3 Times You May Need to Use a Construction Debt Recovery Service

Construction debt recovery is a specialist area of debt recovery which deals with all aspect of recovery of money or valuable equipment connected to the construction sector. Below is a guide to 3 times you may need to use the services offered by a construction debt recovery company.

Tool and Equipment Hire

When contractors hire out tools and equipment from you, they will usually pay a deposit initial deposit and further payments during the course of the rental. If the contractor fails to make these payments as agreed, you may need to call in a debt recovery agency to collect the money which is owed to you. If you have hired out tools or equipment to contractors and they do not return them, you should also contact a debt collection agency. If you are unable to secure the return of the equipment or tools, the collection company can add the value of these items to the total value of the debt owed.

Investment in Infrastructure

Construction projects can be costly affairs. For this reason, a building will often need the backing of several investors who invest in the infrastructure in return for regular payments once the construction is complete. If you have invested in a construction project and you are not receiving the payments as agreed, it may be time to call in a construction debt recovery agency. The agency will be able to act on your behalf to pursue the other party for payment. The involvement of a debt collection company via a stern letter or telephone call threatening legal action is often enough to force a reluctant party to pay up the money they owe. 

Independent Contractor Work

If you are an independent contractor, you are effectively acting on a freelance basis, moving from construction site to construction site completing a set task which you have been commissioned to work on. While this can be a very rewarding way to work, it does not offer the same protections that you would have if you were a full-time employee of the construction company. For example, rather than receiving a regular salary, you will need to invoice the construction company after the work is completed. If these invoices are not paid after repeated requests, you may need to call in a construction debt recovery service who will be able to chase the company and demand full payment.

If you would like further advice, you should contact a professional debt recovery company.