Free Company Business Reports
IN LONDON, MANCHESTER, LEEDS, BIRMINGHAM, NEWCASTLE, GLASGOW, EDINBURGH & THROUGHOUT THE UK

Prior to commencing the debt collection process we can supply you with a free company business report on the debtor company. We will ingather information which will help to determine the debtors ability to pay. Please supply us with any relevant information on the Contact Form and we will send you a company business report by return.

Do You Know Your Customer?
Often when we are given a debt to collect the client does not know who there customer is yet they were happy to supply them with thousands of pounds worth of goods or services. Today a lot of business is done on the internet and therefore people deal a lot with faceless individuals. It is important therefore that you know the exact legal entity of your customer.

• Are they a limited company, sole trader, a partnership or even a PLC? You will need to know this if in the future you have to take legal action against them.
• Use their headed paper to verify
• Verify details with a credit reference agency and check their credit status.
• Ask for trade references and take them up.
  

Agree Payment Terms Before You Supply
To ‘assume’ is always dangerous, so be clear from the outset how you will conduct your business.

• Don’t assume you will be paid in 30 days or end of the month following.
• Set out your payment terms in writing and try to obtain written acceptance.
• Make sure that your customer’s order does not suggest different terms.
• Advise them that you will be adding on late payment charges and interest under the current legislation if payment is late. You don’t have to invoke them but the right to do so is useful.

Invoice Accurately, Clearly & Promptly
Attention to detail can make all the difference in getting paid on time.

• An invoice can’t get paid until it is received. Invoice promptly and regularly.
• An invoice won’t be paid if the goods or services are not clearly specified.
• An invoice won’t be paid if the customer’s order number is not quoted.
• An invoice won’t be paid if it is sent to the wrong address or has the wrong company name on it.

Don’t Be Afraid To Ask For Payment
The only good customer is a paying customer and if you don’t ask you might not get.

• For large or important amounts, telephone before the due date to make sure everything is OK.
• Make immediate contact when payment has not arrived.
• Be assertive about what you expect and when you expect it.
• Make the consequences of non-payment clear.
• Follow up promises to make sure they are met.
  

The Credit Application Form
Does your credit application form have enough queries to make a valued judgement about a new customer? Do you have a credit application form? It should include the following information:

• Details of where to send your invoice or statement and the name of the person responsible for paying accounts.
• Details of other businesses managed by the principals and their home addresses
• The method of payment, cheque, direct debit or BACS
• The proposed credit limit per month and the agreed credit period.
• Trade references
• Bank details
• A retention of title clause if you are supplying goods
• States that you have the statutory right to interest under the Late Payment of Commercial Debts (Interest) Act 1998 as amended by The Late Payment of Commercial Debts Regulations 2002, if settlement terms are not adhered to.
• A guarantee from director(s) in the event that a limited company fails to settle your account. This will give you the right for you to pursue them personally. If they refuse to sign it does it mean that they do not have faith in their own business?

We are happy to supply you with a draft credit application form that can be altered for your own particular needs. Just complete the Contact Form and we will email you a copy by return.

We offer Debt Collection Services throughout the UK and provide Company Business Reports in London, Manchester, Leeds, Birmingham, Newcastle, Glasgow, Edinburgh and throughout the UK, so please phone us on 0845 130 2935, Email us or fill out our Enquiry Form on the right hand side for more information.