Are you a supplier of services or goods, or perhaps a landlord? If so, the chances are you’re being used as an unofficial bank. Maybe you think that’s not you. Well, maybe it’s not, if everyone pays you on time as soon as the payments are due, but then you’re in a very small minority. Late Payments Statistics show that most SMEs are being paid as and when it suits their debtors, and that their aged debts have increas
Most landlords are familiar with “that” tenant — the one they’re constantly having to chase up for overdue rent. Recent research suggests that 68% of landlords have experienced problems with rent arrears and late payments, but a new application could make it harder for tenants to miss payments, while at the same time rewarding the more conscientious among them. Late Payments Many tenants will once or twice in their t
Court proceedings to recover money you’re owed are not only slow but also expensive. The fee — from £455 to ££10,000, depending on the size of the debt — has to be paid upfront, which can be difficult if the debt has left you short. And this doesn’t mean the process goes any quicker. First you have to obtain a court judgement that you’re entitled to the money. Then, if the debtor still doesn’t pay up, you have to pur
Personal debt fell sharply in the wake of 2008’s financial crisis, but figures from 2016 show it’s growing again fast. Mortgage borrowing and unsecured loans have risen, with the average household owing a record figure of £12,887 even without mortgages. Record Household Debt Both the British Bankers’ Association and the TUC have highlighted sharp rises in personal debt in the closing months of 2016, with the B
It seems like every week new data surfaces about the struggle U.K. small businesses endure when trying to get paid from their larger corporate customers. Small suppliers across the globe are struggling with cash flow as businesses turn to extending payment terms to extend their own capital. In the U.K., regulators have taken note of the issue and have gradually made efforts to ease the financial pain for SMEs.
A well-planned buy-to-let can be an excellent business model, but a badly prepared one can end in disaster. One of the biggest dangers is taking on a mortgage you can’t cope with, leading to debt, default and the loss of all your assets. From the 30th September, though, the Bank of England’s Prudential Regulatory Authority arm will be cracking down on buy-to-let mortgages to make sure borrowers don’t overreach themse
Last month, Master of the Rolls Sir Terence Etherton unveiled his proposals for a radical change in the court system — the Online Solutions Court. This is part of a six-year plan to modernise the courts. In particular, it involves digitising the administration and processes of the judicial system, bringing the courts into the 21st century. It can be accessed from home, but it’s envisioned that physical courtrooms wil
Since 2007, residential landlords failing to register a deposit taken from the tenant can be fined. Perhaps more seriously, though, they can have problems recovering possession of the property. Here are some of the main points. The Landlord’s Obligations Under section 213 of the Housing Act 2004, when a residential tenant pays a deposit for an Assured Shorthold Tenancy, the landlord has thirty days to register it wit
SMEs that rely on large companies as clients have always suffered from a power imbalance when it comes to paying bills, and the situation seems to be getting worse. It’s been estimated £266bn is being withheld from SMEs through late payment, and there are signs this has been increasing since the Brexit vote. Duty to Report All political parties are promising action, and the Duty to Report measures were introduced in
Over twenty years experience in Debt Collection and Credit Control at your service. The worst thing you can do about collecting slow and overdue accounts is: "NOTHING"