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Is Your Debt Statute-Barred under the Limitation Act?

If you’ve owed a debt for a long time (or if you’re a creditor) it’s important to understand there’s a time limit, beyond which a creditor can no longer take certain actions. However, there’s a lot of uncertainty about when a debt is or isn’t “statute-barred” — and what exactly that means. What Is “Statute-Barred”? A debt is statute-barred when no action has been taken to recover it for a specified time (usually six
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Council Tax Debt — Is It the Same as Other Types of Debt?

Debts come in many shapes and sizes. Most of the debts I recover are owed to private businesses or landlords, but money can also be owed to public bodies, including council tax due to local authorities. But are these debts a special case? The Dilemma of Council Tax Debts Councillors in Wolverhampton recently launched a drive to recover thousands of pounds owed in unpaid council taxes, and are looking at possible stra
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Negotiated Settlements — Is This the Way out of Debt?

One of the worst things about being in debt is that it can seem there’s no way out. You might certainly think negotiating with your creditors is a non-starter. After all, they hold all the cards, don’t they? It’s not as bleak as you might think, though. In some cases, a negotiated settlement could be your way out of debt. How Does a Negotiated Settlement Work? What you have going for you in negotiations is that your
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Need Debt Advice? Make Sure It Comes from the Right Source

Personal debt is currently at a record high, which means that more people will be consulting debt advisors or insolvency practitioners. In general, it’s the best possible thing to do in this situation — as long as you’ve chosen a reliable advisor. The Current Debt Crisis As I reported in a recent blog, personal debt is at its worst level since the height of the economic crisis following the 2008 crash. With income ha
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Personal Debt — the New Normal?

The country has been so busy lately arguing over the future of the UK economy that some disturbing signs at ground level have been largely ignored. Personal insolvencies are at their highest level since the worst of the economic crisis, while figures suggest that a staggering proportion of households are operating on a financial knife-edge. So what’s gone wrong? The Income Crisis According to figures from R3, the ins
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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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Two Major Takeover Deals by Debt Collecting Companies

Takeovers are a fact of business. They’re sometimes good for the customers of the companies involved, sometimes less so, but business never stands still. Debt collection is no exception, although it tends not to get the media attention given to media, engineering or major retail companies, and two significant takeovers have recently been announced in the sector. Two Recent Takeovers Cabot Credit Management, con
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Private Businesses in 2018 — Advice from PwC

Every year brings new challenges and opportunities for businesses, but 2018 seems set to be even more challenging than usual. And it’s not just me who thinks so. PwC (Pricewaterhouse Coopers), one of the Big Four auditors, has set out six things for private businesses to look out for in 2018. Corporate Governance for Private Businesses The FRC is planning a big shake-up of the Corporate Governance Code. They’re curre
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Changes in Pre-Pack Insolvency Practice

Following a report by accountant Teresa Graham, the rules for pre-packaged sales of insolvent businesses have been updated, and the oversight of the practices has been altered. Changes in the Statement of Insolvency Practice (SIP) were introduced on 1st October and 1st November 2015, while the pre-pack pool was introduced on 2nd November. Pre-Pack Insolvency Pre-pack insolvency is an approach to Administrations where
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Bailiff powers when they visit your home What you can do when a bailiff visits

A bailiff (‘enforcement agent’) may visit your home if you don’t pay your debts, eg a Council Tax bill, parking fine, court fine, county court or family court judgment. This will happen if you ignore letters saying that bailiffs will be used. You might be arrested if you don’t pay criminal debts, eg fines or penalty notices. A bailiff may also visit your home for other reasons, eg to serve court documents or give not
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