Without a doubt, the coronavirus crisis has had a severe impact on the UK economy, with markets shrinking at their fastest rate for centuries. All predictions point to the COVID-19 pandemic causing one of the sharpest recessions in generations.
With lockdown restrictions causing reduced economic activity in the second quarter of 2020 and recovery being slow in many industries, it’s likely that many businesses will unfortunately have no choice but to close.
Several businesses across the hospitality and retail industry are already going into administration, including major names like Intu, Oasis, Go Outdoors, Victoria’s Secret and TM Lewin.
With many businesses of all sizes on the brink of closing, it is vitally important that businesses across the supply chain are paid invoices owed to them before it is too late, and the debts become unrecoverable.
Getting paid now protects your business
Many businesses and individuals are feeling the pinch because of the economic climate, so some leniency on payment deadlines is fair. However, this can’t go on for long before business overheads are affected.
To put this another way, if a business isn’t being paid for the work it has provided, it ultimately won’t be able to pay its staff, and people’s livelihoods will start to be affected.
In an increasingly likely scenario, invoices for significant amounts of money could even be written off if the company that owes them goes under.
Obviously, this isn’t fair. And when it starts to affect a business’s ability to keep jobs and stay operational, just because other businesses aren’t paying their bills, it’s time to act.
A fast, effective solution to unpaid invoices
DCBL’s debt recovery services have helped countless businesses recoup unpaid invoices, which in some cases had gone ignored and unpaid for years, with all sorts of excuses given.
In many cases our clients had clauses around third part debt collection in their contracts, meaning our action could be paid for entirely by their debtors.
If you are worried that your invoices are not as high a priority to your debtors as they should be, call 0203 298 0201 or enquire online for a free debt recovery consultation. We are a highly professional, ethical debt collection agency, with experience in maintaining client-debtor relationships where needed.