Displaying items by tag: Debt Recovery

Along with traffic wardens, politicians, journalists and merchant bankers, debt collection is one of those professions that has a perennial problem with its public image.

But while the unfortunate association between debt collection and burly, menacing men using dubious means to take money from the poor and unfortunate may still persist, as with many things in life, there is significant gap between perception and reality.

Published in Debt Collection

A brother and sister from Greater Manchester have been convicted of fraud after using a network of sham companies to defraud businesses out of hundreds of thousands of pounds. Mohammed Ali and Samira Saddique set up a string of fake businesses, specialising mainly in so-called debt collection, but in reality the companies were nothing more than a vehicle for advance fee fraud on an industrial scale.

Published in Debt Collection

The phrase 'no win, no fee' is screamed at you from a hundred adverts a day, usually in relation to personal injury claims, PPI mis-selling and so on, but it is also used in the context of no win, no fee debt collection - meaning you only pay commission to the b2b debt collection company if they are successful in recovering what you are owed.

It's worded all sorts of different ways, so you might also see 'no collection = no commission' on some ads, but it boils down to the same thing - if you don't win back your money from the debtor, then you have nothing to pay.

Published in Debt Collection

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.

Published in Debt Collection

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.

Published in Debt Collection

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.

Published in Debt Collection

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?
Published in Debt Collection

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.

Published in Debt Collection

A dairy-free chocolatier was forced to threaten supermarket giant Tesco with a winding-up petition after they failed to pay for part of their order for five months - leaving him without his staff's Christmas wages.

Moo Free Chocolates produce dairy-free and gluten-free confectionery, with an annual turnover of around £1 million.

But when a £2 million order came in from Tesco, co-founder Mike Jessop was understandably excited.

Published in Debt Collection

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.

Published in Debt Collection
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