Unfortunately, as most businesses can attest, getting customers and clients to pay an invoice on time can be challenging and chasing an outstanding invoice can be time consuming and frustrating.
A study from the Federation of Small Businesses (FSB) revealed that 51% of business owners said customers who fail to pay for services or goods posed the biggest risk to their company.
Whilst it is important to maintain good relationships with clients, it is also essential that you invoice and receive payment for the work you have done or service you offer.
If you are a business owner, you likely don’t have the time on your hands to make frequent phone calls or write letters in an attempt to collect an overdue payment. If your requests have been unsuccessful, you may find a debt collection agency to be incredibly beneficial.
Hiring a debt collection agency allows you to focus on running your business whilst they handle the responsibility of recovering the debt. Other advantages include:
Legal Protection
There are a number of laws regarding debt collection that well-informed customers can use to sue you if you violate their rights. Thankfully, debt collection agencies are well versed in the law and will ensure all steps taken fully comply with the law, eliminating the legal risks that come with trying to recover the debt yourself.
Documentation
Every time a collection agency communicates with the debtor, they make a record of it. This means you have evidence of every communication for future reference, should you decide to sue them later on. The evidence demonstrates to the court that you put in considerable effort to collect the debt before suing.
If you decide to claim the debt as a tax deduction, HMRC will want to see all the evidence. This documentation will prove that you left no stone unturned when attempting to claim the debt.
They Pay Up
Thanks to their extensive experience in collecting unpaid debts as well as the image that comes with their role, they tend to be very successful in recovering money. People are also more likely to pay because a collection account negatively impacts the debtors credit score for upto seven years, so they pay up quickly to avoid bad credit.
With over 30 years of experience, LatitudeCES offers a bespoke and cost effective pre-legal service to provide you with the best solution to collecting unpaid invoices.
They provide a range of services including Commercial Debt Recovery, Landlord’s Protective Agreement, Business Rates & Valuations Solutions and International Debt Collection & Tracing. Commercial debt recovery decisions can be complex and costly to handle alone. The experts at LatitudeCES can instead offer a seamless solution strategy to collect your outstanding debt.
Landlord’s Protective Control Agreement is one of the most popular services offered by LatitudeCES which allows landlords to protect their outstanding rent payments by taking control of goods belonging to the tenant for an agreed period of time.Advice and solutions are available for a wide range of commercial property valuation issues and Business Rates Relief.
What’s more, LatitudeCES don’t just offer debt recovery in the UK but internationally too. Their in-house experts and partners are able to assist in the recovery to facilitate each individual client’s requirements in an open, honest and transparent manner.
Alongside recovery, LatitudeCES also offers mediation, tracing and legal support should that be recommended.
Act now – don’t leave it too long as debts become harder to recover the longer you wait.
Call 07595 205086 or email sharon@latitudeces.co.uk for free no obligation guidance on the steps you can take to recover your money.