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What is debt recovery?
Choosing a debt recovery specialistAs well as their proven ability to get the job done, the most important thing to consider when choosing a debt collection agency to handle debt recovery for you is safeguarding your reputation. Will that company take the time to understand your business, your customers and…
VIEWWhat if a solicitor's letter is not enough to settle a debt?
Expert guidance and support Working with an experienced debt collection agency can relieve you of the stress and hassle of chasing payments or taking further action against a defaulting debtor. At Redwood Collections we work on a ‘no collection, no commission’ basis, so it's in our interest to recover a debt as…
VIEWWhich debt collection service is right for you?
Do you have a large number of credit accounts?If you operate a high-value sales ledger with a large number of debtors, you can choose a premium service and ensure your credit control processes are carried out efficiently and cost-effectively in line with pre-agreed workflows. Benefits can include more accurate forecasting,…
VIEWWhat is Schedule 10 and what does it mean for me?
Schedule 10 was originally enacted in 2020 in response to the threat to the viability of businesses caused by the COVID-19 pandemic. It temporarily restricted creditors from presenting winding-up petitions in cases where the debtor's financial difficulties were attributable to the pandemic. The restriction originally applied to winding-up petitions relating…
VIEWHow rising interest rates can impact on debt
It seems that the era of super-low interest rates may finally be over. The increase from 0.1% to 0.25% announced by the Bank of England on 16 December is potentially just the first step in a slow but steady rise in rates in an attempt to keep inflation under control.…
VIEWWhy is a crackdown on debt-evading directors good news for debt recovery?
Running a business successfully means putting your trust in the integrity of those you deal with. However, at the back of your mind there will always be a nagging concern. Could a desperate or unscrupulous customer go rogue and use fraudulent means to get out of paying the money they…
VIEWWhat impact does inflation have on debt collection?
According to the Office for National Statistics, the Consumer Prices Index (CPI) rose by 5.4% in the 12 months to December 2021. That’s the highest CPI 12-month inflation rate in the current National Statistics data series, which began in 1997. Why rising inflation matters to you as a creditor The negative…
VIEWHow to deal with non-payment of school fees
The impact of the COVID-19 pandemic is still affecting many people's incomes and rising costs are putting increasing pressure on household budgets. Against this backdrop, it's more important than ever for creditors to keep a close eye on their debtors. That means being aware of the risk of a debt…
VIEWHow much does debt collection cost?
Why your internal debt management processes matterEven if you're relying on a debt collection agency to achieve settlement of your overdue debts, it still pays to have robust and well-structured internal credit control and debt management processes in place. By keeping a close eye on your sales ledger, sending out…
VIEWHow does international debt recovery work?
Globalisation and technology have opened new international markets for many businesses, from manufacturers and wholesalers to schools and colleges. However, while trading with overseas customers may have become easier, there's always the risk that you might not get paid. Chasing a debt may seem particularly difficult when you're dealing with…
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