ICSM Credit News: emergency coronavirus debt crisis special bulletin
With the economy falling off a cliff I’m writing to you with the knowledge that many of you will be working from home and will be extremely worried about your business.
The overheads continue while those promises from the Chancellor Rishi Sunak may well not live up to the headline billing they were originally given. Red tape, delays and unhelpful banks mean few firms can utilise the loans available and furloughing staff puts many a CEO in a quandary as there appears no Government exit strategy to the lock down.
With more than 1,000 limited companies going to the wall every week (ref: Insolvency Service) it’s vital to chase down the money that you are owed including invoices however small that date back many months.
Use your time to go through your ledger and urgently draw up a list of overdue accounts.
Use ICSM Credit’s FREE legal letters which have an 87% success rate within 14 days.
Use ICSM Credit’s Debt Collection Department to get the cash that should be in your bank.
According to Business Matters Magazine, added up the average UK SME has a monthly cash flow of £108,000 with £25,000 overdue at any one time. With business for many literally stopping on March 23 when the lock down started it means that most firms and small businesses have tens of thousands of outstanding unpaid invoices.
Anecdotally ICSM Credit have heard cash rich companies claiming the coronavirus crisis means they cannot settle accounts. Don’t take that as an answer as it’s just an excuse. Of course there are genuine hardship cases but those should be tackled diplomatically with a payment plan. In short with the lock down in place, ensuring you get paid is your number one priority – and as a member of ICSM Credit we will help you all the way.
Don’t hesitate to call or email ICSM Credit and make sure those outstanding invoices are paid during this critical period.
ICSM Credit, the Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR
Not a member? Join for less than a tank of diesel and protect yourself form late payers.
For a video on how to send a FREE LEGAL LETTER visit: https://youtu.be/AIycysoFhYo
For more from the journalist Harry Mottram visit www.harrymottram.co.uk