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New Legislation to solve late payment problems
The Government is trying to give some much needed help to businesses who have been pushed to the brink by delayed payments owed by much larger companies. The larger companies are paying invoices to their own time scale and this is causing cash flow problems for their smaller suppliers.
It appears that it is commonplace for larger organisations to pay weeks, sometimes months beyond the agreed date.
Vince Cable, Business Secretary, is looking at new legislation which will make larger organisations publish information about their payment records. The idea is that this will lift barriers and give transparency and so help the smaller business to make decisions before they decide to trade.
The new rules are expected to be in force by March of next year.
Is this is likely to make a difference to the uphill battle faced by these smaller businesses? Time will tell.
In the meantime, if you are experiencing problems with late payment, give Angela or Phil a call on 0161 836 9970 - we can help.
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I am a clinical psychologist and medical expert witness. I have been in private practice for 20 years and although I have strict terms of business, on occasion I experience great difficulty receiving payment from referring agents. As a sole practitioner this requires me to spend a great deal of time chasing payment and obviously has an adverse effect on my cash flow. Recently a firm of personal injury lawyers refused to pay my fees as their client absconded, despite the fact that the firm had agreed in writing that they would be responsible for my fees and not their client. Green Door were extremely helpful and managed to extract my fees from the lawyers within 2 weeks. They were professional, supportive and kept me informed at all times. It made a huge difference having someone on my side and I have since learnt that many medical experts faced with this situation, admit defeat and waive their fee as they can’t face the battle alone. I highly recommend this service.
We have been using Green Door debt recovery solicitors for the last 2 years to help with our debt recovery and we find them to be a very organised and professional company. Angela and the team are always happy to help, they have a good success rate and the No Win No Fee policy is great.
In mid 2010 I sold my small café business to Mr A and Mr B. We agreed to take payment in instalments over a period of time. At first, the instalments were received on time but at the end of February 2012 an instalment was missed. The contract stipulated that any monies outstanding after 10 working days rendered the entire balance, in this case just over £23,000, was due immediately. I made contact with Angela Shaw on 21st March 2012 and she explained very simply the debt collection process. Feeling confident that Angela understood the situation, and that Green Door were going to fight tooth and nail for me, I decided to ask them to act on my behalf. Although both Mr A and Mr B were legally in debt to me, morally it was very much Mr A that owed the money. I would of course have taken the money from Mr B but I really wanted it to come from Mr A, as the debt was morally his. During the process I was kept informed of progress until I got “the call” on 20th April 2012. The entire sum – £23,160 recovered from the right one… Mr A, in just under 1 month!
What a result!
I have been really pleased with your service. You have managed to recover debt that I thought wasn’t possible, your charges were fair and explained upfront and you did exactly as you said by keeping touch and letting me know if there was a chance to recover the debt or whether it was a waste of time. It has also made me review our own credit control procedures, hopefully we won’t have any further problems but if we do I’ll definitely be in touch.