Category: <span>Debts</span>

What cash flow support is available for businesses impacted by Coronavirus?

HMRC coronavirus helpline If you are concerned about cashflow or tax, HMRC have set up a helpline for businesses worried about not being able to pay their tax due to coronavirus. HMRC will discuss your specific circumstances to explore: agreeing an instalment arrangement suspending debt collection proceedings cancelling penalties and interest where you have administrative…




Service Charge Dispute

How to handle a service charge dispute Service charge disputes can be costly and time-consuming if not handled efficiently. Landlords have a responsibility to maintain the condition of all their residential and commercial properties. They may be able to recoup some of the costs of doing so by issuing tenants with service charges. There are…




FCA says credit card companies are not doing enough to aid those in persistent debt

The FCA has told credit card companies that they must do more to help customers who are in persistent debt. In 2018 the Financial Conduct Authority (FCA) introduced new rules aimed to help those customers who had been in persistent credit card debt for the last 36 months. Their recent research though has found that…




3.4% increase in funeral costs sees more people pushed into funeral debt

During 2019, the cost of dying increased by 3.4%, pushing more people than ever before into funeral debt. Last year saw funeral costs and funeral debt both rise to record highs, a trend that looks set to worsen in 2020. The ‘Cost of Dying’ report by SunLife found that during 2019 funeral costs continued to…




‘Buy now, pay later’ credit options pushing consumers into high-cost debt

Buy now, pay later loans have been around for many years, but recent deals have been accused of pushing young consumers into unaffordable debt. Buy now, pay later credit allows consumers to acquire items without paying for them upfront, instead they spread the cost over a set period of time. Sometimes referred to as shop…




How and why your business should consider tightening up its credit terms

Tightening up your business’ credit terms could help to save you time and money on chasing up late and non-paying customers. Businesses across the UK are facing serious financial consequences due to the late payment culture that is leaving them waiting months for the money owed to them. If you’re struggling to get your invoices…




Why do so many people get into debt over Christmas?

The demand for debt recovery services is expected to surge in the new year as businesses struggle to collect money owed by customers who have fallen into debt over Christmas. A 2017 article in the Independent found that more than three quarters of UK families with children make financial sacrifices at Christmas in order to…




How is economic uncertainty in the UK affecting debt?

According to a recent study, bad debt write-offs have gone up from 1.5% to 2.5% year-on-year due, in part, to economic uncertainty. The Western Europe Payment Practices Barometer research report, carried out by trade credit insurer Atradius, examined how today’s economic uncertainty is affecting payment practices in the UK. Key findings from the study included:…




3 common late payment excuses and how to handle them

Learn how to deal with these three common late payment excuses efficiently to get paid quicker. If your client is constantly deflecting your requests for payment and you’re beginning to worry that your invoices are never going to get paid, it’s time to tackle the problem head-on. Before you make another phone call to chase…




How long do unpaid invoices remain valid for?

Many SMEs are consistently paid late by their debtors, but just how long do those unpaid invoices remain valid for? UK businesses are currently suffering at the hands of the country’s late payment culture. One third of the UK’s SMEs say that their invoices are not paid until two months after the agreed payment terms….