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Debt Collection

Buy Now Pay Later — An Opportunity or a Trap?

In difficult times like these, resorting to Buy Now Pay Later (BNPL) can seem like a lifesaver. Used carefully and with full understanding, it can be a good way of spreading costs for items you can’t immediately afford. The problem is that many consumers don’t fully understand the terms and, as recent research by TotallyMoney shows, repayments can very quickly build up. What Is Buy Now Pay Later? BNPL is
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Crisis in Private Rentals — Bad News for Landlords and Tenants

Figures just out show that private rents increased in the past 12 months at a rate well above inflation. At the same time, as prospects seem to be diminishing of the renters reform bill passing before the election, record numbers of tenants are being forced to move. It might seem at a casual glance that this is all great news for buy-to-let owners, but it’s actually not that simple. If you’re a private la
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Nervous Times Ahead for Small Businesses

Recent economic news seems to have been an improvement on last year, with inflation and interest rates holding steady. Two recent surveys by Novuna Business Finance, however, show that small business owners are still having sleepless nights about their position — and many fear that they may have to close within the year. Concerns Affecting Small Businesses 75% of small business owners have said that worries about the
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Are IVAs Being Mis-sold? The Insolvency Service Investigates

An IVA (individual voluntary agreement) can be an invaluable resource for any individual person facing mounting debt. It offers the chance to protect yourself against action by creditors, and to structure repayments in an affordable way. However, like any financial product, there’s the potential for abuse. The Insolvency Service has announced that it’s investigating whether IVAs are being mis-sold. What i
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Risks of Debt Among Financially Vulnerable People

The cost-of-living crisis is hitting us all, to some extent, but it’s hardly a surprise that the worst hit are the most financially vulnerable people. For many, the only way out seems to be taking on debt, which can lead them into a debt spiral it’s hard to break — and this is especially a risk over Christmas. Debt Patterns in 2023 Recent figures show that, on average, 22% of people in the UK have fallen
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Late Payments — What Difference Will the Autumn Statement Make?

Small businesses doing business with giant corporations have traditionally had no choice but to put up with accepting the customer’s payment terms — sometimes having to wait months before getting their money. This can leave their cashflow in a dangerous condition, even threatening their ability to continue trading. The Chancellor’s Autumn Statement, on 22nd November, addressed this issue. The measures he
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Pay Attention to a Company’s Cash Flow Before Making a Decision

There are various reasons why you might need to examine another company’s books. You should certainly do so if you’re considering investing in the business, but you may also want to get a better idea of their finances before offering credit. But what should you be looking for? Turnover? Profit? Or is it better to look at cash flow? Why Is Cash Flow Important? Profit and turnover each give only a very partial picture
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Are Supply-Chain Delays Killing Your Business?

Business owners generally focus most on the sales that bring in the income, rather than on their suppliers. That’s understandable, but it can also be short sighted. Recent research by retail bank Aldermore has found that well over half of SMEs have suffered supply-chain problems in the past year — and this has cost a total of £1.9 billion. Why Are There Supply Chain Delays? Disruptions to supply chains have been goin
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A Crisis in Late Payments to SMEs

Are you being held back by cash flow problems caused by late payment of invoices? You’re not alone. A recent report by Time Finance found that SMEs are owed an average of about a quarter of a million pounds in outstanding invoices. At the same time, the Federation of Small Businesses (FSB) has reported that 52% of small businesses have experienced late payments. Are you among these? And, if so, what can you do about
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The Recession’s Nowhere Near Over — How Will That Affect You?

During 2022, a combination of soaring prices (especially energy prices) and income lagging behind pushed the economy into recession. The bad news is that, according to forecasts by KPMG, the recession is likely to last for the rest of 2023, with output falling by 1.9%. So why are things so bad, and what’s it likely to mean for you and your business? What’s Causing the Recession? The main driving force of the recessio
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