Tag: Business Debt

  • 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…

  • 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.…

  • It will soon be compulsory for bailiffs to wear body-worn cameras

    The Ministry of Justice have announced that it is to be compulsory for bailiffs recovering debts from private homes to wear body cameras. The decision, which was announced on July 22nd2019, was made in response to complaints about threatening behaviour from unscrupulous enforcement agents. Here at Churchill Recovery we believe that debt collection should always…

  • How to charge interest on late payments

    Charging interest on late payments is an effective way of protecting your business’ cashflow. UK businesses of all shapes and sizes are suffering due to the country’s late payment culture. 80% of small businesses are paid late, and on average, SMEs are owed £6,142in late payments at any one time. Being paid late can have…

  • Funeral debt rises as funeral costs continue to soar

    Funeral debt rises as the average cost of a funeral in the UK continues to increase. According to SunLife Insurance, the cost of funerals has risen every year for the last 14 years, equating to a 122% increase since 2004. In 2019, the average cost of a funeral in the UK stands at £4,271, and…

  • 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…

  • 6m Brits would pay for financial advice if it was cheaper

    A study has found that almost 6m British adults would be willing to pay for financial advice if it was more affordable. As both households and businesses in the UK face a debt crisis, the results of a study suggest that many people are not getting access to the financial advice they require. The report,…

  • Tips for encouraging customers to pay on time

    Late payments can have a dangerous knock-on effect to your business’ cashflow, as well as costing you time and money to chase them up. The safest way to do business is always to take money upfront. Failing this, it’s important to take whatever measures you can to encourage customers to pay you on time, every…