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::: Accounts Receivable
::: Credit Management
::: Overdue Accounts
::: Debt Collection
::: Credit Control
::: Late Payment
::: Pre Litigation
::: Litigation |
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An Untapped Source of Wealth
The single most important asset of any company must be its customers. From this source both the immediate and future wealth of the business is generated. In the transitionary period from making sales to the ultimate realisation of those sales into the crystalised form of money, an invisible erosion takes place during its journey from your customer to your bank account.
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The Sooner You Ask
Any transaction that involves giving credit must also involve the taking of a certain amount of risk. The risk is impossible to eliminate but it can be greatly reduced by the introduction of a credit management policy and a systematic collection cycle. Whilst employing such methods flexibility must exist to allow for the exceptions that will occur from time to time.
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In Our Best Interests
Since the introduction in 1998 of The Late Payment of Commercial Debt (Interest) Act 1998, and it coming to full maturity, creditors have viewed it with mixed blessings. Part of the reason for this has been the way in which the Act was initially framed.
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Risky Business
The object of the credit management function is to maximise the overall level of profitability and not, as is the general concept, to eradicate bad debt. In any enterprise that involves the taking of risk it is the overall control of such risks that produces the required results.
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Are Injunctions on Motorways?
You may be surprised to learn that one third of the Limited Companies that you lend your money to, have on average at least one Director that has been involved in a failed company. According to a leading UK supplier of credit reports of the 2,595,182 company directors in the UK 952,432 have got a failed company behind them.
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Is your safe empty?
Asking for payment is a necessary function that every company has to undertake. The degree with which collection policies are enforced must be made on a individual debtor basis, taking due regard of your own perceptions and attitudes towards debtors and your financial ability to offset, against profit, all the costs incurred in providing credit facilities.
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Hanging Onto Cash
It is an established fact that some companies hang onto their cash and take longer than others to pay their debts. Often the culprits may only owe you relatively small amounts, or it may be that it's the same group of customers each month. Occasionally it may be that larger sums remain unpaid for some inexplicable reason.
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From Russia with Love
We thought that we'd take a look around the world and see how other countries deal with overdue accounts. In most respects we are fortunate not to be living in Russia. But if we did it could have one great advantage! Given the fact you may know a retired or redundant KGB man you can skip the legal process of getting a judgment.
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Check Out Their Assets
With non incorporated businesses the problem of checking their credit worthiness is difficult to say the least. A similar situation arises if legal action is necessary when deciding if they have sufficient assets to make it worth while. Fortunately today you can find out such information very quickly and for a fee of only a few pounds.
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Statutory Demands
Statutory Demands provide you with alternative to the courts if, with any specific debtor, litigation cannot be avoided. It is very important that you read the articles on the Website relating to each document very carefully.If you are a registered user of the Website the documents will be automatically created completed for you, including the calculation of interest and compensation as defined in The Late Payment of Commercial Debt (Interest) Act 1998.
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Statutory Demand - Insolvency - Company
The object of the Insolvency Act is to provide protection for creditors against 'rogue' Directors and to ensure that minimum losses occur when financial problems arise or can be foreseen in any company. You can of course continue to seek legal redress through the courts, but under the Act for debts of £750 that are not disputed it might be both quicker and less costly to issue a 'Statutory Demand'.
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Statutory Demand - Bankruptcy - Individual
This document is used in relation to individuals and non-incorporated firms. On service of the document they have only 21 days to respond prior to the creditor presenting a bankruptcy petition (without prior judgment) subject to the value of the debt being £750 or more and undisputed.
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