Put quite simply – you should not! Most businesses will at some stage be faced with customers who do not pay on time and as a result may experience cash flow problems. There is usually a reason why businesses that are supplied with goods or services do not pay on time. Sometimes it is because they are in financial difficulty or because they have over borrowed and are using credit to fund their own business, taking on extra staff or investing in new equipment, while avoiding paying their creditors.
In all of those scenarios case there is an inherent risk that late payers will soon become delinquent debtors if the situation is not managed effectively and quickly.
Why should your business suffer because of another business’s poor administration or financial problems, and why should money that is rightfully yours be used to fund someone else’s business when it could be used to grow your own business?
“The Veritas Legal FREE Commercial Debt Recovery Solution”
The Government has recognised the burden that late payment and bad debt places on business and introduced the Late Payment of Commercial Debts (Interest) Act 1998 to help overcome the problem. This legislation was further amended on 16 March 2013 with the introduction of The Late Payment of Commercial Debt Regulations 2013 and this now allows creditors to claim the reasonable costs of instructing Veritas Legal to pursue a commercial debt on your behalf.
Recovering debt can be a challenging situation for any business. It is time consuming and stressful. Chasing your customer for payment can cause ill feeling, so it really is better to outsource the whole process to us. Veritas Legal offer a professional, highly effective and cost free debt recovery solution. We can offer ATE insurance on winding up and bankruptcy petitions, so you only pay the insurance premium, currently £280, but only once you get paid.
We manage to recover 93 % of debts without the recourse to any form of legal action within 5 days.
We understand the pressures of the debt recovery process and use our extensive knowledge and experience to achieve outstanding results.
To successfully recover a commercial debt it is imperative that you take action ahead of other pressing creditors and put yourself at the front of the queue for payment.
If a debtor cannot or will not pay you, there will doubtless be other creditors waiting to get paid too.
percent of cases recovered in 7 days
percent professional, ethical and efficient.
The debtor pays our fees under The Late Payment of Commercial Debts (Interest) Act 1998