Any chance of lending me one hundred quid?
Any chance of lending me one hundred quid? It’s not
13 October 2022
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The secret to overcoming these challenges is in the ‘Power of Escalation’, which can only be achieved by involving a third-party that knows how to leverage Debt Recovery Legislation.
In our experience most companies assume that this means instructing a solicitor, but sadly tend to shy away from going down this route when they realise that it might end up being expensive or complicated, with no guarantee of success.
If you instruct a third-party like ‘OVERDUE INVOICES’ to chase up your late payers this sends out a very clear message to your customer that you are really taking the situation seriously, which does usually result in a prompt payment.
Particularly when they understand the late payment fees that can be legitimately added to the debt.
If you decide to continue supplying your goods or services to this customer then you might be pleasantly surprised to see your future invoices being paid more promptly, because you have elevated your position on the list of preferential creditors, as a direct consequence of employing us, and showing them that you are serious about getting paid on time.
Overdue Invoices are a family run business based in the East Midlands, with clients all over the UK.
We have extensive commercial experience in various market sectors.
Whilst we have worked with some large organisations, the bulk of our customers are Micro and SME businesses, and we pride ourselves on delivering an excellent service for all our clients.
We help businesses to overcome their two biggest concerns about taking action against a customer that isn’t paying them, which are:
We do this by offering a NO Win NO Fee, therefore NO Risk debt recovery service.
This allows our clients to focus on running their business, whilst we focus on the debt. Many clients talk about the huge weight that is lifted from their shoulders once we have been instructed to act for them.
The fact that our client instructs us to act sends a very strong message to their customer that they are serious about getting paid.
We then use a combination of data from the credit bureaus, the latest technology, and UK late payment legislation, to leverage the best possible outcome for our clients.
This is always delivered in a very professional, but assertive manner, which tends to remove all the emotion from the situation.
The results speak for themselves, with our current success rate more than 87%
Overdue Invoices have a very simple philosophy.
We believe that every supplier has a right to be paid in a timely manner for any product or service that they have supplied to their customers as per the agreed terms between the two parties.
When this doesn’t happen, we believe that the supplier should be recompensed for the inconvenience that the late payment causes them, and that the debtor should also be liable for all the costs incurred in recovering the Overdue Invoice, as per UK Government Late Payment legislation.
Whilst we understand that there can be extenuating circumstances that lead to a delayed payment, these really do need to be the exception and not the norm.
Many of our clients now regard us as an extension of their own business, which perfectly demonstrates how we see our role when acting on their behalf.
We get enormous satisfaction when we recover monies for our client, after they have said something along the lines of
“Give it your best shot. I will be happy if you can get anything from them, as I have mentally written it off as a bad debt”.
The sense of satisfaction for our team is amazing when we deliver against that, and it doesn’t have to be an enormous amount of money to give us that buzz either!
It’s a simple model that we operate.
No Win No Fee = No Risk
If we don’t recover any money, then there is nothing to pay at all.
For any amounts recovered, we charge 10% of what we recover.
(minimum charge of £100) + VAT.
If the monies aren’t recovered in the initial period (usually 7 days) we will add our fees and the other statutory late payment charges to the principal sum owed and pursue the debtor for the new balance. It is not unusual in these circumstances for our client to be paid over 100% of the original debt.
In addition to debt recovery, we also offer our clients advice and support on how to minimize the risk of Overdue Invoices and bad debts through our Credit Manager UK business, which assists clients with:
These service offerings use technology and decades of experience, to help companies to improve their back-office processes, reducing the risk of bad debts, whilst driving down debtor days and significantly improving cashflow.
Further details can be found at www.creditmanager.uk.com
Procrastination is the enemy of getting paid.
You won’t believe how many times our clients tell us “I wish that we had got you involved sooner, but we honestly thought they were going to pay us”.
Sadly, some clients leave it too late, and their customer goes into administration.
Contact us now for Free Advice on how we can start the ball rolling for you.
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