I Am Owed Money: Best Self Employed Debt Help

I Am Owed Money: Best Self Employed Debt Help

Has an unstable business transaction left you in a position where you need self employed debt help?

Many debts may affect you as a self employed individual, including those related to loans, credit cards, late invoice payments and more.

There are around 4.4 million self employed people in the UK, which suggests the number of those that will experience this is extremely high.

This displays the very real need for a solution for when goods and services are not paid for.

When situations like these are not rectified quickly, insolvency practitioners may be required.

Our debt collection specialists can provide you with a self employed debt advice service to help recover money owed to you.

Self Employed Debt Advice – What Can You Do?

In reality, self employed individuals and sole traders rely on getting paid on time more than other types of businesses.

It is common for these to have limited credit control procedures, meaning chasing for payment is sometimes not an option.

For example, it may be that they have to prioritise the recovery of the debt rather than bringing in new business.

Dedicated self employed debt solutions are needed to not only recover any unpaid invoices but to ensure you are paid every time.

We asked our experts to provide money advice to help those that are self employed and not been paid.

Be patient and contact your debtor

When a job isn’t paid for, this can lead you to feel stressed and anxious as a result of the loss of earnings.

You must remain calm and have a positive attitude, despite the sensitive nature of the situation.

As soon as your money turns from outstanding to overdue, you should contact and remind the debtor promptly to secure the funds.

If you act in an unprofessional manner, the debtor can use this against you and further withhold payment.

Get services paid for upfront or outline payment terms

The best way for self employed workers or sole traders to get paid is to require payment upfront.

This is made easier due to the large number of payment methods available in the modern business world. If you have a good relationship with your client, they should have no real reason to object.

If it is not viable to do this, the next best step is to implement payment terms. You should outline the details of the job, how much is to be paid and on what date the payment is due.

Getting the client to sign this will give you something to fall back on should they fail to pay the money on time.

Choose Federal Management to recover your debts

Whilst the above tips are good at preventing the need for self employed debt help, it is best to use a professional solution.

Federal Management has recovered millions of pounds on behalf of the self employed and sole traders since 2004.

We are authorised and regulated by the Financial Conduct Authority (FCA), further strengthening our reputation.

Only modern tactics are used to recover the money that is owed, including debt management plans, letters before action, etc.

Our national debt recovery experts can help if you have not been paid by a limited company registered in England, Scotland and Wales.

Frequently Asked Questions for Self Employed Debt Help

I need self employed debt help, what should I do?

If you have provided a service and the client has not paid, you need to collate all relevant documents related to the debt. This can then be passed onto a firm with expertise in self employed debt collection.

How can I get a debt recovered if I am self employed?

The best way to recover a self employed debt is by using a professional collections agency, such as Federal Management.

Is it expensive to use a debt collection agency?

Unlike the cowboys of the industry, our service minimises costs whilst maximising success. We only charge a commission on the total amount of the debt.

How effective is using an agency that specialises in debt recovery?

Federal Management is unrivalled in terms of success, providing recovery rates of 90% and above for our clients.

Can personal debts be recovered as well as business ones?

Whilst we specialise in the collection of business debts, others can recover personal amounts.

Posted on March 18, 2022