unpaid invoices, chasing debtors

Sage Pay recently announced that the UK’s small businesses are owed more than £55 billion through overdue invoices and unrecovered payments. Unpaid invoices are one of the biggest issues for small businesses and freelancers who are often in the unfortunate position of not having the knowledge and expertise, or the spare cash, to chase debtors.

Unfortunately there are hundreds of factors that affect someone’s ability to chase an unpaid invoice, with ‘lost debtors’ being up there as one of the most significant. Some freelancers and small businesses might forget to collect important data from new clients, such as a contact phone number and address, whilst others might have incorrect or out of date information on file.

What can you do about unpaid invoices?
If someone hasn’t paid an invoice by the due date, you should first send out a reminder. Ideally, this will be by email. In most cases, you can safely assume that an invoice has been overlooked and that it’s an accident on behalf of your client/customer.
After this, consider phone or written and recorded contact and, if all else fails, you can chase the debt through small claims court or with the help of a debt collection company.
If you don’t have the correct contact details for your debtor then it’s vitally important that you keep costs (and the time spent chasing invoices) to an absolute minimum by getting your information up to date.

Consider debtor tracing services to find the correct business name, address and contact telephone number of your client, so that you can chase the debt yourself or pass accurate details onto someone that is chasing it on your behalf.

Why choose EJM Investigations for Debtor Tracing?
We’re able to find the correct contact details for your client or customer. More importantly, we do so whilst keeping in close contact with you so that the cost of the investigation does not go above what you’re willing to pay for the debt to be chased. You’ll see no benefit if you spend £500 chasing a debt that is only worth £100, which is why we make sure that our methods are suitable and cost-effective.

Our Manchester private detectives can also trace the assets of your debtor, to find out whether legal action is a viable option.

To find out more, call 01772 334700.