Collecting Money From A Principal Under The Security Of Payments Act
- This is one of the best tools in the whole of the debt collection industry.
- When the contractor you are working for is untrustworthy and or unreliable and or incompetent you need to be able to bypass him and go to the principal contractor that he is working for.
- The security of payments act make this possible once you have applied for adjudication
- This is done with a ‘Payments Withholding Request’
- And once a determination & judgement are obtained we can proceed to press the principal to release payment directly to you bypassing your debtor
It is important to approach the Principal as early as possible to ensure they don’t rush into paying the contractor when you aren’t being paid. We will draft an appropriate letter for this for you.