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Whether you are a private individual, a small business or a large commercial enterprise, our team of civil litigation lawyers will be able to advise and assist you in the recovery of any funds – or debts –  that are owed to you with our commercial debt recovery services. Don’t hesitate to get in touch – we will be happy to assist and advise you.

As the law differentiates between personal debt and commercial debt with regards to recovery, it makes sense to first understand the key differences between the two types of debt.

What is a commercial debt?

A commercial debt – or a commercial loan – is a debt-based funding arrangement between a business and a financial institution such as a bank or other type of lender.

It is typically used to fund major capital expenditures and/or cover operational costs such as investing in staff, premises and equipment that the company may otherwise be unable to afford.

What is a personal debt?

Essentially any debt that is regarded as non-business (or non-commercial), a personal debt is any debt for which you are personally legally responsible. It may involve more than a single party, for example, joint car finance or a joint credit card with a partner or spouse is regarded as personal debt.

Personal debt may be secured or unsecured. Secured debt is debt acquired by putting up some form of collateral as ‘insurance’ against the debt, whereas unsecured debt relies solely on your promise to pay.

Personal debt will typically have a negative effect on your personal credit rating, which may cause problems should you apply for a mortgage, credit card or some types of insurance.

If you are a debtor or a creditor, we can provide specialist legal advice and expertise on:

  • Personal debt collection
  • Commercial debt collection
  • Tracing debtors
  • Statutory demands
  • Winding up petitions
  • Bankruptcy petitions
  • Application to set aside statutory demands
  • Defending claims

Please contact our Litigation Department on our mobile friendly number 033 33 22 1000 or on 0800 987 8156 to arrange a meeting and speak to a solicitor.

Solicitors in: London, Halstead, Hadleigh, Chelmsford, Burnham-on-Crouch, Witham, Wickford, Maldon, Colchester and Braintree

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