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debt recovery options

Can’t Pay or Won’t Pay — Know Your Debtor

If someone owes you money that’s well overdue, you’ll want to take action to try and recover it. That’s quite right — but it’s important to go about it in the right way. In particular, it’s crucial to understand why the debtor isn’t paying. Two Types of Debtor Broadly speaking, people (whether individuals or business owners) fail to pay their bills for one of two reasons. Either they choose not to pay, or they simply
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Know Your Debtors

If a company or individual owes you money and the usual channels for requesting payment aren’t working, what should your next step be? To some extent, that will depend on the debtor. The aim, of course, is always to recover your money, but the best approach is going to vary. Because not all debtors are alike. Two Kinds of Debtors There are broadly two kinds of debtors — those who can’t pay and those who won’t pay. Re
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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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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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Protect Your Company Against Bad Debt

You can hardly have missed the major companies failing left, right and centre in recent months. Carillion, Palmer and Harvey, Maplin, Toys R Us — the list goes on. House of Fraser is in serious trouble, and that may well have gone further by the time you’re reading this. The problem goes all the way through business, from giants to SMEs. Corporate failures rose by 2.5% last year, and with two or three years of
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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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Are You Suing Who You Think You’re Suing?

The law is notoriously pernickety about detail, and if you’re suing a company for a debt (or for any other reason), it’s vital to get everything exactly right. And the potential pitfalls include the name of the company. What Kind of Mistakes Are Made? Company names, especially if the business is registered  as a limited company, are very precise, and giving an incorrect or imprecise name could threaten yo
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Winter had a sting in the tail, but did your business get through it unscathed?

The end of the tax year is in sight, and it’s a time when many businesses suddenly find unpaid invoices making a hole in their profits. Hopefully you’re on top of your finances, but do get in touch with SJ Collections if you need any help chasing up debts. 2018 seems to be throwing up more challenges than usual for SMEs, from the government’s overhaul of the Corporate Governance Code to an unprecedented level of cybe
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