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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 of the most common myths surrounding commercial debt recovery in the UK are:
Myth #1: Chasing the debt will ruin your relationship with the customer.
This is perhaps the most common concern, and while there’s always a need for tact and professionalism, neglecting to address the debt can also damage the relationship. In fact, a prompt and professional approach to debt recovery often demonstrates the seriousness of the issue and can encourage open communication and a solution-oriented approach
Myth #2: Debt recovery is only for large companies and big debts.
Absolutely not! Unpaid invoices, regardless of the amount, can significantly impact any business’s cash flow.
Myth #3: Debt recovery is too expensive and not worth the investment.
While costs are involved, it’s crucial to weigh them against the potential benefits. Recovering even a portion of the debt can significantly outweigh the cost of the service. Additionally, a successful recovery can prevent future delinquencies and improve your overall cash flow health.
Myth #4: There’s nothing I can do if the debt is old.
While the success rate might decrease with time, it doesn’t necessarily mean the debt is unrecoverable. We have the expertise and resources to track down debtors and explore various avenues for recovering the debt, even if it’s been outstanding for a while.
Taking the First Step
If your business is facing challenges with unpaid invoices, remember that you’re not alone. Please do get in touch if you have any queries. We are here to help call us on 0800 009 6106 or email hello@mydebtrecovery.co.uk
