Unpaid Invoices – Don’t Put Off Chasing Your Debtors
15th January 2021
Sadly, it has become more common for companies to experience unpaid invoices as part of their daily business routines.
Invoices are usually paid between 30 days and 60 days after any services have been provided to a client or customer.
It is unfair for a business to not be paid for goods or services as agreed upon in the invoice payment terms.
With each ignored reminder for payment, it becomes harder and harder to approach the debtor to recover the money.
Being unsuccessful in chasing payments may leave you feeling less optimistic about recovering the money that is owed.
There are a handful of options that a business owner may think of when owed money, including sending statutory demands, requesting legal advice, or attempting to recover the debt alone.
Professional debt collectors, such as DCBL, are experts at recovering unpaid fees and restoring the balance of your cash flow.
Sadly, it is a reality that many large and small businesses put off chasing bad debts that are owed to them.
It’s important to remember that taking the right actions can be a positive way of ensuring outstanding invoices are paid.
Continue reading this article to understand why so many businesses fail to chase their clients for money that is owed.
Not Enough Time to Chase the Debt
Once you’ve sent a few emails and letters, you have already used up valuable time and got nowhere closer to being paid.
It is no secret that the time you use to chase up debts should be used to further grow the business, not hold it back.
Commonly, businesses will have a credit control team that is dedicated to chasing up unpaid invoices, but sometimes this is not feasible.
When time is rightly taken up with running your business, it’s difficult to find the time to take effective action against your debtor.
Chasing the Debtor Is Unpleasant or Awkward
This is common where the creditor wishes to maintain a positive relationship with the debtor.
You want to be lenient, but the longer the issue is prolonged, the harder it is to get paid and the more strained the business relationship becomes.
Many people simply dislike asking for money, even when it’s overdue, and are unsure how to approach the problem directly.
Ultimately, it’s better to resolve the issue now than let the issue get in the way of future dealings.
The Debtor Has Disputed the Unpaid Invoices
Even if you have evidence that proves the debt is owed to you, any disagreement from the debtor makes it difficult to chase the debt.
In an ideal world, a company would provide a service to someone and in return would have its invoices paid quickly.
This is even more true for sole traders, that may rely on getting paid on time more than a larger limited company does.
When this happens, you may think that the only way forward is through legal action in the county courts.
It is important to remember that this can be a timely and costly ordeal you are unlikely to want to jump into lightly.
Resolve Unpaid Invoices Debts Quickly with DCBL
One phone call to DCBL and you could be on your way to getting the debt recovered at minimal hassle to yourself.
We offer a no-obligation consultation before we take on any case, so you will get all the information you need to decide whether to proceed.
As well as this, we will also tell you upfront if we think your case is collectable or not. This means that you will know that we aren’t wasting your time or money.
Should you instruct us to recover the debt for you, we’ll take the problem out of your hands and chase the debtor for payment on your behalf.
DCBL’s unique brand awareness through our involvement with the Channel 5 series “Can’t Pay? We’ll Take It Away!” means we have the industry’s highest debtor engagement rate.
As well as this, our expert debt recovery service allows us to deliver outcomes faster than our competitors.