Monday, 05 December 2011 15:09
The Christmas period is often a ‘make or break’ time; those who are owed money should not delay in taking steps to recoup this.
Effective cashflow management and liquidity is essential for survival in these harsh economic times. The Christmas period is often a ‘make or break’ time for SMEs, so those who are owed money should not delay in taking steps to recoup outstanding monies. Recovering what is owed to you has never been more important.
Therefor debt collection agency Daniels Silverman is urging SMEs to revisit old, uncollected debts. Carole Hughes, managing director, says those with debts they have written off should consider getting a second opinion before giving up in cases where the debtor has disappeared and cannot be traced, or claims not have the ability to pay.
"Using a carefully chosen second debt collection agency - one who undertakes full investigations into debtors’ whereabouts, liability for the debt and ability to pay - to ‘champion challenge’ the results of your current agency or solicitor, can result in worthwhile levels of collections.
"Many SMEs are not aware that they have six years (five in Scotland) from the date the debt became payable or the last date the debtor acknowledged liability for it in which to collect debts. It is still worth continuing to chase money after this period as successful collections can still be made. If you hold a County Court Judgment you can apply to the Court for leave to enforce it even after 6 years has passed, extending the collection period even further."
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