Small Businesses suffer from late payments
Recent research suggests that small businesses in particular are suffering from the effect of late payments with more than 70% said to have been affected in the past year. In total, some £63billion in invoices was paid late, with almost a quarter of that sum paid 120 days late.
And for a small business, that can spell disaster – in fact, thousands of small businesses fold each year due to late payments leading to insurmountable cashflow problems. And that is where our legal debt recovery expertise
could come to the rescue. Chasing unpaid bills
is time consuming and in itself can have a negative impact on your business as your time and energy is spent trying to get paid for services or products supplied – time you should be spending on growing your business and bank balance.
It’s accepted amongst banking industry specialists that bad debts and late payments
are an endemic problem for small businesses in the UK, especially in the current climate where banks are not lending or giving overdrafts.
It seems that big business is getting rich on the back of the smaller firms which supply them – and so it is an incredible injustice when those suppliers are not paid within their invoice terms.
There are several steps we can take on your behalf towards recovering the monies you are owed
, and we’ll discuss with you your particular circumstances and the best path to take to recover the debt.
We have years of experience in dealing with unpaid bills for small businesses
and often a strongly-worded legal letter can get the results you need. If not, we’ll talk you through all the options of getting paid for the services or products you’ve supplied.
If you are a supplier who has not been paid on time or not been paid at all, we can provide immediate debt recovery assistance
plus longer-term services to ensure your cash keeps flowing. Useful links