When an overdue invoice becomes a Debt, it might already be too late !
2018 brings with it LPL’s 40th year of trading and we are proud to have served you for so long during this time.
Although early days yet and the signs were ‘on the wall’ for at least 18 months, the fall out from the demise of Carillion will be huge.
Never let your guard down!
The pace of work certainly seems to be holding the same high rate of momentum off of the back of last year and now we find ourselves into the second half of February already!!
Whilst there has been an immediate impact on the property and building sector and an increase of instruction to LPL in these sectors, the impact seems to be more on new building and property ventures rather than being a legitimate reason to withhold payment on existing contracts. Within a small segment of this industry sector there has always been a problem area, particularly regarding retention arguments, QS sign offs and the like.
A Limited Company ceasing to trade does not always have to mean the end of the collection process!
As commercial collection specialists we know that there still exists a collection problem that seems to endure the passage of time, regardless of financial crisis, credit, squeezes and the like. A problem that now seems to be reaching epidemic proportions.
How Do I Choose A Commercial Debt Collector?
When the Editor of Credit Managament Magazine asked me to write an article on ‘What to look for when choosing a commercial debt collection agendy (DCA)’, I did not realise then what a difficult task it would be. After some thought realised that I, as a Commercial DCA operator, had been looking at the criteria from my point of view and had to think hard as to what it is the client actually wants and needs.
Late payment behind £2.6bn in overdue VAT 28 September 2015
UK businesses now owe almost £2.6bn to HMRC in overdue VAT, as late payment from clients forces them to delay paying tax, a finance provider has claimed.
British SMEs are now owed £67.4bn in unpaid invoices
British SMEs are now owed £67.4bn in unpaid invoices, a rise of eight per cent from £62.5bn in the last year alone, according to a new study.
Sub-Cultures of Debt
Over the last five years, debt has not just increased amongst consumers, but a new strata of commercial debtors has also emerged. There are now sub-cultures within what one would normally label ‘traditional’ consumers and businesses: those that understand their legal responsibilities and ignore them, and those that bury themselves away in an ‘insolvency culture’, believing that wherever the fault may lie, the law will protect them. It is an attitude that is becoming increasingly prevalent.
The Full & Final Settlement
The law is very specific on this point. One person cannot change the contract. There is case law to support and it is a myth that one must take notice of a request to accept a payment in full and final. As you did not specify before the cheque was sent that you would accept it in Full and Final, they took it upon themselves to suppose same. You are fully entitled to bank the cheque.
Controlling Credit before Credit Controls you
Get expert advice on collecting your debt:
020 8551 4019
Woodford Trading estate
TEL: +44 (0)20 8551 4019