UK debt collections

FEBRUARY 16, 2024

With a recession comes more late payment of invoices and overdue accounts. A recession produces a fragile economy that has its own jeopardy for the debt collection industry. Many businesses that go bust will also be non-limited companies and self employed.

Collections 79

Collections Collection Agencies Collections Agency Construction 79

UK debt collections

JANUARY 10, 2022

It has been reported that 440,000 Small Businesses in the UK could be forced out of Business by a current late payment crisis. In a recent survey by the FSB, they found that 30% of small Businesses had seen an increase in late payment of invoices over the past few months. The pandemic has made matters worse.

Collections 81

Collections Government Collection Agencies Collections Agency 81

True Accord

JULY 22, 2020

Consumer confidence in the economy matters. All of these actions indicate that a person is reviewing their options—a serious first step toward payment. Payments are scheduled around paydays. Based on TrueAccord data, it’s clear that consumers prefer to make payments on Fridays more than any other day of the week.

Debt collector 74

Debt collector Retail Collection Agencies Collections Agency 74

True Accord

AUGUST 24, 2020

as well as payments. In addition to a higher level of engagement with debt, there was a substantial increase in lump sum payments in late April and early May. We saw many consumers modify their plans to fit their new financial situation in late March and early April. For this reason, flexibility was key during this time.

Collections 73

Collections Collection Agencies Collections Agency Government 73

UK debt collections

JULY 12, 2022

The scourge of late payment is affecting Self Employed workers and Freelancers across the UK according to one source. The average amount owed to self employed freelancers has risen to £5,230 in 2022. Unpaid invoices are crippling the finances of many self employed workers, as much as 1 in 5.

Government 72

Government Collection Agencies Collections Agency Collections 72

UK debt collections

JULY 20, 2022

Almost half of all Small Business owners on the UK are said to be increasing prices to combat rising costs and increasing late payments. Many SMEs are having to employ a number of survival tactics to make it through the next six months. In the face of adversity, confidence levels among SME owners remains high.

Collections 59

Collections 59

UK debt collections

NOVEMBER 23, 2020

Over a million self employed freelancers have gone into debt since the pandemic began due to late payment. This startling revelation was detailed in a report released by the IPSE (The association of independent professionals and the self employed) along with digital bank starling.

Government 66

Government Banks 66