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Consultation To Look At Late Payment Legislation
SMEs may soon receive a helping hand from the government as a consultation takes place on how legislation can be changed to tackle late payment. The minister for small businesses will be looking at tackling a culture of late payment which puts SMEs at a significant disadvantage. A move to amend legislation could help SMEs…
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£67.4bn Owed To UK SMEs
If late paying customers are squeezing the life out of your business then you are not alone. A staggering £67.4bn is owed to UK businesses and the amount is increasing year on year. The figures published by the Asset Based Finance Association show that the average business is now waiting 72 days to get paid.…
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Is Business Lending Out Of Control?
Regulators are concerned that business are racking up unsustainable levels of debt leaving them vulnerable to external economic shocks and rising interest rates on loans. Not so long ago it was difficult to get any kind of business loan from the banks as the financial crisis put squeeze on lending. Now the opposite seems to…
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London Councils Debt Recovery On The Rise
London’s councils are currently leading the way for getting the bailiffs in to recover debts according to the Money Advise Trust charity. The figures obtained by the charity show that two London councils are top of the list for handing debt cases to debt collectors. Barking and Dagenham are the places to avoid if you…
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Energy Company Debt Recovery In The Spotlight
Energy companies are often criticised for imposing unfair charges on consumers, however it no seems that the energy companies themselves are under pressure from bill payers going into arrears. Ofgem recently released information about an unnamed energy supplier seeing a “significant” rise in customers not paying their bills and going into debt. The company is…
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Council Faces Problem As Tax Debt Collections Mount In Dundee
Collecting council tax debts creates a problem for most councils in the country, but in Dundee the problem has grown to the point where watchdogs are asking the local authority to reduce council tax to make it more affordable. A total of 5,323 homes where in debt over council tax according to recent information release…
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A Quarter Of SMEs Have Bad Debt Says Survey
Bad debt is proving to be major problem for UK businesses with a quarter reporting bad debts and the situation showing little signs of improvement between 2014 and 2015 according to a survey by Bibby Financial Services. The number could include up to 1.3 million SMEs in the UK, which will have an impact on…
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US Bank Giant To Pay Back $166 Million Over Debt-Collection Abuses
If you are a business owner who has found yourself in hot water over your debt recovery practices, then spare a thought for JP Morgan. The giant U.S. bank will be forced to pay $166 million over the abusive way it treated customers over debts according to reports on Bloomberg. The failure of JPMorgan to…
