Small Business Debt Recovery UK | Expert Advice

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Small Business Debt Recovery UK | Expert Advice

Small businesses make up a large percentage of the total number of organisations in the United Kingdom.

Spread out across all industry sectors, there are around 5.9 million small businesses in the country.

This impressive number of businesses generates a lot of money for the economy every year.

Despite the positive nature of this, small business owners annually face various challenges related to cash flow and finances.

A common problem that sole traders face is the non-payment of goods and services that have been provided.

When money is owed or payments are not made, this can put a strain on the cash flow of the business.

Small businesses may not have the resources that are required to put time into recovering a debt.

This can often lead to the decision to either ‘write off’ the debt or put aside normal work to recover it.

No business should have to suffer from the loss of money or unpaid invoices and therefore needs an effective collection process.

Thankfully, there are many ways that small business debt recovery uk can be instigated.

We have put together this guide to help prevent or negate the effects of somebody owing money to your small business.

small business debt recovery uk

Small Business Debt Recovery UK – What Are The Options?

It is clear that small businesses need a dedicated small business debt recovery UK solution to collect unpaid debts.

The amount of time and assets needed to successfully recover this may outweigh the company’s internal resources.

Whilst simply making phone calls to the debtor can be enough to produce a payment, this is not always the case.

Payment Terms

One of the most effective preventative measures one can undertake is implementing payment terms prior to work.

Payment Terms are absolutely paramount to creating stringent credit-control measures and can help you get paid.

This agreement is to be signed by both the customer and the business and will highlight the costs, payment date and any terms and conditions.

The payment date is usually between 30 days and 90 days after the invoice has been issued.

Customers are less likely to refuse to pay as they have signed a contractual agreement.

Sadly, there are scenarios where delinquent debtors may choose to ignore this.

If this happens, there are only a couple of main options left that a small business can take.

Small Business Debt Recovery UK – Preston

Get In Contact With Our Experts Now!

Our recommended team of Debt Collection Experts are happy to help with your enquiries.

Legal Action

One of these options is to enforce legal action upon the debtor in the county court.

Whilst law firms and solicitors can be effective at producing a positive result, there are things that you need to consider.

For example, the cost of taking a debtor to court by yourself or through solicitors is extremely expensive.

In some scenarios, Solicitors can charge up to £200 per hour for their time on top of any court costs.

The time it takes for a court case to move through the system can take a long while, which means more costs will be accrued.

Paying a large amount of money for small business debt recovery UK services is the opposite of being productive.

Choosing A Collection Agency For Small Business Debts

The most productive way for small business debt recovery uk to be carried out is by using a professional agency.

At Debt Collection Preston, we help small businesses with the easiest way of finding the right agency.

Since 2006, we have created a list of the most effective debt collection services in the city.

Our partners produce industry-leading success rates of up to 90% on average on all undisputed debts.

Our Small Business Debt Recovery UK Recommendations

If you are owed money by a business, you need a dedicated commercial debt collection agency.

Our recommendation for this is Federal Management, which has been the UK’s leading choice since 2004.

Alternatively, if the money is owed by an individual, we recommend using Frontline Collections.

They are experts at recovering money that is owed by individuals and perform private debt collection for hundreds of businesses every year.

Small Business Debt Recovery UK – Preston

Get In Contact With Our Experts Now!

Our recommended team of Debt Collection Experts are happy to help with your enquiries.

Small Business Debt Collection Preston – Frequently Asked Questions

Who Exactly Are Debt Collection Preston?

We began in 2006 as part of the UK Debt Collection Bureau network. We act as a referral agency for the best small business debt collectors in Preston.

How Can You Be Trusted To Find The Right Debt Collection Agency?

There are so many different types of firms to choose from in the UK which can be quite challenging – this is where we can help.

Is There A Cost To Using Your Services?

No, our service is free and takes the hassle out of you having to approach numerous debt collection agencies.

What Is The Success Rate Of Your Partners?

Our partners have recovered as much as up to 90% of undisputed debts, maximising the potential for a successful recovery.

Should I Choose A Debt Recovery Company Or A Solicitor?

Solicitors are process-driven whereas our partner Debt Collectors uk firms are results-driven and proactive.

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