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Are you losing thousands of pounds by failing to use the Late Payment law?

Late payment remains one of the biggest problems for UK businesses. However, late payment law is available to protect businesses from late paying customers.

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How Does the Recent UK Interest Rate Rise Impact Late Payment Law?

On 2nd November 2017, the Bank of England increased the base rate of interest from 0.25% to 0.5%. This is the first time that interest rates have been increased in more than a decade.

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Late Payment Charges - What You Need To Know

When the Late Payment of Commercial Debts (Interest) Act 1998 was introduced it had two clear purposes.

The first was to ensure that creditors were properly compensated for the late payment of any debts, and the second was to avoid late payment being an issue in the first place.

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6 Considerations You Should Make When Filing a Debt Claim

You get to the end of your credit control procedure and you still have some unpaid accounts, so, what are the options?

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The Debt Recovery Problems Faced By Recruitment Agencies

Recruitment agencies can suffer from the actions of those clients who try to avoid paying their invoices on-time or at all. Here are four factors you may experience. 

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Government Announces Mandatory Late Payment Reporting

The Government has published their proposals to require large companies to publish their performance when it comes to late payment. This comes after repeated surveys show that UK business is still dragging it's feet when it comes to paying invoices on time - one recent survey showed that 39% of all invoices issued in the UK are paid outside of terms.

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5 Steps to Increase Your Cash Flow at Christmas

The month of December is the most pivotal month of the year for many companies. With many companies closing their doors between Christmas and New Year's Day, year-end payments are often not processed until mid to late January. 

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Help Protect Yourself From Payment Disputes by Including Payment Terms at the End of All Your Correspondence

Imagine this situation: a sales person has skilfully closed a high-value deal, only to allow the customer to dictate payment terms at the last minute. Oooooops…

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Beware The 'Full And Final Settlement Trap'

Receiving part payment for money owed is a good thing, right? Actually no, it isn't always… That's because you could be waving goodbye to the full amount if you're not on your guard. 

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Don't get bogged down in payment disputes. Get the undisputed amount paid first and then go after the rest…

When it comes to payment disputes it's easy to take things personally. After all, you've kept your side of the bargain and the non-payment can feel like a slap in the face.

At this moment it's important to take a step back and look for the positives.
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Contract ambiguities: Do you know for sure who owes you?

If you go to court to collect money, the burden of proof is on YOU to prove the defendant owes it. That means you need to present a watertight portfolio of evidence in order to get the judgment you want. The best evidence by far is a written contract, but even these can containambiguities about who is liable. Just look at this scenario:

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A Lesson In Debt Recovery For A Former Student

Debt recovery for the education sector is a varied and complicated issue, particularly for the higher education sector including universities and distance learning providers. Overdue payments can range from library or parking fines, to unpaid accommodation or even tuition fees. At a time when education system budgets are under severe pressure, it is of the utmost importance for any institution to stay on top of its cash flow and secure any late payments through a debt collector.

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