Update June 2023: With interest rates continuing to soar we’ve updated this guide to reflect the most recent changes to the amount of late payment interest you’re legally entitled to. Unpaid invoices are decimating businesses across the UK against the backdrop of soaring company insolvencies. Late payment of invoices are a serious problem threatening the …
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Update: In November 2024 the Bank of England decreased its base rate from 5% to 4.75%. If you have ever experienced late commercial payment you will know how frustrating it can be. Late payments have quickly became a huge problem for UK businesses with almost a third of SME having experiencing late payments costing at least …
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Update August 2023: The Bank of England increased interest rates from 5% to 5.25%, the highest interest rates have been in 15 years and the 14th time they’ve risen in just over a year. This means you can now claim more interest on your unpaid invoices and we have updated this article accordingly. Interest rates have …
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The number of company insolvencies in England Wales have soared 40% in May 2023 compared to May 2022, with 2,552 companies failing last month. This was driven by a 38% increase in Creditors’ Voluntary Liquidations (CVLs), with 2,181 companies winding up due to not being able to pay their creditors outstanding balances. In Scotland company …
For any business, dealing with a difficult debtor can be a challenging and frustrating experience. Unpaid debts can disrupt cash flow, hinder growth, and even jeopardise the survival of a company. However, it is crucial to handle such situations with tact and professionalism to maximise the chances of recovering the owed funds. In this article, …
In the dynamic world of business, managing cash flow is critical to success. However, one of the biggest hurdles that businesses face is dealing with bad debts. Bad debts occur when customers fail to pay their outstanding balances, leading to financial losses and operational difficulties. To safeguard your business from this risk, it is essential …
Debt recovery has always been a challenging and time-consuming process for many businesses, no matter their size. However, with advancements in technology, the landscape of debt recovery has undergone a significant transformation. Today, technology plays a crucial role in streamlining and optimising the debt recovery process, making it more efficient, accurate, and cost-effective. In this …
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If you’re running a business that extends credit to your customers, you’re likely familiar with the challenges of debt recovery. While extending credit can be an excellent way to build long-term relationships with your customers, there will always be cases where customers are unable or unwilling to pay their debts. If you’ve experienced this you’ll …
Boosting Your Debt Recovery Success Rate: A Simple 5 Step Process Read More »
Are you fed up waiting on a late payment? You’re not alone, and this is why we’ve put together this complete guide on sending overdue invoice reminders and chasing late payment. An effective payment chasing process is simple to set up once and will mean you get paid quicker and improve your cash flow. Late …
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Choosing the right debt collection agency can be a daunting task, as there are many options available. Facing the issues that come with not being paid on time is stressful enough and you’ll be looking for a simple solution quickly with minimal disruption. Here are some factors to consider when selecting a debt collection agency …
