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Debt Recovery Just Got Tougher For Businesses
…At least when it comes to recovering money owed by individuals and sole traders following the introduction of a new set of rules introduced this month to ‘speed up’ up the debt recovery process. For anyone who isn’t aware, the new Pre-Action Protocol for Debt Claims came into force this month (1 October). The new…
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Reputable Debt Collectors Aren’t Gangsters
The one thing that puts people off going to debt recovery companies is the fear they will be getting involved with gangsters who will send out some burly individuals to force people to hand over what they owe. Of course these sorts of people do still exist and in the distant past getting into debt…
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3 Top Tips To Help You Recover Debts
Being owed money is an unfortunate side effect of doing business for many company owners and recovering them can cause further pain when the process becomes a long, drawn out affair, which is often the case with bad customers. So help you recover you debts as quickly as possible here are 3 top tips to…
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Why SMEs Should Claim Late Payment Interest
A recent report from Siemens Financial services has revealed that late payments are costing UK SMEs £250 billion pounds worth of liquid cash flow. This reveals the extent of the ongoing problem of late payments which can in some cases cripple businesses with cash flow issues which can result in insolvency. With cash being the…
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Common Late Payment Excuses And How To Deal With Them
If you have been in business for anytime, the chances are you will have heard at least one, if not all the following excuses for late payment. Should you just believe what your customer says or take some early action before the situation gets out of hand? “I can’t pay you until my customer has…
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What Is A Charging Order?
There will be times in business where you encounter clients who continue to refuse to pay what is owed even after a case has gone to Country Court and a judgement has been made in your favour. Fortunately, if the debtor is particularly stubborn in settling their debt it is still possible to get hold…
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Advice On Chasing Payments From Your Customers
No matter how good your relationship is with your customer, a refusal to pay what is owed amounts to them hanging on to money that rightfully belongs to you. If everyone took advantage of a service then refused to pay for it then then the economy would grind to a halt so non-payment is a…
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Why Should You Write Off Debt?
All too often in business you hear stories from business owners say they had to write off a debt that went unpaid even though their client or customer is able to walk off into the sunset and benefit from all the hard work they put in. So are they doing the right thing? Should they…
