"Debt Recovery" - a phrase which creates many perceptions in peoples minds.
Today, many companies are forced to write off thousands of pounds of bad debt every year due to late payers. Small Businesses and sub contractors wrote off a whopping £2.8bn last year in the construction sector alone according to Bibby Financial Services.
Sometimes recovering payments for goods or services can become complex, especially when there are disputes over invoices, contracts or works completed. After months of going forwards and backwards you can often find yourself in a deadlock situation. These situations are often stressful, draining and time-consuming period for any business.
Being an SME ourselves we understand the importance of cash flow, getting paid and retaining clients. However, when a client doesn’t pay it can have a detrimental effect on your business.
A bad debtor is a word that people loosely use to describe someone who do not pay their debts. However, Darcey Quigley & Co believe that this term only describes a small percentage of companies with outstanding invoices.