Our new Debt Recovery tool helps you get your money back
Unpaid invoices are a frustration which almost every business owner can relate to at one point or another. Chasing outstanding payments takes time that could be better spent growing a business, waiting on money owed slows down growth and holds up finance that could be invested back into a firm, and late payments mean added pressure on cashflow, outgoings and salaries. Never mind the fact that bad debts can quickly make even the best working relationship sour.
How big is the issue of unpaid debts?
According to the latest UK Government report, unpaid debts has a huge impact to UK businesses and the overall economy as a result:
- Over three quarters of all companies (76%) have been forced to wait at least a month longer than their agreed payment terms
- That figure’s even higher for larger businesses (80%)
- The average late payment burden for an SME is more than £31k
- 23% say late payments to them are forcing them to pay things late
- 20 percent of company directors said they’ve taken a cut in their own pay packet on at least one occasion.
That’s why we’ve launched our new Debt Recovery tool, to help you get back the money you’re owed faster, with as little disruption to your business as possible. Working with our trusted debt recovery partner, we can return your money to you in just a few simple steps.
Bad debts are limiting the potential of thousands of UK businesses. Things can, and should, change.
Chloe Webber, OD, Company Check
How Debt Collection works
First, you’ll need to sign up for a Company Check account. It’s free to join and free to use the debt recovery tool to get a no obligation quote. If you’re already a member, great, just visit your dashboard.
The tool lets you search for your debtors using the Company Check database, where you can see their cash at bank, net worth, assets, liabilities and more. Once you find the business you’re looking for, you can get a quote using the instant debt recovery calculator. By entering how much you’re owned and when it was due, the calculator tells you how much it will cost to recover the debt. That extra cost will always be recovered from the debtor wherever possible.
Our debt collection is strictly no win, no fee. In the unlikely event that your money can’t be recovered, you won’t pay a penny. And there’s no limit to how many times you can use it. So put down the rolling pin, stop letting unpaid invoices hold your business back, and give our recovery tool a try.
When will you get your money back?
Each case is different, so it’s impossible to say definitively. Many debts are recovered within a few days, some debts may take longer. However, you should know one way or another whether we’ve been successful within 4-6 weeks.
Got a question?
Visit our help desk to read our full list of FAQs.