DEBT SUPPORT

debt support

Managing your cashflow during As the UK looms headlong into recession the affect on small businesses could prove fatal for many owners of small businesses. Inflation is at a 40 year high and the a recession pressure of the increasing cost of payment terms into a new contract. living adds more pressure to small business owners. Over 40% of companies do not check the creditworthiness of If you have cash in your account, an existing or new client. That you should spend it wisely, and if can prove fatal if the client is not you are cash poor spend it even creditworthy or worst still, trading wiser as the ability to borrow insolvently. money at current high interest rates can worsen the outlook for your business. Over 60% of small businesses struggle to get paid on time. Borrowing money to keep your business afloat through the tough times in recession may seem like Approximately half of all invoices issued by small businesses are paid late, so it is important to offer your clients as many different ways they a good option if you can obtain can pay such as cash, bank transfer, finance at a reasonable rate, but card payment, PayPal and secure you have to be mindful of what online payment links. happens if the funding runs out and you can’t borrow any more. You would be surprised to hear Paul Daine, Managing Director, Premium Collections though that many businesses still In a recession keeping your clients happy is very important, but only if those clients are willing and able to use cheques. The Government legislation on late prompt your clients to pay sooner so they don’t incur fees and/or There are fees to pay to use the service and success is not guaranteed. pay you promptly. If you don’t have a contract with payments is worth reading up on. It costs nothing, and may prove useful if you are struggling to get your interest. If you are struggling to obtain If you do not wish to issue a County Court Claim yourself you could your clients or any terms and invoices paid on time. Sometimes payments from clients, you can use instruct a debt collection agency to conditions confirming when and the threat of adding late payment the Government platform Money manage the process for you for how you can expect payment, you fees and/or charging interest on Claim Online to issue County Court Claims under £10,000 or a solicitor should consider incorporating your unpaid invoices is enough to Claims to recover your money. for Claims over £10,000.

Don’t allow long-standing debts to adversely affect your business

For all your credit management requirements Premium Collections Limited have the solution. Staffed by dedicated professionals with over 50 years combined experience handling virtually every type of debt issue, and operating on a national and international basis, we can tailor a package of services to meet your requirements.

• Debt collection • Insolvency book debts collection • Vehicle repossesions

For a detailed discussion on how we can help your business or for a quotation for any of our services, please contact Paul Daine, Managing Director on:

0161 962 4695

enquiries@premiumcollections.co.uk

www.premiumcollections.co.uk

PO Box 448, Altrincham, Cheshire WA15 7WP