Top Tips for Avoiding Bad Debt
Our top ten tips to help you maintain your business's cashflow:
- Make enquiries of your customer's financial position and consider undertaking a credit check.
- Consider taking a deposit for the goods or services you are providing.
- Make sure your terms and conditions are precise and delivered to the customer as soon as possible.
- Always provide quotes and estimates in writing.
- If quotes or estimates need to increase, also record that in writing.
- Keep communicating with your customer to make sure they are happy with your service.
- If there are any issues with your goods or services, try to rectify the problems immediately.
- Make the date for payment clear on your invoices.
- Keep a list of dates when invoices fall due.
- Send your first reminder, in writing, as soon as the time for payment expires.
What if a customer just won't pay?
If a customer simply isn't paying, and you have chased them with no success, you can use our low fixed fee debt recovery service, to support your own credit control procedures. We will send a demand letter on your behalf, and will only charge you a fixed fee of £50 plus VAT.
We understand the difficulties faced by individuals and businesses who are owed money, but don't have the funds to pursue a claim. We are committed to assisting clients with access to justice and if you have a strong claim, we will always consider your funding options. We provide flexible funding arrangements, which include conditional (no win no fee) arrangements, where appropriate.
If you are struggling with bad debts, we can help. Contact us today for a free no obligation discussion about the services we provide.