19 May, 2011
Lancashire businesses are becoming savvy when it comes to late payments according to Forbes Solicitors Debt Collect team who have seen a sharp increase in new instructions over the last year.
The Debt Collect Team at Forbes has seen a 35% increase in new instructions from those looking to collect bad debts and claim money which is rightfully theirs.
Alison Nelson, who heads up the Forbes' Debt Collect service comments, "Many of the new instructions have been from businesses who have felt the impact that a few late payments can have on their cash flow. I am pleased to see that businesses are realising that acting early is the best way to minimise the potential impact of late payments on their business."
There are measures that can be taken to minimise debt problems such as ensuring the correct credit control procedures are in place and taking action as soon as any payment terms are exceeded. However, should problems still be encountered, a simple letter from a Solicitor can often prompt payment and does not always have to sour the business relationship.