Late payment and small business New data released by the Chambers of Commerce has highlighted the negative impact of late payment on small businesses in the UK. 76% of freelance contractors, small businesses and sole traders report being paid late in the past 12 months. The biggest problem these businesses face is not finding enough
Sooner or later, every business is faced with the dilemma of a customer who refuses to pay and who ignores all efforts to make settlement. If yours is a fairly new business it may be the first time you have experienced the problem of late payment and have had to consider debt recovery action, even
Research conducted by Money Advice Trust the debt charity has highlighted the increasing use of debt collection agencies by councils. In England and Wales combined local authorities instructed debt collectors to chase payment of parking debts, council tax, overpayment of benefits and business rates a staggering 2.2 million times in 2014, with that figure expected
Some interesting statistics have recently been released by the Insolvency Service including figures which show that for the first time women are more likely than men to become insolvent. 2014 sees a further decline in the number of individual insolvencies The latest report published by the service includes insolvencies during 2014 in England and
The legal fees involved in taking Court action against a debtor include: The Court fee A solicitors’ claim issue fee Solicitors’ fees for advising you and represent your case in Court Fees paid to Expert witnesses’ for attending Court and giving evidence or supply expert reports How do the Courts apportion costs? Small claims If
The necessity to collect debt existed long before currency, even before money was invented, the bartering of goods or services in return for other goods or services often led to the creation of debt as one of the parties failed to deliver their goods or services as agreed. Ancient debt slavery The earliest recording
The culture of late payment is effecting and even threatening the survival of many UK businesses. Having to wait beyond terms for payment is damaging the integrity of UK industries and undermining the future prospects of small businesses. Late payment creates a chain reaction that reaches businesses in all sectors and of all sizes. Start-ups need
New data released by Experian reveals that businesses in the UK settled their overdue invoices on average 1 day faster than in the previous tax year. Overall North West based companies and food retailing businesses posted the most improved payment performance figures. Nationally the average days past terms (DPT) companies took to pay invoices fell
Maria Mejia from the state of Missouri in the United States has recently been awarded a world record $83 Million Dollars. The award follows an illegal attempt by US debt collection agency Portfolio Recovery to recover a credit card debt of $1,000 that did not belong to Mrs Mejia. A Kansas City jury found the
With UK businesses currently waiting to receive over £42 billion in late payment of invoices for the supply of goods and services, we thought it would be interesting to look at the most common excuses used by debtors to try and explain why they have failed to pay on time. If you work in a
£9,508 and late payment charges of £556.28 recovered from a Borough of London Council following the late payment of care agency staff fees.
£24,664 of overdue invoices collected and paid to a Bristol based Plant Hire Company in the last 14 days.
Insolvency proceedings lead to the successful debt collection of £28,560 for a Birmingham based Wine and Spirits Distributor the day before the Winding up Petition was due to be issued in Court.
7 month old debt of 6.2k collected and paid to a Norwich based Security Company 6 days after Advocate receive the instruction.
£1,920 recovered and paid to a Nottingham based IT Contractor following a successful cost free to the creditor debt collection in just 3 days.
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