Have you ever taken out a loan and missed a repayment? Have you got mounting credit card debts? As a small business owner, the odds are the answers to the questions are yes and yes. Aside from interest rates making the loans more expensive, you can also expect a call from a bailiff. Debt enforcement agents are men and women who recover arrears for private companies and citizens. And, they have the backing of the legal system when they arrive. The question is, how do you act when the inevitable happens?
Here are a few tips to help you through the process.
Ask For Documentation
It is a sad state of affairs, but it isn’t rare for someone to pretend to be a bailiff. After all, they can take away goods without any hassle. It’s the ultimate form of stealing when you think about it logically. For that reason, you are perfectly within your rights to ask to see their credentials. If they don’t carry a badge with photographic identification, don’t believe or trust them. Instead, ask them to leave the property and call the police. Also, double check that they have the correct documents to enter your property. Without a warrant, a bailiff can’t gain entry into your home, peaceful or otherwise.
Apply For A Stay Of Execution
Just because the enforcement agents are at your door doesn’t mean it’s the end of the line. Okay, the business may be in trouble yet it doesn’t mean you can’t stop foreclosure from continuing. By no means use physical violence or threatening language because it’s illegal. Instead, call the firm’s lawyer and ask them to speak to the courts immediately. Your attorney may be able to get in front of a judge and acquire a stay in less than one hour. If he or she can, the foreclosure will stop.
Negotiating with a person who has the law on their side doesn’t sound smart. However, a bailiff’s job is to get the best for the client regarding the debt. They know, as do you, that a significant amount of money won’t appear out of thin air. So, they will accept part payment and a plan to pay the balance. All you have to do is find the sweet spot by haggling. For example, you could offer to pay half or a third of the debt upfront to afford the business more time to find the money. Usually, this is enough to appease enforcement agents.
Finally, don’t be rude because it only exacerbates the situation and makes them more determined. There is nothing wrong with arguing your point and negotiating, but losing your temper is out of line. Avoid insults and bad language and try to be work in a constructive manner. Also, be honest and don’t play games so that both parties understand the situation. As the saying goes, honesty is the best policy.
The key is not to panic when enforcement agents take action. Ask for documentation, call a lawyer, and dig for information. Then, the process should go as smoothly as possible.