A good question I hear you ask and my answer is highly likely to be very poor grammatically, as today is an ABBA day!!

In these straightened times of high regulation and softened debt collection processes, ‘I have a dream’ that all creditors will look at their internal processes and say, yes we do need more ‘money money money’ but what more can we do? They will then acknowledge that it makes perfect business sense to engage with an experienced and competent law firm to take up the baton in recovering their money, what I mean is ‘take a chance on me!’

I’m not talking about a culture of ‘Gimme! Gimme! Gimme!’ but one of taking debt collection through to its natural conclusion, where all relevant milestones have been checked off one by one and those customers struggling financially or emotionally have had their ‘SOS’ answered and no longer feel ‘under attack’ because they have been identified and ring fenced safely. I’m talking about customers wilfully avoiding payment. We all know late invoices chip away at our forecasted cash flow and profitability, ‘mamma mia!’ why would you not take a proactive approach!!

A survey by the Commercial Collection Agency Association (CCAA) showed that the likelihood of collection drops to 73% after 90 days and 50% after 6 months and 25% after a year! How long do you wait? How long do you keep on ‘ring ring’ ing them? Each day you wait your chances of recovering your money lessen. Why would you not instruct a professional law firm to collect YOUR money? 

If you reach 90 days and have heard nothing or nothing but excuses you will be wondering why ‘it’s slipping through my fingers’.  Don’t wait! The probability of your customer going out of business, filing for bankruptcy or disappearing rises each day you prevaricate. Your risk is the same for consumer debt as it is for commercial. The Money Charity states that there were 19,008 individual insolvencies in Q2 2015 and that the Citizens Advice Bureaux dealt with 6,323 new debt problems every working day in the year to 31 March 2015. No wonder so many SME’s are meeting their ‘Waterloo’.

The same CCAA survey indicated that you SHOULD place your debt with a professional no later than 90 days past due. If you are savvy enough to know ‘the name of the game’ you’ll know the best way to secure your businesses longevity is to be the one who says ‘the winner takes it all’ and be the one who acts promptly to protect your cash flow. Using a compliant and successful legal collection team such as ours to further and strengthen your collections process means that you are a genuine ‘super trouper’ and more that ‘one of us’  is going to get a pat on the back for a job well done!

So do I know instructing a law firm is the sensible solution to your debt recovery problems? …’I do I do I do I do’.

This article is provided for general information only. Please do not make any decision on the basis of this article alone without taking specific advice from us. stevensdrake will only be responsible for the advice we give which is specific to you.

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