Cash flow is the heart of each and every business and is ultimately the factor that will determine the success or failure of an enterprise. Outstanding debts owed to you can cause enormous impact on your day to day productivity and is something that should be addressed with the utmost urgency.
A strong credit control system is one of the best ways to ensure you are aware of which invoices remain unpaid and for how long this has been the case. You must remain mindful that past debts can be written off once they reach six years old so you need to approach debtors and recoup what is owed to you before this time frame approaches.
Our debt recovery experts have extensive experience in assisting business with monitoring their cash flow, and can advise on the most appropriate credit control methods for your individual situation. They are also confident and knowledgeable in how to execute a successful debt recovery procedure if basic communicating with the debtors does not provide a suitable result.
We can help you with:
- the development of robust credit control procedures;
- formal demand letters, requesting payment as soon as an account becomes overdue;
- follow-up letters to deal with account queries;
- compliance with the strict rules governing the recovery of debts from individuals, including sole traders and members of the public;
- calculating interest due on outstanding accounts in accordance with your terms and conditions of trading;
- calculating interest, compensation payments and recovery costs that may be added to outstanding accounts owed to you by other businesses under the Late Payment of Commercial Debts (Interest) Act 1998;
- the issuing of statutory demands for undisputed debts where the instigation of bankruptcy or insolvency proceedings is considered the best way of securing payment;
- the issuing of court proceedings for undisputed debts where bankruptcy or insolvency proceedings are not appropriate;
- the use of mediation and other forms of alternative dispute resolution to deal with disputed debts;
- the issuing of court proceedings for disputed debts where alternative dispute resolution is not appropriate or has failed; and
- the enforcement of court orders directing debts to be settled.
Advising businesses throughout Maidstone, Kent and beyond
If the need arises we can also offer meetings at your place of business or via skype if appropriate.
The cost of our debt recovery service depends on your circumstances and whether the debts passed to us are disputed. We are happy to provide a quotation and to agree flexible payment terms, including monthly billing to help you budget.
Where the Late Payment of Commercial Debts (Interest) Act 1998 applies it may be possible for you to recover some or all of the costs incurred in the debt collection process. This is because, under the Act, it is usually possible to add interest, compensation and reasonable recovery costs to any sums you are owed.