Are you a business owner facing the challenge of getting difficult debtors to pay up, especially when cash flow is tight after the holiday season?
Here are five essential steps to help you navigate unpaid invoices and improve your financial situation:
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Navigating the complex world of debt recovery can be challenging, but one powerful tool can make all the difference: the Attachment of Earnings Order (AEO). You’re not alone if you’re struggling to recover debts from individuals who seem to be evading payment. In this blog, I’ll break down the essence of AEOs, walk you through the process, and show you how creditors and debtors can benefit. Understanding AEOs As a debt recovery specialist, I understand the importance of AEOs. These orders empower you as a creditor to collect the debts owed to you directly from a debtor’s earnings. This strategic
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You have judgment, but voluntary arrangements have failed, and your debtor is proving difficult and citing that they have no assets. What can you do to exercise that what they tell you is the truth?
An oral examination is a powerful tool you can use once you receive a judgment (CCJ) from the Courts. In this blog post, I'll delve into the essence of oral examinations – a legal process where debtors are summoned to court to shed light on their financial circumstances.
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Inflation is a key economic indicator affecting consumers' purchasing power and overall cost of living. As we analyse the recent news of inflation falling to 7.9%, a question arises: Does a decrease in inflation necessarily translate to a reduction in mortgage payments? In this blog, we will delve into the relationship between inflation and mortgage rates, understanding how changes in inflation can influence mortgage payments.
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What’s the hardest decision you’ll ever have to make? Churchill said that naming a kitten was the hardest job in the world. My online entrepreneur friends tell me it’s buying a domain name. Real-world business experience tells me the most stressful decision you’ll ever have to make is knowing what to charge. Pricing Can Be As Complex As You Make It You may need / want to consider: The competition Your own skill set What you perceive to be your skills What your market will pay Your location And a host of other variables. Working out what to charge can
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When you first began your business you probably found yourself doing everything yourself. … but as you slowly begin to grow you have to ensure that you have a system in place to record your cash collection. Why is it crucial to keep records? As well as keeping accounts and your annual return records organised, you’ll be able to keep your Customer details in a central database, making it easier to keep track of them. Basic account keeping is key for sustainability Rather than your usual spreadsheet, there are so many add-on accounting software packages available to use now: Kashflow
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There’s so much to take into contention when running a Business: Spiralling costs Rush of new sales Getting in old debt as quickly as we can Getting out there and chasing for new business Ensuring that account management on existing Customers is going smoothly. And these are just the tip of the iceberg, without having to worry about delivering the work to your clients, and ensuring there’s enough coffee to get through the day. The best method of coping with being in such high demand is to ensure your processes are up-to-scratch. Since it’s my speciality, I’ll be focusing on
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It happens to every entrepreneur, every business owner and service provider at one time or another. … it will probably happen more than once. … and it will keep on happening until you learn how to deal with it. What am I talking about? Picture this scenario. You’ve met with a potential client, you’ve had coffee/ lunch/ dinner. You’ve listened to their needs and you know that you can help them achieve their goals. You’ve got a tremendous track record, you’re awesome and they are loving everything that you share with them. What could possible go wrong? You offer a
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Is the Court system prejudicial towards victims? … Or do some companies just abuse their dominant position in targeting the vulnerable? Repossessing and evicting tenants is sometimes necessary … But the grounds to overcome it can apply so much pressure it can cause people to feel helpless. It’s reminiscent of an old episode of the Channel 5 documentary show ‘Can’t pay? we’ll take it away’. We, the viewers, watched on as a family were evicted. But what of the emotions do the viewers feel watching that? Sadness Anger Frustrated Lost Hot-headed nervous Anxious Uncertainty Trapped What about you? How would
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This question has been posed to me many a time from SME’s and key decision makers. This should be guided by your Accountant, but realistically it really depends on your business circumstances. Many examples spring to mind regarding an ‘ideal time’ for a Bad Debt Write Off, here are just three of my experiences while working in this field: The Pub Owner Debtor: Pub Owner based in East Anglia, who ran a string of 3/4 pubs Debt Balance outstanding £60,000 Around mid 2008, a file of £60k landed on my desk, where £90k had been lent to this one PG.
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