What is a Letter Before Action?

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

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

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

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

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

Charity Golf Day - 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

Late Payments - Mental Health

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 […]

New Bill introduced to crack down on late payments

New Bill introduced to crack down on late payments

Last week saw the introduction of a new Private Members’ Bill to address the issue of late payments, following the failure of the Aldous Bill last year. The driving force behind the Bill, Lord Mendelsohn, commented: “Late payment is crippling small businesses while the UK economy is crying out for investment. By failing to tackle […]

SMEs in the UK are currently wasting 900,000 hours per day chasing late payments

SMEs in the UK are currently wasting 900,000 hours per day

In December 2019, Tide (a business account provider) surveyed 1,000 executive level staff within SMEs based in the UK, to analyse their use of time during their work day. The study found: SMEs across the UK are chasing more than £50bn in late payments On average, SMEs were chasing five outstanding invoices at any one […]

Get In touch

0800 009 6106