This situation is serious in itself, but it is surely not helped by the fact that the banks are unwilling to offer financial support to companies, so any small organisation is facing a double whammy on the finance front of accounts not being paid and overdraft facilities being declined. The first move for such a small organisation would be to make contact with the large organisation and be informed what is going on. If they get a neutral to negative response then it might well be that the customer, perhaps a large organisation in this case, is being cautious about their own financial position. In these situations the minds of the small organisation might turn to Debt Collection directions to try and force the issue. If such a small organisation is facing a definite problem with sales then they might not be able to afford the fees charged by solicitors or Debt Collection agencies, which are generally in the range of 10% of the invoice value plus expenses. Contrast this with
Tags: debt, debt advice, debt collection, Finance, finances