Late payment in business is becoming the norm

A survey into international credit trends shows that late payment is in danger of being a new corporate culture. According to a second annual survey of credit and finance professionals, more than 70 percent of leading international and UK suppliers are being paid late by their customers.  Of those paying late 44.8 percent are paying later than 15 days – an increase of more than seven percent on last year.

The survey also reveals that 68.9 percent of the 218 respondents have had requests to extend payment terms over the last 12 months – compared with 59 percent in last year’s survey.  

The report was undertaken by P&A Receivables Services Plc and the MSc Finance at Sheffield Hallam University Business School

You asked us

"What type of information do you need from us to allow you to begin your enquiries?"

Whilst we do many different types of investigations the core information that we require is typically the same - Full name, d.o.b. and last known address. This basic information allows us to begin work on the majority of the instructions that you send to us e.g. trace, discreet investigations and status reports or means interviews. Dependant on the specifics of the case other types of data that are often needed or of help are:

• Account/payment  history (for means interviews or shortfall counselling)
• Known or rumoured asset details if we are instructed to try and find further assets or report on lifestyle etc
• Copy invoices and correspondence to support our visit when recovering commercial debt
• A description, if known, of the subject can often help when serving legal process - as you know some do try to deny their identity!
• Phone numbers are always advantageous. Even old ones found in files can sometimes lead us to the subject
• A few lines of background information to your case is invariably a help. It provides us with an outline understanding of the issues you are facing and often an understanding of the subject!
• Previous or linked address information if you have it and date of last contact with the subject can assist with our efforts to trace or serve the subject

Of course, each case is different and we are always happy to chat through cases with you and decide what is likely to be the best course of action for you. Please do not hesitate to pick up the phone and give us a call.

Credit Management & Debt Recovery

Are your invoices overdue? Would you like to improve your cash flow? London House can help. Personal visits undertaken to meet with your debtors. Professional, assertive, skilled negotiators. We can advise and assist on underwriting and credit checks for new agreements and applications. Commercial and private work undertaken.