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Debt Collection

Are You Ready for the Recession?

It’s obvious to everyone now that we’re heading into recession. Energy and fuel costs spiralling and food prices rising are going to affect everyone on a personal level, but they could also have a knock-on effect on your business. Are you in a position to get through this? What’s Happening to the Economy? A number of factors have combined to create shortages (and therefore rising prices) across the
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Business Insolvencies Are Climbing — Don’t Be Part of the Statistics

One of the few positive statistics from the first year of the Covid pandemic was a sharp drop in business insolvencies. This was driven by the various measures the government put in place to support businesses, in particular the furlough system. However, these measures have ended now, and the latest figures show that business insolvencies are climbing. What Do the Figures Show? The Insolvency Service has published th
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What Can I Do About Overdue Payments?

Overdue payments are a fact of life in business, and unfortunately the situation only looks like getting worse. High inflation is going to squeeze everyone’s cashflow, and even if your customers are trying their best to keep up payments, they might be chasing bad debts themselves. So what strategies are available to you, if you want to chase money owed to you? Using Your Customer Relations When you have a probl
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Why You Should Always Ask for Payment Up Front

If you’re offering services to clients, you have the choice of whether to request payment up front, allow them to pay after delivery or set up a payment plan. Many business owners shy away from asking for up-front payment, fearing it will make them less attractive to prospects. However, this can lead to situations of having to pursue the client through the courts for unpaid invoices — or even having to write th
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How to Be Sure You’re Charged for Court Costs

If you’re in court, whether bringing a case or defending it, you clearly want to win, but the minimum is that you don’t want to be hit with unnecessary court costs. You’d think that would be obvious to anyone, but it’s surprising how many people behave as if they actually want to be charged. So, for those people, this is how to achieve your aim. For everyone else, this is what to avoid. Variou
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If You Have Great Tenants, You Want to Keep Them — Here’s How

The perfect balance for any landlord is to ensure a regular, unbroken income from your property with a minimum of effort and hassle. And the best way of ensuring that is to keep any good tenants you already have. The obvious advantage of keeping a good tenant is that you won’t have gaps in the rent coming in, but there are other benefits. If the tenancy isn’t constantly changing, you’ll be spending
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One in Five Renters Finding It Difficult to Meet Their Housing Costs

A Government report released in April shows a stark picture of how households are coping with their housing costs and savings in the pandemic. The problems apply to both the home-owning and rental sectors, but renters seem to have been hardest hit. The Second Wave Household Resilience Study After more than a year of the pandemic, the Government has published a study of how households are holding up in the wake of the
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Payment Holidays — Do You Understand the Implications?

The financial effects of the pandemic have been severe on many of us, whether we’re acting as companies, landlords or individuals. One lifeline has been the ability to take “payment holidays” in the repayment of mortgages, loans or debts. This has been invaluable — but is it really the straightforward benefit it seems? Recent research by Resolver suggests it may not be. Payment Holidays Early in the
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Get Your Enforcement Writ in First

If you take out a writ of control against someone who owes you money, there are currently extra hurdles to get over. Besides backlogs in the court system, in some cases, bailiffs won’t be able to enter the debtor’s property. However, it’s still possible to effectively enforce a writ. You just have to be careful that you get everything right. In What Order Are Writs Dealt With? There’s an old c
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Poverty and Debt — the Legacy of Covid-19

2020 has been a difficult year in so many ways. Quite apart from the struggles of living in lockdown, the disruption has had a devastating effect on many bank balances. Two recent reports show the growing level of hardship many households are facing and the debt burden being taken on to cope with this. 30% of Households Facing Hardship Research by the Resolution Foundation suggests that incomes have fallen significan
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