Category: Late Payment Interest

Christmas Shopping Debt

Christmas shopping to leave Brits with four months of debt The average Brit gets into £439 of debt over the Christmas period, which can take four months to recover from. According to debt management company Lowell, more than a fifth (22 per cent) of British consumers are feeling pressure to spend beyond their means this…




Buy now pay later: How does it work?

More people are opting to use buy now pay later (BNPL) services for their shopping than last year, according to new data revealed to Panorama. An estimated 15 million adults of all ages in the UK are actively using this form of credit, an increase of more than two million since the start of the…




Warning as millions of taxpayers owe money to HMRC – are you affected?

TAX debt is now more than double pre-pandemic levels with the National Audit Office (NAO) today warning the HMRC may struggle in dealing with the workload of collection. Up to 2.4 million taxpayers are thought to be in debt to HMRC since the pandemic with a total debt of £42billion in September according to the…




What should a late payment letter include?

Late payment or debt recovery letters as they are sometimes called can be an effective way to recover debts if they are put together correctly. Here’s some advice on how to compile your own letter and what and how much to include. Before we get started it is also worth noting that you may need…




Five rules bailiffs have to follow when they visit homes following the pandemic

Bailiffs are now able to approach debtors’ homes over repayments for fines, traffic offences, unpaid council tax and other outstanding penalties. The guidance, which has been published by the Ministry of Justice, outlines that goods can still be seized during the pandemic. But the procedure of bailiffs coming to visit people’s homes is now different from…




How to approach rental arrears in a COVID world

In the wake of COVID-19, local councils and housing providers have been jolted into finding new ways of delivering services and interacting with their tenants – especially when it comes to income collection and rent arrears. Increasingly, we’re seeing providers employ innovative strategies while moving from debt recovery to support provision. Behavioural insights tell us…




The pros and cons of taking legal action against late paying customers

With two in five small business owners (40%) saying that they are taking legal action against customers not paying them on time, we consider the pros and cons of taking legal action to recover what’s owed. According to new research from Hitachi Capital Business Finance, three in five small businesses are affected by late payments (62%)….




Top 5 excuses for late payments

Are you not being paid by someone or a client? We’ve put a list of ‘excuses’ that most companies use when you chase them for payment! 1. We can’t pay you until we get paid! “We are still waiting for payment from contractors/suppliers to make payment before we can pay you” 2. We sent you…




HOW TO AVOID LATE PAYMENT DISPUTES

While you may not encounter them often, disputes over payments can become a major problem and lead to your non-paying client or customer coming up with excuses not to pay you. To avoid this happening it is necessary to identify why these late payment disputes happen and close any loop holes that can be exploited…



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…