Top Expert Debt Recovery tips & advice for Businesses
Top Expert Debt Recovery Tips & Advice for Businesses
When a business faces clients that have stopped paying their invoices on time, this can cause credit control issues.
When you have a client that cannot afford to pay and leaves unpaid invoices, small businesses’ cash flow may suffer.
Cash flow is one of the most important aspects of any business and needs to stay intact.
If this is affected in any way, this could result in serious complications for the businesses finances.
This will in turn damage the life of the business in question.
If you have never collected commercial debt before, this can make you act in ways you may regret later on.
In recent years, there have been many instances where both criminal and civil legal action cases have been brought against companies.
This is due to the wrongful actions that are carried out when trying to recover their own debts.
There are many sectors that have been affected by a clampdown by authorities in recent years.
Some of these sectors include High Street Banks, Utility Companies, Payday Loan Firms and Mobile Phone Companies.
As a result of the type of practices they have used, they will have been hit with fines or warnings.
Couple these with the large surge in consumer compensation schemes, your processes could land you with a massive fine.
You could also be taken to court depending on the seriousness of how your actions have affected the situation.
This is why you should be as careful as you can when speaking to your debtors about paying their debts.
Debt Collectors and their debt collection services are being heavily scrutinised by the FCA (Financial Conduct Authority).
These measures also cross over into the mainstream business sector.
This will mean that those that have bad debt or money owed must take measures to get paid.
Top Expert Debt Recovery Tips
At Federal Management, we ensure to provide you with the most up-to-date guidance on all debt collection matters.
We are one of the only few Debt Collectors to have been given full authority by the Financial Conduct Authority.
If you have overdue invoices, we can provide you with the right debt advice to ensure your clients pay your debts.
Companies need to exercise caution in how they go about their own internal ‘debt recovery’ process.
If not, they could face serious penalties and could risk serious penalties from authorities.
There are many different ways that you can prevent bad debt from arising, however, sometimes it can be too late.
A phone call to the client reminding them they have missed their credit card payments on their invoices may be enough.
Having a conversation with your client may also provide more insight as to why they have not been able to pay.
Clients may have genuine excuses for not being able to pay such as financial issues or wrong details on the invoice.
Communications like this will show you are serious about the late payment.
You must carry out all communication in a professional and calm tone.
Showing signs of frustration when talking to your debtor will give them more reason not to pay you.
If you are unsure whether your actions are compliant, you should watch our video below.
This will provide you with lots of helpful tips and Debt Recovery Advice for Businesses in the UK.
Federal Management remains committed to helping local and National Companies recover monies owed to them in an affordable manner.
If you have difficulties with clients and customers who are not paying you, you have come to the right place.
Expert Debt Recovery Tips – Instruct a Debt Collection Agency
At Federal Management, we are the UK’s No1 Debt Collection agency and operate high recovery rates across the board.
We have offices up and down the UK, allowing us to provide a truly nationwide service to all of our clients.
Our service’s purpose is to be as affordable and hassle-free as possible, ensuring full recovery of money is made.
Call our New Business Team now on 0333 043 4420 for FREE advice and assistance.