Our Blog
What is The 6-Year Rule For Debt Recovery? Statute Barred Debt
Unfortunately, when it comes to business-to-business (B2B) transactions, late payments and unpaid invoices are par for the course. But in the pursuit of unpaid debts, time is not just money; it’s the law: the 6-year rule for debt recovery in the UK. Here’s the thing: one rule that every business owner should know is the…
Why Is Due Diligence Important In The Debt Recovery Process?
As a debt collection agency, we’re familiar with the common challenges businesses face when trying to recover debt, from the length of time to recover, to assessing the debtor’s ability to pay. One significant challenge is when the client has not completed the correct due diligence when offering credit, which can lead to bad debt,…
Over £60k recovered for food & drink client
Principal Sum Recovered: £54,308.47Costs and Interest recovered: £6005.38Total Recovered: £60,313.85 Debt Collect UK were contacted by a long standing client who run a food & drink distribution business. They had supplied goods to a good client of theirs totalling £54,308.47. They had a very good relationship with their client and they had always paid them…
Impact on Businesses Following the Cancellation of HS2
The cancellation of the High-Speed 2 (HS2) railway project has sent shockwaves through the United Kingdom, especially in the North. HS2 was touted as a game-changer for businesses in the North, promising to improve connectivity, boost economic growth, and create thousands of jobs. However, as plans for HS2 have been scrapped, it’s important to examine…
Why you should instruct a Debt Collection Agency in the UK to Recover Your Debts
For most companies in the UK Debt Recovery can be a challenging, frustrating and very time consuming process, especially when a company’s efforts to collect their unpaid debts may have not produced good results, and their staff have been pursuing debts when they could have been assigned other tasks. In these types of scenarios enlisting…
Winding Up Petitions: A Quick Guide
Winding Up Petitions are the most aggressive form of litigation and Debt Recovery in the UK. The world of business, finance and offering credit can be complicated one, and a Winding Up Petition can send the shivers down the spine of Company Directors and Stakeholders who may not be in the fortunate position to pay…
International Debt Collection: Navigating the Global Financial Landscape
In today’s interconnected world, businesses and individuals frequently engage in international trade and transactions. While this global interconnectedness offers numerous opportunities, it also poses challenges when it comes to debt collection. International debt collection involves recovering outstanding debts from parties located in different countries, each with its own legal and cultural nuances. This blog post…
Savings & Investment Fraud in 2022 – Things To Look Out For & Check
People are always looking to get a better return on their savings or investments which maybe held in a Bank or Savings Account on low rates of interest. Scammers have become wise to this and have been advertising some very appealing rates, for instance a rate of 7% from a fully regulated low risk ISA,…
Overdue Invoices – What is your best option?
Are you dreading chasing your clients for overdue invoices? Here’s some simple steps on what to do. No one enjoys chasing their clients for overdue invoices. The importance of cashflow running through any business whether it be a large PLC employing thousands of people or a Limited company with one Director is imperative to its survival….
Corporate Insolvency & Governance Act 2020 – Update
The Corporate Insolvency & Governance Act 2020 was announced on 23rd April 2020, and introduced by the UK Government on the 25th June 2020, having received Royal Assent. The Act was introduced for a number of reasons, companies could get longer periods of time granted by Companies House to file their Accounts, Confirmation Statements &…
How Does International Debt Collection Work?
If your business deals regularly with clients overseas, it can be a very daunting task to recover your invoice or invoices if they don’t pay you. Every country in the World has different rules, regulations, laws and litigation procedures. International Debt Recoveries can be a complete minefield for a business to attempt to collect themselves….
Greek Tragedy Turned Into Dramatic Financial Triumph
This is a case study illustrating how a Greek translation company recovered a large debt from UK translation company. Our Greece-based client was owed £109,000 (€125,000) from a UK translation company. The invoices raised were between 1 – 6 months old. Our client had no idea how to pursue the debt. They had consulted with their…
