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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…
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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:…
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What is the difference between bad debt and doubtful debt?
Knowing the difference between bad debt and doubtful debt can help to prevent financial loss to your business. Today’s uncertain economic climate is having a negative effect on UK business payment practices, with a recent study finding that 35% of invoices remain overdue on their due date. Late or non-payment of an invoice is an…
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How to create invoices that get paid quicker
Getting paid promptly for the products and services you’ve provided shouldn’t be difficult, but unfortunately it often is. The UK’s late payment culture means that many SMEs are having to wait far longer than they should to receive payment from their debtors. Unpaid invoices can have a negative effect on a business’ cash flow, slowing…
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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.…
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How is the government tackling the UK’s late payment culture?
The government are introducing new policies to tackle the UK’s late payment culture which contributes to thousands of SMEs going out of business each year. Shocking information releasedby Bacs Payment Scheme Ltd shows that small UK businesses are facing a bill of £6.7 billion (an average of £9,000 per business) just to collect late payments…
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What is the government’s ‘breathing space’ scheme?
The government’s ‘breathing space’ scheme could offer those in debt a valuable 60 day respite period to seek help and get their finances in order. The breathing space scheme, also known as the debt respite scheme, was first announced by the government in October 2017. The scheme is intended to give people time to get…
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3 steps to determining a customer’s creditworthiness
If you supply customers with a product or service, then offering a credit facility is a great selling point, but it doesn’t come without its risks. Whilst it is impossible to completely safeguard yourself from non-paying customers, it pays to have a system in place for checking a company’s credentials before you commit to working…
