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Top Tips On Getting Your Invoices Paid On Time
With SMEs across the UK chasing over £50bn in overdue invoices, we thought we would put together some tips on how you can ensure your invoices are paid on time. Agree clear payment terms Make sure your payment terms are clear, these should be in writing and ideally in the form of a contract. Payment […]
One in four SMEs have faced financial difficulties within the last 12 months
New research commissioned by finance provider, Nucleus Commercial Finance, has found that one in four SMEs in the UK has faced financial difficulties, within the last 12 months. The research found that nearly a quarter of business owners (24%) were having to use their own personal savings in an attempt to address their financial issues. […]
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 […]
Buy now pay later – the next credit bubble to pop?
According to the New York Times, the popularity of Klarna is how simple it appears “most purchases are approved in less than a second. Klarna makes money by taking a small percentage on each transaction from retailers, and it offers customers instalment plans, which charge interest, on their online purchases”. Klarna was born in 2005 […]
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 […]
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
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 […]
What is the difference between a debt collector and a high court enforcement officer?
If your business owes money to another business and you ignore all communication regarding paying the debt, you may end up with a debt collector or high court enforcement officer (HCEO) on your doorstep. If this happens, it is important to understand the difference between the two. Below we have put together some of the […]
Small businesses are wasting a week chasing late payments
In a recent report commissioned by Intuit QuickBooks, it was found that small businesses in the UK are spending on average more than one working week chasing late payments. The study of 500 small businesses found that SMEs spend 56.4 million hours a year looking for overdue and late payments, with most of this being […]
Don’t get caught out by paying the wrong person – the debt collection perspective
Following the recent case of Sell Your Car with Us Ltd v Anil Sareen [2019], we wanted to put together some useful tips to make sure you don’t fall into the trap of paying the wrong person, especially if it is a scam. We see this time and time again, both clients and their customers […]