Financial & Legal News

Millions in Debt Collected For North West Businesses by One Firm of Oldham Solicitors

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DESPITE recent news that North West businesses are the slowest to pay their bills, Pearson Hinchliffe Solicitors Debt Recovery team has already helped local businesses recover £10 million in unpaid bills.

The firm set up an online Debt Recovery Service earlier this year as an easy to use low-cost option for companies and has continued to help North West businesses with their cash flow and slow payers.

On average the region’s firms are paying suppliers nearly 37 days late, according to a recent report by Experian information services company and more than a week longer than anywhere else in the country.  This can have a drastic effect on a small firm.

Chris Burke, who heads Pearson Hinchliffe Commercial Law Litigation and Debt Recovery team said:

“Late payment can seriously affect small businesses and sole traders, it causes cash flow problems which can cripple a company’s finance and seriously affect its trading.

“Once we receive instructions online we can contact clients within one working day and advise on the best way to progress the matter,” he added.

“Small businesses won’t be surprised by these new findings, especially those who trade with large enterprises, which continue to be the slowest payers.”

The success of the new online service is its straightforward debt collection packages and transparent cost structure which starts at just £25 plus vat.  Clients can use a cost calculator to work out how much they will recover, including interest and late payment fees and instruct proceedings via the website.

“Our debt recovery can be a stress free way to outsource the worry of debt matters, from the issuing of the all important ‘letter before action’ right through to court proceedings if necessary,”  said Chris.

Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.

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