Credit insurance
Tel: 01424 217698 or 07971 996658 Fax: 0845 127 4385
Rycroft Associates

Any form of debt collection is always good (some tips later) and is better than doing nothing at all

Cost, the first thing to do is work out how many overdue accounts you have, whereby you are legally entitled to be paid, then work out how much your bank or lender charges you for this amount, - this is what it is costing you to finance someone elses credit and the amount outstanding is money you don't have as cashflow, so you are having to borrow this to purchase more goods. By using an outside source to collect overdue debts, you may find that this is:
a) self funding,
b) alleviates a lot of stress to constantly chase for the debt,
c) helps your cash flow
d) helps you reduce/minimize bad debts (because the outstanding balance is lower).

UK Rates are quite simple, No Collection - No Fee (or if part of a credit insurance policy, then possibly FREE).
9% for debts less than 180 days old.
12% for a debt 180 days to 1 year old.
and 15% for a debt 1 year plus.
For more information or a quote, please contact Richard Holroyd - 01424 217698 or 07971 996658 or use one of the contact links to request we call you.

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This is a growing section and any ideas/techniques to share are always welcome.

The best way to make sure that your hard earned cash comes in on time is first be pro-active in asking for overdue money - this may for some people seem pretty obvious, but you would be surprised at how many people delay or don't want to upset their customer or don't have the time (if you fit in this bracket, then I suggest you call us, unless you are a bank in which case this probably suits you).

One of the most productive methods is to make a polite call BEFORE the due date to check what will be on the next payment run. WHY? simple , how often do you get an overdue debt which you then chase, only to be told that some bit of information (order number?) or documentation (delivery note?) is missing. If you can clear all these problems before the cheque run is due, you will substantially increase the likelyhood of being paid, not just because you are showing the buyer that you are active but due to the fact that: If the purchasing department find something missing that stops them processing payment, chances are rather than getting the missing part (work to them) the invoice will go in the pending tray.

If you can clear the problems before they happen, then there are no EXCUSES.

Having a structured approach (especially where you have many accounts) is important, if buyers are chased on a regular basis they tend to pay those that ask first.

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