My Debt Recovery

06/09/2022

"New research from the Federation of Small Businesses has unveiled half of 1,300 SMEs and sole traders involved in their quarterly research reported receiving late payment from their clients between April and June of 2022 – with a further one in five stating the issue was worsening amidst macroeconomic conditions.
Ensuring supplier payment terms are favourable is crucial to accurate cash flow projections, enabling an organisation to manage growth, taxes and keep the business running.

Payment arrangements can be renegotiated when reviewing prices and renovating contracts, using an advisor at this point is critical as few businesses are aware of the different policies that protect small businesses from late payments."

https://rpb.li/gzo

Does this sound familiar?
Don't struggle, we offer a No Collection, No Fee, we provide a fully comprehensive debt collection service that uses the most advanced techniques to trace debtors and recover money owed.

Get in touch to discover how we can help get back what is rightly owed to you!

01/09/2022

Thanks so much, David!

Ignored invoices won’t pay themselves!
It is time to take action and get your debtors to pay up.

Drop us a line and we can help you get paid!

31/08/2022

Is debt recovery jargon giving you a headache?

Discover our handy resource, a Glossary Of Debt Recovery Terms
https://rpb.li/Pcu0OT

It's important to understand the steps and processes when it comes to debt recovery and small misunderstandings could result in mistakes.

If you're looking for some advice on your debt recovery, drop us a line to see how we can support you.

29/08/2022

Dos of preparing for court for debt claims
> When it comes to recovering debt, timing is everything. – You want to make sure that all your paperwork is in order before issuing a county court judgment (CCJ).
> Court proceedings can be costly and time-consuming, so it’s important to make sure you have a strong case. Time in front of a judge is limited. Your case needs to be clear, and your paperwork needs to be complete.
> Consider all available options before issuing a claim. Would the debtor agree to a repayment plan, could the parties mediate?

Don’ts of preparing for court for debt claims
> Don’t let small technicalities jeopardise your case – make sure all your documents are compliant and your debtor knows you’re serious about getting paid.
> Don’t risk issuing non-compliant letters of claim. Technicalities can cause issues if your debtor can say you did not follow the correct procedure.
> Don’t jump straight to court proceedings for debt claims if you haven’t pursued other debt recovery methods first.

If you’re considering taking legal action to recover debt, it’s important to seek professional advice. Court proceedings can be complex, and the last thing you want is for your case to be thrown out because of a technicality.

At My Debt Recovery, we offer a no-obligation review of your claim and your options and, if you instruct us, it’s no win no fee. Get in touch today!

26/08/2022

Are You A Commercial Landlord Or Tenant – Could You Benefit From Covid Rent Arrears Arbitration?

Discover our latest blog from our other service brand, My Insolvency:

If you are a commercial landlord or tenant, you may be wondering if Covid Rent Arrears Arbitration could benefit you.

The Coronavirus Act 2020 placed temporary restrictions upon the options available to landlords who were owed money from tenants. For example, the right to forfeit a lease was suspended as was the issuance of Statutory Demands. The protective period covered 21 March 2020 to 18 July 2021.

Learn more: https://rpb.li/oHM

If you are a commercial landlord or tenant, you may be wondering if Covid Rent Arrears Arbitration could benefit you. The Coronavirus Act...

25/08/2022

Yes, if you are owed money from another business, you can claim interest of 8% above the Bank of England base rate. Under the Late Payment of Commercial Debts Act (Interest), you are also entitled to charge a fixed amount to cover some of the recovery costs. Below, we have set out those charges:

Up to £999.99 – £40
£1,000.00 to £9,999.99 – £70
£10,000.00 or more – £100
Depending on the circumstances of the debt, we may also be able to recover your reasonable debt recovery costs.

Want to learn more?
Discover our blog on how to charge interest on late payments: https://rpb.li/2tT3g

23/08/2022

There are both pros and cons to in-house and outsourced credit control.

