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The Hidden Cost of Uncollected Debt
We all know the frustration of dealing with late payments. But for businesses, uncollected debt can be much more than just a minor annoyance. It can represent a significant hidden cost that eats away at profits and hinders growth. In this blog, we’ll explore the true impact of uncollected debt on businesses and why prioritising […]
Busting the myths about Commercial Debt Recovery in the UK
Facing unpaid invoices can be a significant setback for any business, impacting cash flow and creating unnecessary stress. It’s no surprise then, that many businesses find themselves entangled in myths and misconceptions surrounding commercial debt recovery. This can lead to delays in seeking solutions and ultimately, hinder their ability to recover what’s rightfully theirs. Some […]
What is a Letter Before Action?
A Letter Before Action is a formal communication sent by one party to another before initiating legal proceedings. This letter serves as a final warning, notifying the recipient of the sender’s intention to take legal action if a resolution to the dispute is not reached within a specified timeframe. It essentially gives the recipient […]
Mastering Cash Flow Management: Key Strategies for Business Owners
An uninterrupted cash flow is essential for every business, sometimes described as the heartbeat that keeps operations running smoothly and fuels growth. However, managing cash flow effectively can be a challenge. Whether you’re just starting out or looking to improve your financial management, here are some essential strategies to help you keep a keen eye […]
Top Excuses for Late Invoice Payments and How to Counter Them
Dealing with late invoice payments can be a real headache for businesses both big and small. While most clients, customers, suppliers etc aim to maintain a friendly and professional relationship by paying their invoices on time, a variety of excuses can sometimes cause delays. Here are some of the top reasons often given when invoice […]
How to Prevent Your Business from Falling into Debt
One of the most significant challenges businesses face is the threat of accumulating debt. Debt can cripple a business’s growth and, in severe cases, lead to bankruptcy. To ensure the long term success of your business, it’s crucial to implement strategies that prevent the accumulation of debt. Here are some effective ways to safeguard your […]
Five reasons why your invoices aren’t being paid
Late or unpaid invoices can be a significant headache for businesses of all sizes. Not only do they disrupt cash flow, but they can also strain client relationships and hinder your ability to operate your business smoothly. Here’s five common reasons why your invoices might not be getting paid and some solutions to address these […]
Can I Claim VAT Relief on Bad Debt?
Finally resigning yourself to writing off a bad debt can be a wrench. Not being paid for the hard work you have put into providing your goods or services can feel unfair and unjustified. But, did you know that if you’re a VAT registered business then you can claim back the VAT that you have […]
My Debt Recovery Hosts Charity Golf Day in Support of The UK Sepsis Trust
Unfortunately, due to the current circumstances, we have decided to postpone our Charity Golf Day until 2021. An announcement will be made once we have a new date. My Debt Recovery are hosting their second charity golf day in support of The UK Sepsis Trust. We host this event bi-annually and our very first golf […]
Late payments are impacting on the mental health of small business owners
New research published on 20th January 2020 has found that late payments are impacting on the mental health of SME business owners. This latest research was conducted by Pay.UK who run Bacs Direct Credit and Direct Debit payment services. So what did the research find? 26% of SME business owners stress about late payments when […]
