Support Packages

Basically we have 4 grades of support which we can offer to businesses from £0 to £2 million turnover :

1. Bronze Support-
You get-Unlimited company reports each month if you want to analyse the risk of Trading with certain customers.
Advice and support 5 days per week regarding any Credit Control,Debt Collection or Risk related matter and access to our resources to use such as letters,Specific for your needs, Credit Application forms designed for your business and other useful Materials.
Cost for this Service is £60 per month(Reduction to £50 per month if sign up for 12 months)

2.Silver Support-
All of the above and 1 Collection for you each month which basically means we will work on recovering a difficult debt for you of your choice each month, regardless of the value and complexity.Court Fees will be additional to this service if required.
Cost for this Service is £180 per Month(Reduction to £150 per month if sign up for 12 months)

3.Gold Support-
All stated under Bronze support and up to 3 Collections per month of your choice, regardless of size and complexity.
Cost for this service is £360 per month(Reduction to £300 per month if signing up for 12 months)

4. Platinum Support-
All stated under Bronze Support but with up to 10 collections per month of your choice, regardless of size and complexity.
Cost for this service is £600 per month(Reduction to £500 per month if signing up for 12 months)

Accountants Special Package-also available to those with turnover above £2 million but below £5 million.

We have designed a package specifically for Accountants to use for their clients.
Basically you get unlimited collections for your clients* and unlimited reports for £1200 per month.
(£1000 per month for signing up for 12 months)
This can really add value to your relationship with your clients as you can add this to the services you offer them.

If none of these are right for you at this time then we thank you for reading our communication and wish you good luck for the future.

The basic Scenario for this case was an £10k debt was being pursued where no written contract existed but a course of dealings and historical trading pattern did.
The original Debt Collection Agency involved was about to settle for £4k as they had felt themselves lucky to have received an offer at all after 40 days of negotiations with the solicitor of the other party.
They sensed an opportunity to bill their client although they had felt out of their depth throughout negotiations but clearly were not representing their clients best interests.
Credebt got involved, analysed the dealings between the parties and found that there was clearly all of the elements of an implied contract in place and and that to settle for this figure would not be serving the client correctly.
Therefore after 13 days of negotiating a payment of £7800 was paid to our client which made them very happy.
On top of this the first DCA wanted to charge them 15% of the £4k they were going to collect which with the vat would be £720 leaving a net recovery of £3280.
With us we charged 10% plus vat making out charge £936 and the net recovery £6864, a net difference in our clients bank account of £3584 or more than double the original DCA’s poor attempts at recovery.
It is essential when choosing a Debt Collection Agency that you choose someone who knows the law,holds qualifications in what they do and is licensed to collect debts on your behalf.
Unfortunately not all Debt Collection Agencies fit this description but luckily for this client, they realised in time.
Hopefully by reading this you will realise in time too!

1. Send out some letters and hope the money will just come in?

2. Leave the Debtor Book until all the more technical work has been carried out and all other assets looked at because you are just too busy?

3. Outsource this critical service to Solicitors, hoping for reciprocal work that never materialises?

If any of these leave you frustrated, concerned or even let down then you do have options!

Our main priorities when working for our growing client base are:

1. Make sure you get your fees.

2. Make sure that the majority of the debt is colleted within the first 45 days after appointment.

3. Make sure that when opportunities are identified on the ledgers being worked on,that they are passed back quickly to our instructor.

For the won’t payers we go in efficiently and effectively and make sure they pay.

For the Can’t payers we ask why?And what can you do to help them?

Because of this it enhances your relationship with the others involved in the Insolvency, be it the Bank that instructed you,The other Creditors,The ABL’s involved or anyone else as they get their money faster, and so do you.

Our proven process works for Collections from day one, or for up to 6 years after.

If you would like to test us then we like to be challenged so we invite you to give us your worst and oldest cases.(The back end stuff)

Examples of these can be:

The Ones where others have tried and failed.

The Ones where you would like to close the file and can’t yet.

The ones where you haven’t got your fee out of it yet and can’t unless the debtor book is realised.

The ones where the factorer has handed you back a mess.

All collections are on a no win no fee basis.

YOU REALLY HAVE NOTHING TO LOSE BUT LETTING US TRY FOR YOU, DO YOU?

Obviously we are also happy to receive front end instructions as well but that’s once we’ve proved ourselves to you, under most circumstances.

You will know you are in safe hands as we already work for several of the top 20 firms in the UK as well as several specialist insolvency firms and we are happy to provide references to anyone who wants them as well as case studies that demonstrate our ability in solving numbers 1-3 above!

Thanks for reading, now dig out those old cases at let us do the rest.

Look forward to speaking to you soon.

Our debt collection services tackle the two main challenges that businesses are confronted with on a daily basis. The problem of late repayments and outstanding invoices can cause numerous difficulties for businesses, not least by effecting cash flow.

Our debt recovery process is implemented via the following steps;

•    Trace and chase
•    County Court Claims
•    Judgment and enforcement
•    Payment

Our steps are tried and tested, and as a regulated and licensed debt collector we can guarantee an efficient and smooth process. Outsourcing a debt collection service can be highly successful for business. Firstly, outsourcing debt recovery from a professional debt company like us guarantees that your debtor days Bristol are significantly reduced. If they are not, then we will refund you the cost of your policy.