In-House Credit pros:
– Have more control over the credit control function in your business
– You can build strong relationships with your customers by having a dedicated team of credit controllers who are responsible for maintaining those relationships

In-House Credit cons:
– May not have the same level of expertise as an outsourced company
– May need to dedicate more time to managing the credit control function in your business

Outsourced Credit pros:
– You can free up time for other tasks in your business by outsourcing the credit control function
– Can access a team of experienced professionals who can handle your credit control needs in an efficient and effective manner

Outsourced Credit cons:
– You may need to pay more for the services of an outsourced company
– May need to provide access to your customer data to the outsourced company

So, which is best for your business?
Ultimately, the decision comes down to what is most important for your business. However, if you’re wasting too many resources to internally control your credit, consider the benefits of outsourced credit control once it becomes clear payment is not going to be made.

Get in touch to discover if our no win no fee services can benefit your circumstances today.

19/08/2022

If you're a business owner, then you know that overdue invoices can be a major headache. Not only do they cause tension between you and the customer, but they can also seriously impact your bottom line. So what's the best way to handle overdue invoices? In this blog post, we'll explore four possible options: debt collection agencies, credit management services, write-offs, and payment plans.

According to The Business Disputes Register, "30% of invoices are not paid within the agreed terms." This can be a major problem for small businesses, which often rely on timely payments to keep their operations running smoothly. Overdue invoices can cause cash flow problems, which can, in turn, lead to late payments to suppliers, missed payroll, and even bankruptcy.

Discover more in our latest blog:
https://rpb.li/Iih

If you're a business owner, then you know that overdue invoices can be a major headache. Not only do they cause...

16/08/2022

"Research found around 23% of small businesses hit a cashflow crunch for more than six months of each year, while 94% did so at least once on 2021. Hospitality businesses bore the brunt of the problem, as the impact of Covid-19 restrictions was felt across the sector. It meant the proportion of firms in the sector with negative cashflow peaked at 54% in July 2020.
There must be appropriate incentives for large businesses to pay their suppliers on time, and stricter penalties when it comes to paying late.”
https://rpb.li/mXd5

Would you agree?
If you're struggling to get paid, get in touch and see how we can support your case.

15/08/2022

Debt: £2,700

Challenge: Our client provided accountancy and tax services to the debtor. The work was completed 12 months earlier but despite several requests, no payment was received. The company was now dormant.

Solution: Having previously advised our client on the need for a Personal Guarantee when dealing with Limited Company clients, we were able to pursue not only the company, where prospects of recovery looked slim, but also the director.

Initially, we had no engagement from the debtor. Letters before action were issued and County Court Judgments were obtained against both defendants. After continuing to receiving no response to our requests for payment, we instructed High Court Enforcement.

Result: Following our Enforcement Officers visit, the debt was paid in full. A total of £4,300 was collected which included all costs.

Find out more about our case studies on our website:
https://mydebtrecovery.co.uk/case-studies/

12/08/2022

SMEs are the backbone of the UK economy, and when they face difficulties due to late payments and overdue invoices, it has a knock-on effect on the whole country. SMEs are currently suffering from cash flow problems as a result of these issues. So it is crucial that they take steps to tackle disputes about overdue invoices head-on. In this blog post, we will discuss how SMEs can effectively pursue commercial disputes about overdue invoices.

"Over a quarter (26 per cent) of UK small or medium-sized enterprises (SMEs) have seen the number of late payments they receive increase since the cost of living has gone up, according to new research from Barclays."

This research from Barclays highlights the extent of the problem that SMEs are facing. Not only are they struggling to keep up with rising costs, but they are also having to deal with late payments and overdue invoices. This is putting a huge strain on their cash flow, and it is becoming increasingly difficult for them to stay afloat.

Late payments have a detrimental impact on a company's income, which can lead to cash flow uncertainty which is the most common reason for commercial failure.

Discover more in our latest blog:
https://rpb.li/8p7

In this blog post, we will discuss how SMEs can effectively pursue commercial disputes about overdue invoices...

11/08/2022

This is one of the biggest myths about debt collection! If you ignore an overdue invoice, the customer is not going to suddenly have a change of heart and pay it. In fact, ignoring an invoice can actually make it harder to collect.

The best thing to do when you have an overdue invoice is to reach out to the customer and try to work out a payment plan. If you’re not able to do that, you can consider hiring a debt collection agency.

Debt collection is a complex process, and there are a lot of things that go into it. Typically the process is straightforward but depends on your case and circumstances, which is why it’s important to reach out for support if you’re struggling to get paid.

If you have any questions, please don’t hesitate to contact us. We are here to help!