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Do you feel like you are always the last one to get paid? Your hard work deserves to be paid in full, every time. However, often in many trades and lines of work, that is not the case. Late payments can add up and before you know it, you could be owed more than you think!
So, why do we bury our heads in the sand when chasing late payments that are rightly due? Don’t take the Ostrich approach, it is time to take action and get your debtors to pay up. This blog post will cover:
– How debt recovery works,
– How late payments affect cash flow, and
– What can be done if debtors aren’t paying on time
Debt Recovery
Debt recovery is the process of pursuing payments that are owed to you. This can be a long and difficult process, but it is one that is worth taking if you are not being paid what you are owed. Debt recovery services can help make the process easier, by dealing with the debtors on your behalf.
Dealing with debtors can be very stressful for clients, not to mention the time it can take to recover the debt. My Debt Recovery takes the stress away from business owners and allows them to refocus their attention back on what they do best, growing their business.
Here at My Debt Recovery, we offer a range of different debt collection services including our “no collection, no fee service”. This means that if you don’t get paid, neither do we.
Late Payments & Cash Flow
Late payments can have a serious impact on your business’ cash flow. This can cause problems in the short-term, as well as in the long-term, as late payments often lead to missed opportunities and even debt. If you are not being paid on time, it is important to take action and pursue the payment that is owed to you.
Ignoring payments that are owed to you won’t take the problem away. Cash flow is the lifeblood of any business. If you are not being paid on time, it can cause serious problems with your cash flow and hamper your ability to grow your business.
There can be many elements to starting your debt recovery process, often we find clients are uncertain of the process or are apprehensive about it. If you are struggling with late payments, please do not hesitate to contact us at My Debt Recovery for assistance. We take you through every step of the process and provide advice at each stage. We would be happy to help get you the money that you deserve!
What Can be Done?
If debtors are not paying on time, there are a few things that can be done.
– Firstly, you could try and negotiate a payment plan with the debtor. This will help to get at least some of the money owed to you. However, these often break down and simply delay the inevitable.
– Secondly, it may be worth considering legal action yourself. This can be successful in recovering the debt owed to you however it can also be costly and do you know the pre-action protocols you must follow,
– Alternatively, you could contact a debt recovery service such as My Debt Recovery. We can help to pursue the debtors on your behalf and increase your chances of getting paid what is rightfully yours.
Debt Recovery Services
My Debt Recovery offers a range of debt collection services that can help business owners explore our case studies to discover how we’ve helped our clients recover their debt.
Debt recovery can be a long and difficult process, but with our help, it can be a lot easier. Don’t bury your head in the sand, take action today! Debtors won’t pay if you don’t ask!
If you’re unsure whether your case is suitable for debt recovery, please contact us today for assistance. We can help understand your situation and provide the best plan of action.
