How much does dealing with debtors really cost businesses? Chasing late payments really affects businesses, causing owners and managers to spend valuable time away from business chasing the right person or negotiating payment dates. New research from Bibby Financial Services suggests that this is costing small businesses an estimated 286 million man-hours and nearly £3.6 billion per year! The survey shows that despite knowing the risks of bad debt, over 45% of companies are still failing to put measures in place to deal with the eventuality of an unpaid invoice or unexpected debt arise. Companies that have a procedure in…

During these difficult years of recession, businesses in all industries are continuing to tighten their belts to survive the testing times ahead. But whilst debt collection is generally considered the exception to the rule, companies are less willing to outsource their recovery services. However, our collection methods and mediation processes are continuing to show progress.  Having already seen steady growth year-on-year since our founding in 2002, last years’ turnover was short of £1m. This is largely due to our single, golden rule; ‘We don’t take sides!” Our unique approach has always been in our mediatory position, which is absolutely vital…

When making a debt collection call, there are some important factors which must be taken into account before you pick up the receiver. This could be the difference between a debt going unpaid and being paid. Persistence is an absolute must for someone who is making debt collection calls and attempting to make debt collection calls can be both time consuming and at times detrimental to receiving the payment. It can be extremely difficult to reach the debtor; often phone messages go ignored and letters are thrown away. To combat this, collectors need to be creative when trying to get…