Late payments to SMEs must not be an acceptable way for big businesses to boost their own profits, according to business secretary Vince Cable, who is taking action to improve the transparency of corporate payment practices.
In a recent government consultation, the majority of respondents voted in favour of disclosure as a means of tackling late payments - and the government is now planning to require publication of payment practices by large companies.
The Prompt Payment Code will also be strengthened, with signatories held more accountable for their actions - although it is worth remembering that this is currently still a voluntary initiative.
Following on from the success of our free Late Payment iCalc for iPhone, in November 2010 a BlackBerry App was released. This free app brings exactly the same functionality to users of BlackBerry handsets.
In May 2010 Safe Collections became the first company to release a free iPhone App to help UK business owners. The app makes it easy to calculate both the late payment costs and interest on any overdue invoice.
Simple credit control measures could help one in ten businesses nationwide to stay operational in the face of delayed payments.
According to figures from Yorkshire Bank and its north-of-the-border equivalent, Clydesdale Bank, 10% of companies would not be able to survive if their clients took over 90 days to pay their invoices.
Finding a supplier for your business can be a tricky process at the best of times; so many online businesses rely heavily on customer testimonials. So what do you do if you are a new business, say a new Debt Collection business and you want to impress potential customers? Are you going to be honest about the fact the business is new and try and offer a great service or do you "fake it till you make it"?
Unfortunately for many businesses trying to find a reputable debt recovery partner the latter seems to be the preferred option, with many so called debt collectors recycling or just stealing testimonials from other sources. Now not only is this dishonest and as such contrary to the Advertising Standards Authority rules on misleading statements, it also shows a marked lack of invention and imagination. As such, we've decided to offer a helping hand to all those debt collection companies out there with fake testimonials by providing some suggested "testimonials" of our own.
The OFT has refused to renew the consumer credit licences of debt purchaser HFO Capital Limited, and two associated debt collectors, HFO Services Limited and Roxburghe (UK) Limited.
Local authorities have been urged to manage their debt collection processes more responsibly, in order to cut down on the 1.8 million instances each year in which bailiffs are hired to recover overdue council tax payments and similar arrears.
Figures from the Money Advice Trust show substantial regional variation in the use of bailiffs by local authorities - but hint at a worryingly high prevalence of bailiffs being used to collect county court judgments nationwide.
Back in March of 2013 we ran an article called "Dodgy Debt Collection Agencies Liquidated" that featured the story of how the Insolvency Service had liquidated two companies run by a Mr Stuart Paul Cooper of Topping Street, Blackpool.
Then it all went quiet and we heard no mention of the name Stuart Paul Cooper until an eagle eyed reader contacted us this week. They informed us that the infamous Mr Stuart Paul Cooper is now serving a three year jail sentence for fraud. So what happened?
Have you heard the one about the Croydon conman who paid for his shopping in Harrods with a £245,000 dud cheque?
It's no joke - 49-year-old Philip Buffett of Fairfield Road faces a jail term for fraud after paying with a cheque from a closed account for goods including a £183,000 Hublot watch.
A former West Yorkshire Police Detective Sergeant has been convicted of money laundering after standing accused of operating or being involved in the operation of fraudulent debt elimination companies and escort agencies.
DS Christopher Taylor ran Wakefield-based First Debt Recovery, established in 2008 and supposedly drawing on his experience with the CID and Fraud Squad.
However, it was later alleged that First Debt Recovery had been laundering money for several businesses operated by Anthony Muldoon, including five bogus debt elimination firms and a total of 28 escort agencies.