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August 2016

Debt Collection News Roundup – August, 2016

Here at Access Credit Management we pride ourselves on keeping up to date with what’s going on the international debt collection industry. We aim to bring our readers interesting and relevant news about the sector so once a month we publish a News Roundup. This should keep you up to speed with all the important happenings in the industry and provide you with a valuable resource that that you can use to stay fully informed of all the latest news. It would be interesting to know what you, the readers, think of the stories that feature here.

Commercial Debt Collection Defined

We’re a nation of business owners here in the UK with 99% of our businesses being SMEs, small companies with just a few employees and sole traders.  We’ve already stressed just how important it is for SMEs to maintain a steady cash flow as companies of this size are much more at risk of folding as a result of cash flow problems than their larger counterparts, most of which will have sufficient capital available to weather a few late payments.  Late payments are pretty much an unavoidable fact of life when it comes to running a business.

The Debt Collection Process Explained

When it comes to the debt collection process, it can be divided into three main stages:

1. Late payment demand or letter before action

2. Court action

3. Judgement and Enforcement

Today we’re going to take a look at the debt collection process in more detail so that our readers can make an informed decision with all the information they need if they have to engage the services of a debt collection agency.

Late Payment Demand or Letter Before Action

Advice on Disabled Employees for SMEs

Following the shock (for some) Brexit vote economists are warning that many businesses are likely to fold in the coming months as they struggle to make sense of the economic uncertainty we face and are likely to be stuck with for quite some time to come.  With SMEs comprising a whopping 99% of British businesses, these smaller companies are likely to bear the brunt of the financial chaos.  We’ve already pointed out just how important a steady cash flow can be, particularly for these smaller companies that operate on a low budget.

How to Rock a Conference or Other Industry Event

Not long ago we brought you news of an industry event that you really shouldn’t miss, the Collections, Debt Sale and Purchase Conference 2016 which will be held at the Midland Hotel in Manchester on 24th November, 2016.  We’ve already talked about industry events of this type and why it’s so important to attend so today we’re going to give you some tips on how to make the most of it when you attend a conference or other industry event.

Debt Buyers – The Lowdown

Today we’re going to take a look at the practice of debt buying – a debt buyer is a company (sometimes a debt collection agency or private debt collection law firm) that buys delinquent or charged off debts from a creditor for a fraction of the face value of the debt. The debt buyer can then choose whether to collect the debt itself, use the services of another collection agency to recover the debt, repackage and resell portions of the portfolio or any combination of the previous options.

Fast Finance for SMEs

Most business owners and company directors have at some time or another kept the company afloat using personal cash whether this is a credit card or a personal loan.  Under ideal circumstances you wouldn’t do this but there are times when it seems unavoidable, especially during the current economic climate with so much financial uncertainty due to the Brexit vote.  Here in the UK, we have one of the largest percentages of small businesses, with 99% of British businesses being classed as SMEs which are particularly vulnerable to cash flow problems in times of economic uncertainty.

Debt Collection News Roundup – July, 2016

Here at Access Credit Management we like to make sure we bring our readers interesting and relevant news about our industry so once a month we’ll be publishing a News Roundup. This should keep you up to speed with all the important goings on within the sector so that you have a resource that keeps you fully informed of all the latest news. It would be interesting to know what you, the readers, think of the stories that feature here. Please join in by adding your comments below the regular news roundup postings or email us if you come across anything that you think we should include.