late payment

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‘protecting client relationships’ is the most cited reason for not chasing late payments…

The UK currently has the highest proportion of invoices that are paid late, with 9% written off as bad debt. Alan Laing, United Kingdom & Ireland Managing Director at Sage, said, “In 2017, it is totally unacceptable for 18% of all payments paid to Small and Medium businesses to be paid late. Entrepreneurs rely on low [...]

2017-12-19T12:40:26+00:00December 19th, 2017|Categories: Business, credit control, Debt, late payment, News, Outsourcing, SME|Tags: , |

How to avoid the risks of upfront payment for recovering a debt

This recent client highlights an important point which is often overlooked when a company requires assistance with recovering a payment from a debtor. Our client had tried collecting a payment owed to them using a debt recovery solicitor firm who offered sending a free letter to the debtor. The debtor did not respond to the letter. [...]

2017-12-08T12:20:02+00:00December 8th, 2017|Categories: Business, Debt, late payment, Legal, News|Tags: , , |

Terms in place, candidate introduced and employed. And you’re still spending time chasing the overdue fee?

Terms negotiated, candidate introduced and employed, payment for the placement not received within terms and the debtor still expects a rebate when you chase them for payment??? Sound familiar? Here’s a look at a situation we’ve dealt with recently which didn’t cost our client anything upfront, no win – no fee commission debt recovery basis. After [...]

2017-11-29T09:34:27+00:00November 29th, 2017|Categories: Business, Debt, late payment, News, Recruitment|Tags: |

HIRABL closes for business, Sterling develops their own backdoor hire discovery system.

After 4 years of promotion HIRABL was well known in the recruitment sector, however the business has now closed with CEO Nick Ellis stating “Monitoring for backdoor hires is a valuable service for recruitment agencies, but ultimately a niche business that did not warrant venture capital investment. As a result, we’ve decided to wind down and [...]

A Quick Turnaround – Recruitment Debt Success Story

Our client, a large recruitment consultancy firm, had spent months chasing payment from a debtor who had made it clear they had no intention of paying what they owed. Sterling were passed the debt to collect, invoice value £19k. After speaking with our client to gather the required facts, clearly understand their process, the candidate introduction [...]

Bank of England raises interest rate to 0.5%

The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment.  At its meeting ending on 1 November 2017, the MPC voted by a majority of 7-2 to increase Bank Rate by 0.25 percentage points, to 0.5%.  The Committee [...]

2017-11-02T13:20:25+00:00November 2nd, 2017|Categories: Business, credit control, Debt, late payment, News|Tags: |

Small business commissioner – Late payment Tsar appointed

The appointment of the father-of-three from Birmingham marks an important step toward ensuring small businesses have the support they need to thrive and grow – a central tenet of the Government’s Industrial Strategy. As Commissioner, Mr Uppal will lead an independent office tasked with empowering small businesses. The role will be crucial to supporting small businesses [...]

2017-10-03T13:10:00+00:00October 3rd, 2017|Categories: Business, Debt, late payment, News, Uncategorized|Tags: , |

Pre-action Protocol for Debt Claims

Aims of the protocol and who it applies to: On 1st October 2017 it became a requirement for any business including sole traders and public bodies, to adhere to a new Pre-Action Protocol for debt claims. This means that all businesses must carry out a stringent process prior to submitting a legal claim for an outstanding [...]

The use of well managed outsourced credit control maintains cash flow and reduces the need for debt recovery

The service is carried out entirely in your brand by your named experienced credit controller(s). Whilst many of our competitors use remote workers, all of Sterling’s staff work from our service centre under a team leader and service manager. Cover for absence is provided in each team so the service runs each week consistently without fail. [...]

2017-07-20T12:22:58+00:00July 20th, 2017|Categories: Accountancy, Business, credit control, Debt, late payment, News, Outsourcing, Recruitment|Tags: |

Duty To Report – tackling late payment

We can assist you collecting late payments from your clients, the penalties which the debtors may incur should deter them from doing so again. Don't leave late payment too late before reacting. Cash flow problems as a result of not acting quickly can seriously damage your business. Keeping a tight rein on invoice collections from the beginning is [...]

2017-06-16T09:14:22+00:00June 16th, 2017|Categories: Accountancy, Business, Debt, Insolvency, late payment, News, Recruitment|Tags: , , , , |