Ward Hadaway issues collect call for businesses | 27 September 10

BUSINESSES are being urged to make sure they collect what is owed to them – or face the consequences.

Debt recovery experts at law firm Ward Hadaway say that maintaining a robust approach to getting back late payments is crucial to companies’ cashflow.

With recent surveys indicating that up to 75% of businesses in the North-East are suffering from late payment, the firm says that companies cannot afford to take a relaxed attitude to collecting money they are owed.

Ward Hadaway is now offering a helping hand to businesses and public sector organisations on how to go about recovering debts with a free seminar this week.

The event on Thursday 30 September will outline the different ways businesses can get their money back – without breaking the bank.

Pauline Appleyard, associate and head of the debt recovery team at Ward Hadaway, said: “There is no doubt that businesses are going through tough times at the moment and some may be finding it hard to meet their outgoings.

“However, that does not mean that companies can simply afford to accept excuses for late or non-payment from their customers.

“This is money which is owed to them and without that cash coming into the business, companies who are owed money will themselves find it harder to make ends meet and, in the worst case scenario, could be forced into closure.”

Ward Hadaway’s seminar on Thursday will outline not just how debt collection can be used to bring in money owed to businesses, but the different methods at a company’s disposal.

Pauline explained: “Businesses really need a debt collection strategy - it is about taking the appropriate action for each debt and not assuming that the same action will work for all debtors.

“There is a plethora of debt recovery solutions on the market and businesses need to look carefully at what is being offered.

“The cheapest approach is not always the most effective and can ultimately end up costing more with little or no results.

“However, debt collection does not need to cost the earth – in fact it can be the saviour of a company.”

Pauline has had more than 20 years’ experience in recovering debts for commercial customers and says matching the approach to the debtor is one of the key factors in deciding whether debt recovery is successful.

She explained: “As debts become harder to collect in a difficult economy, using the right methods for debt recovery becomes even more important.

“It is vital that anyone you instruct on debt collection is also able to deal with any disputes that arise rather than continue regardless, without dealing with the issues.”

The debt collection seminar takes place at Ward Hadaway’s offices on Newcastle’s Quayside from 8.30am on Thursday 30 September.

For further details and to book your place, please click here.

* Find out more about our Debt Recovery services.