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Debt Collection
Wednesday, 27 January 2016 13:37
Two Simple Steps to Avoid Bad Debts
Dealing with an Insolvent client can kill a profitable business. If your client becomes insolvent it will have a significant knock-on effect, that will impact on your company cashflow, leaving you as a creditor with unpaid invoices that will likely never be paid.
In 2015, more than 100,000 UK businesses found themselves as creditors to an insolvent business, and many will have found their cash flow at serious risk as a result. Any business, irrespective of size, is at risk if their client becomes insolvent but for freelancers and micro-businesses these risks are magnified.
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Wednesday, 26 August 2015 15:15
Will Suppliers Be Banned From Cutting Off Insolvent Customers
It doesn't seem like rocket science to suggest that if a customer goes bust, you might want to stop supplying them; in fact, if you're doing your credit control properly, you'll probably want to restrict their account long before they publicly declare insolvency.
Under new government plans, due to come into force this October, you might find you are banned from taking such action, once your customer's financial woes are made public knowledge.
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Wednesday, 26 August 2015 14:43
Bad Debt - Prevention is Better Than Cure
When it comes to avoiding bad debt the old adage "prevention is better than cure" is a very useful rule to follow. As we tell any business owner that will listen, it is absolutely imperative that before you extend a customer credit you answer the following questions:
- Does this customer have the financial means to pay?
- Are they prepared to pay promptly or at all?
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Tuesday, 11 August 2015 12:38
SMEs Hit by MORE Overdue Invoices Since Recession
The UK's small businesses are facing even longer overdue invoices than at the worst point of the recession, according to figures from ABFA.
In a report published earlier this month, the Asset Based Finance Association revealed that, in 2009 when the recession peaked, firms with turnover of less than £1 million per year were waiting on average 61 days for invoices to be paid.
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Friday, 07 August 2015 12:31
Is 'Quick and Cheap' Best for Preventing Late Payment?
Hardly a month goes by without a new government or industry scheme aimed at preventing late payment - since the EU Late Payment Directive was introduced, we've seen the voluntary Prompt Payment Code, proposals to name and shame poor performers on a public database, the Supply Chain Finance Scheme to raise funds against outstanding invoices, and several suggestions of new conciliation schemes.
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Thursday, 16 July 2015 10:55
'Awkwardness Not Urgency' Sees UK's Smallest Firms Paid Late by a Year
The smallest firms in the UK are being paid late, in some cases by over a year, due to a lack of urgency and a sense of awkwardness about chasing clients for payment, new figures suggest.
A survey carried out by online accounts software provider FreeAgent revealed that just one in seven micro-businesses that issue invoices have never had to deal with an instance of late payment.
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Tuesday, 09 June 2015 13:03
Snoop Dogg Sues Beer Firm Over Unpaid Fees
Snoop Dogg has issued a legal claim against brewers Pabst for monies he believes are owed after his licensing deal went sour according to an article on the Associated Press. Snoop, whos real name is Calvin Broadus Jr, signed a three year deal with Pabst in 2011 to be the face of their new Blast drink and received a cool $250,000 down payment. With a further $20,000 due for every tenth mention of the beer on social media, at his concerts or during TV appearances.
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Wednesday, 03 June 2015 14:46
Small Business Act 2015 Steers Insolvency in Creditors' Favour
The granting of royal assent to the Small Business, Enterprise and Employment Act 2015 should be good news for creditors, particularly those who are left owed money by a business customer who has gone into corporate insolvency.
That is because there are several measures included in the legislation that should leave more money in the pot to pay creditors what they are owed, even after the administrators take out their fee; and there may also be the option to pursue a company's former directors personally for redress.
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Tuesday, 26 May 2015 14:49
Chasing Debts from Disqualified Directors
One of the biggest obstacles to recovering an outstanding debt has always been if a company ceases trading - this is basically a dead end, as once the company ceases to exist, it's impossible to continue chasing the individuals who ran it. Or is it?
Under the terms of the Small Business, Enterprise and Employment Act 2015, which received royal assent on March 26th 2015, new rules will apply to disqualified directors, and particularly to any losses incurred by creditors due to director misconduct.
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Tuesday, 31 March 2015 14:52
Looking at the Small Business, Enterprise and Employment Act 2015
Last week, the Small Business, Enterprise and Employment Act 2015 gained royal assent, meaning broadly speaking, the various measures that have already been outlined by BIS, the Insolvency Service and other government departments should be brought into law without any major changes.
What does this mean for creditors? Actually there are some broad sweeping measures, and some more specific ones, which should combine to tip the balance more fairly in the direction of creditors.
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More...
Tuesday, 20 January 2015 15:12
Pay on time? No, I've opted out...
In a frankly astounding turn of events, Debt Guard Solicitors have proposed introducing a right for big businesses to opt out of paying on time.
Read that again, because it's an almost unbelievable statement - a commercial debt recovery firm suggesting that big brands should have the opportunity to simply opt out of being punished for late payment.
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Monday, 05 January 2015 15:07
'Small Business Conciliation Service' - Mediation by Any Other Name
Where do small businesses turn for help when they suffer due to late payment? Under new government plans, there could soon be a Small Business Conciliation Service tasked with tackling that precise problem.
That's not its official name as yet - and in fact, you could be forgiven for thinking you already know of a 'conciliation service' for small business disputes, in the form of mediation.
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Thursday, 11 December 2014 15:10
Premier Foods Named and Shamed on Exceedingly Bad Payment Practices
Premier Foods - owners of the Mr Kipling brand, along with several other household names - have encountered their fair share of negative press recently, since it emerged that they were demanding that suppliers should invest in the company in order to continue receiving orders.
Yep, that's right - suppliers to Premier Foods, many of them fairly small foodservice businesses, were apparently told that if they wanted to keep receiving future orders, they had to put their own money into Premier in the form of investment finance.
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Friday, 28 November 2014 12:08
'Fake it 'till you make it' - Fake Debt Collection Testimonials
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.
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