The question to ask: Are your customers Paying Late?
Has your bad debt reached Record High?
The value of bad debts held by Spain’s banks in July rose to 169.3bn euros ($221bn; £136bn), according to latest figures from the central bank.
The Bank of Spain said 9.9% of banks’ total loans were in arrears, up from 9.4% a month before.
It was the highest bad loan ratio since the central bank began compiling the data in 1962.
Now that was the basis of this article, now onward to the fundamentals:
We all know Cash is King: we also know keeping our borrowing costs down improves the bottom line; we all look for those areas where small improvements can be made and contribute towards extra profit, and Yes that helps.
However: There is one solution that delivers more profit than most others ever will
Being Paid on Time is a great way to increase your bottom line and keep your borrowing costs down.
The team at Debt Solve are experts in effective credit control and overdue invoice collection.
How much will it Cost?
Difficult to say until we speak to you, see our website www.debtsolve.biz for current testimonials from satisfied customers. I am certain reduced borrowing costs will offset the cost of a good quality credit control and invoice collection team.
Why not give us a call on 01527 543672 or contact us via email at firstname.lastname@example.org to see how we can improve your bottom line.
To catch the full Spanish bank storey go to:
Since writing my last blog: – When Can I Use a Bailiff to get what’s owed to me? – we have received hundreds of enquiries asking if there is an alternative to enforcement by Bailiff or [HCEO] High Court Enforcement Officer that is fast and cost effective with no more money up front.
Most creditors say “look we are already out of pocket” why do we want to pay out more money, we just want our money”
Taking enforcement action after judgment has been granted costs around £100.00 in the County Court and a little more in the High Court.
Time scales vary from 2 to 6 weeks before enforcement action takes place.
There are also a number of official forms to complete when instructing a County Court Bailiff or HCEO, they are time consuming and can be complicated.
Here’s an alternative to employing a Bailiff / HCEO.
The team at Debt Solve has over 30 years experience in enforcement via bailiff and collection by negotiation i.e. no warrant by private debt collection.
We have many satisfied customers who rather than instruct a Bailiff / HCEO to collect their money asked Debt Solve to take on the case and collect their money for them on a no collection no fee basis, [£50.00 registration fee payable at time of instruction] see the testimonial section on our website. www.debtsolve.biz you will find recommendations from satisfied customers.
You can contact us for a no obligation chat on 01527 543672 or by email: email@example.com alternatively complete the leave a comment section on the website.
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Delivering a people centred debt collection service in today’s financial climate is more important than ever. Throughout my career in debt collection one thing has always remained constant, our desire or necessity to pay our bills.
Most of us are aware there are penalties for none payment and the severity of some penalties doesn’t always reflect the amount owed, but that’s a different story.
When a major event takes place in someone’s personal life or business there may be a reason to delay payment or sometimes people look for a reason not to pay.
Reasons are varied and individuals justify these in their own way, usually they fall into one of the following categories:
- Loss of Job
- Customers paying late = reduction in cash flow
- Loss of major customer
- Relationship breakdown / divorce / separation
- Illness / accident
At Debt Solve our staff are firm but fair and are aware they walk a fine line when collecting monies owed (after all that’s what we are paid to do).
Respect is a key ingredient.
Whether collecting from an individual or business, Debt Solve employees’ must balance the ability of the individual or company to pay, the needs of our clients, comply with all regulations along with their employer’s necessity to make a profit.
…Not an easy task.
The moral of the story:
Respect cost’s nothing: Who said debt collection was easy?
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In my previous blog I talked about the importance of implementing good quality terms and conditions and how they can benefit your business.
We now have a number of customers receiving a low cost debt collection service from Debt Solve UK Ltd as a direct result of implementing new terms and conditions to their businesses.
How does it work?
Example: if your terms and conditions state your customer has 30 days to make payment, then payment is deemed to be late on day 31 and the following amounts can be added to the balance due along with interest at 8% above base rate (interest is calculated daily).
- For a debt less than £1,000, the sum £40.00 can be added.
- For a debt of £1,000 or more, the sum of £70.00 can be added.
- For a debt of £10,000 or more, the sum of £100.00 can be added.
The UK was one of the first countries in the European Union to implement late payment legislation and was designed to encourage prompt payment from businesses of all sizes.
Low cost debt collection is a now reality, talk to Debt Solve and save.
Image Credit William Warby
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An up to date set of Terms and Conditions for the Supply of Goods and Services Including Retention of Title are a must in today’s difficult environment.
It’s not enough to have Terms and Conditions printed on your invoices, good practice requires a specific Terms and Condition document which should be issued to each customer prior to goods or services being provided, it will help to safeguard the seller or service provider should payment fail to be made.
As the number of businesses using our service grows ever larger we are able to refer Debt Solve customers to our company lawyer who can offer help and guidance and assist you in the implementation of quality Terms and Conditions applicable to your business at a preferential price.
Don’t get bogged down in legal mumbo jumbo, let the experts do the work while you get on with running your business with the satisfaction of knowing you are protected the best that you can be.
The moral of this story:
Get Protection, You Know It Makes Sense.
Photo Credit Dirk Heuer
Did you know that if you’re owed more than £750 and the debt is undisputed you already have a very effective weapon up your sleeve – one that does not involve you having to go to the courts?
Issue a Statutory Demand – It’s Fast and Packs a Punch!…
“I would use you to collect some money that I’m owed, but it’s a private matter, nothing to do with my business.”
“It’s too early to go to court and I do have the business relationship with my client to consider”
I hear these statements almost every day, and my response does surprise them…
You know when someone’s having a private conversation and you can’t help overhearing, well that happened to me recently. One afternoon my neighbour had a visitor who quickly proceeded to complain about his tenants not paying their rent on time…
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There’s this Guy – he owes you £1,000. He also owes someone else £1,000.
There’s good news though, the £1,000 is paid in full. Quite quickly and cheaply.
Unfortunately, we’re talking about the other debt being settled – not yours. And now yours is even harder to recover because he’s just spent all of his money!
There’s a saying in the debt recovery business…
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Most people who are owed money whether it’s personal or business have said, “If they don’t pay I’ll take them Court.”.
Whilst good quality collection agencies are often faster and cheaper than going through the court system sometimes help from Her Majesties Court Service is required to force debtors to pay.
Here are some of the options available (numbers 3 and 5 almost always raise an eyebrow or two!):