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Bad Debts

Dealing with Bailiffs

Bailiffs have traditionally struck fear into people. In the popular imagination, they’re irresistible forces that have the power to strip you of all your possessions. In reality, though, your attitude to bailiffs will depend largely on whether you’re a debtor or a creditor. Using a Bailiff If you’re owed money by a customer or tenant, there are many possible actions for recovering the debt. Most of these involve comm
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Terms & Conditions — You Have Them But Do You Apply Them?

Let’s face it, none of us read the terms and conditions for the goods and services we buy. In fact, the Telegraph suggests that it would take most of us fifty years to read them all. So, does that mean you don’t have to read the Ts & Cs in the contracts you issue, either? Absolutely not. And, more to the point, it’s essential to apply them. What Are Your Terms & Conditions For? Your Ts & Cs don’t have to
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Are Your Debtors Hiding their Assets in Cyberspace?

If a customer owes you money for unpaid invoices, there are a number of ways of pursuing them to recover your money. Ultimately, you can take them to court or initiate an insolvency process against them. Either way, their assets will be assessed, and you can hope to receive at least a proportion of what you’re owed. But what if some of their assets are too well hidden to be found? It’s easier to do now than ever befo
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More Problems with Litigation!

This is the month most of us go on holiday, especially if you need to coordinate with school breaks. If you’re about to go on a well-earned break, have a great time, and if you’ve come back, I hope it lived up to your expectations. Of course, your business has to carry on while you’re away. I highlighted one of the ways criminals could take advantage of your absence, and I’ve also posted that
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Summer’s here with a vengeance!

Depending on your circumstances you’re probably either enjoying yourself lying in the sun or suffering on an overheated, overcrowded Tube train. Because, there’s good and bad in most circumstances, even being owed money. The bad is obvious. The good is that you have the chance of ending up with more than you have now, but that means you have to go after it. Feel free to get in touch with SJ Collections if
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How Do You Handle Late Payments?

If you’re an SME owner who’s plagued with late-paying customers, you’re not alone. According to recent research by the Institute of Directors, almost half of all SMEs are in the same predicament. The Scale of the Problem Out of 787 business owners surveyed by the IoD, 48% reported having had problems with late payments since April 2017. Many cited “excessively bureaucratic” payment syste
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Personal Debt Growing

  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
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Pre-action Protocol — Changes in the Debt Recovery System

The Ministry of Justice has issued new regulations governing the process for recovering debts. The Pre-action Protocol (PAP) will come into force on 1st October 2017, and it’s vital for anyone involved in debt recovery to be familiar with it by then. What is the Pre-action Protocol? The stated aims of the PAP include to “encourage early engagement and communication between the parties… enable the parties to resolve t
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Bad Debt — Don’t Be Part of the Statistics

You’d think that getting paid for work or sales would be at the top of the priority list for any company. It seems, though, that many SMEs are only too willing to write off any debt that presents difficulties. SMEs and Bad Debt Although they don’t get media coverage like the giants, SMEs are the lifeblood of UK business. Government research last year showed that more than 99% of the country’s businesses are SMEs, 1.3
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Create Stronger Relationships with Good Credit Management

Many companies seem to regard credit management as a necessary evil. You obviously have to make sure you get the payments you’re owed, but this could be seen to have the potential for damaging good relations with your customers. In fact, nothing could be further from the truth. Far from causing damage, strong, confident credit management can actually improve relationships. Nurturing Customers No doubt you put a lot o
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