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What 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Schedule 10 was originally enacted in 2020 in response to the threat to the viability of businesses caused by the COVID-19 pandemic.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…
VIEWWhat happens when an agency can't collect a debt?
In many cases, putting your debt in the hands of a professional debt collection agency will pay dividends, ensuring you achieve settlement of the debt promptly. However, even the most experienced and well-respected agencies sometimes encounter situations where the debtor fails to respond and it's necessary to take things to…
VIEWHow does the cost of living crisis impact debt collection?
From energy and fuel to groceries and broadband, costs are on the up. It's hard to think of a sector of the economy that hasn't been affected. And that means pressure on the spending power of people across the UK. However, it's not just consumers who are feeling the squeeze. The…
VIEWHow do you chase a debtor when they have no current address?
When a debtor fails to pay you on time, it can be worrying and frustrating. However, if your correspondence is returned, the phone number you have on file has been disconnected or emails bounce back, that's the time when alarm bells really start ringing. Millions of people and businesses relocate every…
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