Business Debt Recovery In Norwich

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Business Debt Recovery In Norwich

It is no secret that businesses of all sizes will experience the late or non-payment of invoices at least once.

Whilst it is common for this to happen in everyday business life, a solution is needed to prevent this issue.

Business owners will have experienced every excuse under the sun as to why invoices have not been paid.

Some of the most common reasons why clients refuse to pay includes:

  • Genuinely forgetting to pay an invoice on the payment due date.
  • Financial issues that have pushed your payment to the back of the queue.
  • Invoice payment disputes due to an error, such as wrong information.

Most businesses will have a credit control team that is dedicated to chasing any late payments.

Delinquent clients may simply refuse to pay for goods and services that have been provided.

This is extremely unfair on any business owner that relies on a steady cash flow to survive.

If you are a limited company that is owed money from a client, you need to take action as soon as possible.

Having a business to business debt recovery protocol can help to prevent the number of invoices from going unpaid.

business debt recovery

What Is A Business To Business Debt Recovery Protocol?

A business to business debt recovery protocol is a professional approach before debt recovery services are needed.

Small businesses may default to a letter of claims or legal action if they have unpaid invoices, which can end up costing a lot of money. No one should have to resort to a pre-action protocol for debt claims.

Being proactive in the business debt recovery process will make recovering a debt from an individual or company easier.

1. Send A Reminder Letter To The Client

If a client owes an amount of money, the first thing to do is to send a reminder letter to them.

The letter must be polite and professional in tone, clearly outlining that payment is due.

It can be easy to let emotions get the better of you in situations like this but it is essential to stay calm.

Prior to sending the letter out, you must ensure you address this to the person that is going to pay you.

Communication may be difficult or delayed if this ends up being sent to the wrong person.

2. Prepare And Send A Statement Of The Client’s Accounts

If the debtor has ignored the original reminder letter that you have sent, you need to follow this up with a statement of accounts.

A statement of the client’s accounts can be sent via email and this should detail the outstanding balance that is owed.

Communicating through both post and email will create a multichannel approach, which should hopefully produce a payment.

Letters can easily become misplaced, so it is important not to get upset or angry at the debtor if they have not replied.

Business Debt Recovery In Norwich

Our recommended team of Debt Collection Experts are happy to help with your enquiries.

3. Communicate With The Debtor Through Phone Calls

If the above methods have not produced a payment, or the debtor is ignoring you, it is time to make a phone call.

It is a lot easier to ignore a letter than it is a phone call and this may allow you to have a proper conversation with your client.

Having a proper conversation will help you to better understand why the debtor has not paid your business.

For example, if the debtor is having financial issues you may be able to propose a resolution such as a payment plan.

It is important to remember to stay as polite as possible when you are speaking to the debtor.

4. Use An Expert Agency For Business Debt Recovery UK

If you have tried to communicate with your client in multiple ways and no payment has been made, you will need to use a debt collection service.

At Debt Collection Norwich, we provide the easiest way for our clients to find the right agency for them.

We have put together a list of the most effective and affordable local debt collection agencies.

Our partners deliver a service that offers peace of mind whilst ensuring not to jeopardise existing relationships.

No one should have to feel stressed when choosing a business debt recovery service, which is where we come in.

Our recommended commercial debt recovery agency is Federal Management.

Since 2004, they have recovered millions of pounds worth of business debts yearly for their clients.

Alternatively, if owed money by a private business, we recommend Frontline Collections.

They are the UK’s leading private debt collection agency and have operated since 2005.

Both agencies produce an industry-leading success rate of up to 90% on all undisputed debts.

Business Debt Recovery In Norwich

Our recommended team of Debt Collection Experts are happy to help with your enquiries.

Business Debt Collection Agency Norwich – Frequently Asked Questions

Who Are Debt Collection Norwich And What Do They Do?

We began in 2006 as part of the UK Debt Collection Bureau. We act as a referral agency for Norwich’s best commercial and private debt collectors.

How Much Does Your Referral Services Cost?

Our service is free and takes the hassle out of you having to approach numerous debt collection agencies.

Do You Vet The Companies That You Recommend?

Yes, to become a member of our Debt Collection panel, each firm is subject to various security checks.

Why Should I Use A Debt Recovery Agency To Recover Debts?

You’ll see much more success by hiring a Debt Collection Agency that has expertise in such matters.

Should I Choose A Debt Recovery Company Or A Solicitor?

Solicitors are process-driven whereas our partner Debt Collection firms are results-driven and proactive.

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