SMEs in the north-east are stop-gapping their cash flow problems by turning to pawnbrokers, according to a report in local news publication The Journal.
With bank lending hard to come by and many other conventional forms of finance also suffering during the downturn, sole traders and SMEs are taking desperate measures to cover costs.
Overdue payments by British businesses have been improving steadily over the past two years, and are now settled two days faster than in 2011, according to analyst D&B.
Two years ago, the average late payment was made 17 days beyond agreed terms, a figure that has now improved to 15 days, but has as far to go again if it is to match 2006's average of just 13 days.
Now we know that Debt Collection and Debt Recovery don’t have the best reputation in business markets, this is one of the reasons we take pride in displaying a small selection of the hundreds of client testimonials we have received over the last 30 years over on our testimonials page.
Nothing usual in that you may be thinking, but have you noticed that unlike some other agencies all of our references are clearly attributable to both a named company and an individual within that company?
The Prompt Payment Code and the Supply Chain Finance Scheme - what's going on?
The current economy is turbulent enough, without seemingly conflicting schemes being launched to help businesses with credit control and late payment.
But in recent weeks, both the Prompt Payment Code and the Supply Chain Finance Scheme have been making headlines for companies with slow-to-pay clients.
If you're a small-business owner and you've never heard of the Supply Chain Finance Scheme, announced today, sit down and put anything breakable well out of reach, because you're going to want to smash something pretty soon.
The SCFS is one of those initiatives that you hear about, think "how the hell did they come up with that?", and then realise it was a government idea.
The videogames industry is a key contributor to the post-industrial UK economy, at a time when the creative industries and services sector are steadily growing in importance.
But safeguarding this contribution means ensuring the continued health of companies working in the industry - and the sector's representative body TIGA (The Independent Games Developers Association) is doing just that by encouraging all those working in the videogames sector to sign up to the Prompt Payment Code and avoid late payment.
Recast Late Payment Directive Consultation
Businesses that have been surviving at the edge of affordability - commonly called 'zombie businesses' for their inability to survive any further change in the health of their cashflow - could be particularly keen to see the Late Payments Directive introduced as planned.
The Department for Business, Innovation & Skills is running a consultation until October 19th on the Late Payments Directive (or European Directive 2011/7/EU, to use its proper name), which should help many small businesses to receive full payment of their invoices within 30 days - and to charge interest on top of any debts that go unpaid for longer.
Following on from our mock interview with Dodgy Dave the Debt Collector below you can find an infographic containing Nine Top Tips to avoid dodgy B2B Debt Collectors.
The tips are from the pen of our MD Sid Home. Sid is a former British Transport Police officer and has been the Managing Director of Safe Collections since the company was incorporated in 1984.
Night of the Living Debt as 'Zombie Businesses' take over the UK!
Watch your backs people - there's a zombie revolution taking place, and the bloodthirsty brutes have got a taste for your money.
R3, the Association of Business Recovery Professionals, says there are already 146,000 'zombie businesses' out there, including much of the retail sector, leaving Britain's high streets looking like something out of a horror movie, financially speaking.
Late payments are a pain for all of us, clapping the irons on our cashflow, disrupting client relationships and generally causing a world of stress until they're resolved either directly or through the intervention of a debt collections specialist like Safe Collections.
But on an international scale, late payments cause even bigger headaches for economies across the EU, leading to an annual debt of €23.6 billion (£19 billion) according to European Commission figures.