necessary if you want to take additional steps to collect the debt such as a lawsuit or other formal collection remedy. A settlement demand notice is also helpful in letting the debtor know that he has the option of paying without a formal lawsuit. Most debtors want to avoid costly court battles. Often, when a creditor sends a demand letter payment follows quickly.
Why a Legal Demand Letter?
Although a notice demanding payment is a powerful collection tool, a formal document from an attorney carries a lot of weight. You don’t have to pay high retainers and fees for an effective legal demand letter, however. Wolfe Law Group can create an impressive legal demand letter that you can send immediately for best results. In addition, an official document holds weight in any court proceeding that you may have to implement. By choosing a reputable firm to handle this collection task, you can be assured that your notice is delivered to your recipient. This notice is often required when filing a lawsuit. In addition, your official demand notice will include legal information such as the collection of attorney fees and court costs.
If you are looking for a settlement demand, don’t waste time and money chasing your debtor. With a demand letter payment is often received quickly at minimal cost and effort. Wolfe Law Group can help you end your collection nightmare and get the money you are owed today.