Our debt collection Bristol manages your finances effectively by ensuring a swift and prompt repayment strategy which works to improve your cash flow. With our expert guidance and experience, we can dramatically improve your financial situation – which during our current economic climate is vital.

If you are in need of our debt recovery Bristol service, then contact Credebt today. We can offer a professional and efficient service that holds numerous advantages for your company. If you would like additional information regarding our services then please do not hesitate to contact us. Please phone us on 0800 0563028 today.

Over time, the level of overdue debt within the business had grown, resulting in pressure being placed on cash-flow and days sales outstanding reaching unsustainable levels.

The previous debt collection agency appointed to help resolve these issues had proved ineffective.  Due to a heavy-handed approach with the clients, this resulted in deterring rather than encouraging swift and timely payments of overdue debts.

The outcome, a continued cycle of bad debt coupled with a group of discontented clients.

The brief and challenge to Credebt

• To reduce the overdue debt and reduce the days sales outstanding to an acceptable level

• To regain the trust of the clients by helping them meet their invoice payments in a fair and timely manner, both to the client and the business

The Solution

The strategy was two-pronged;

• To go about resolving the issues with the outstanding debt – With many years debt collection experience we went about collecting and reducing the outstanding debts, thus improving short-term cash-flow and providing an injection of cash into the business.

• To improve the process of the chasing and collection of monies owed, thus reducing the amount of ongoing overdue debts and improving the days sales outstanding – By implementing a set of bespoke Credit Policies and Procedures we were able to enhance the process of how any overdue payments were chased and collected.

These policies and procedures supported both the client and the business; correspondence and communications with the clients were designed to be firm yet fair, taking the clients through a steady process and giving them every possible chance of meeting their payments in a timely manner.

The result, clients felt they were being treated in a just and professional manner, resulting in swifter payment of invoices and ultimately, a reduction of 15 days in days sales outstanding.

Client Testimonial

“Glen has recently set up a complete credit control system for us and within two months of starting the process we have reduced our average debt time by 15 days – I am confident that this figure will reduce even more as we continue to use the processes.”

Philip Dadd

Owner/Managing Director
Standfast Security

Two of the main challenges that businesses face today are late payments of outstanding invoices and bad debt. Both can lead to cash-flow difficulties which could have a severe impact on any business, regardless of size.

Here we share 7 steps to effectively reduce your debtor days and taking back control of your cash-flow

Only give credit terms to credit worthy customers

In times when winning new business is a challenge, we can often be quick to take the order or piece of business.  However, no business is good business if you’re not going to get paid, make sure you’ve thoroughly checked their credit worthiness before offering them terms.

If they don’t meet your pre-determined criteria, insist on pre-payment and perhaps offer to switch to a credit account after a period of time once you’ve established a relationship and you feel more comfortable that they’ll be able to meet the ongoing payments.

Implement a strong set of payment terms and stick to them

At the time of order or agreement to do business, make sure you have made your payments terms clear and they have been formally accepted by the client, don’t rely on or accept verbal confirmation.

We have all been there, you worked hard to win the business and you don’t want anything to potentially jeopardise the sale.  Discussing payment terms and making it explicitly clear as to how and when you need to be paid can sometimes be brushed over, but in the long-run business you have to chase payment for is not good business, it’s time consuming and can drain resource, let alone effect your cash-flow.

Keep on top of overdue invoices

Like any problem, the sooner you address it the sooner it will be resolved; this is especially apt when faced with overdue invoices.  Deal with late paying clients quickly, apply gentle pressure in a manner that is unthreatening and you’ll soon see the pay-off in terms of quicker payments.

Set a process for chasing overdue invoices

As soon as a debt becomes overdue, send a well crafted letter to gently remind the customer that their invoice payment date has passed.  Most late payments are the result of customers simply forgetting or being too wrapped up in the day to day business, a soft nudge may be all that is needed.

Don’t be heavy handed and be considerate to the customers potential situation, if, after a number of attempts to collect the payment you still haven’t received payment, you can then begin with a more direct and possibly demanding approach.

Your customers are more likely to respond and appreciate this course of action than receiving a strongly worded letter demanding payment in the first communication

Keep accurate records and documents

Always put your communications in writing, either by letter of e-mail.  If you are faced with the problem of having to resort to legal action, this will prove invaluable and could be the difference between recouping the debt and walking away with nothing.

Offer early payment discounts or rewards

Give your clients an incentive to pay quickly, even better, offer a discount for pre-payment of invoices.  Some clients would welcome the chance to pre-pay so give them the option, not only will this have an immediate impact on your cash-flow but some clients may

Consider outsourcing your Credit Control

If you consistently spend all your time and resource chasing debts, consider the benefits of outsourcing this key function.  A good outsourced credit control company will not only improve your debtor days outstanding, but they have the experience and resource to continually stay on top of things, allowing you the time to focus on the core business function.

The potential savings on staff and associated costs, coupled with an improvement in cash-flow and reduction of bad debt, could significantly improve the overall position of the business, allowing you to commit energies and efforts to growing the business, not just running the business.

Let me explain.
Basically for all of our potential outsourced Credit Control Clients we visit them, Agree to act for them, and then take a cheque for payment of the first month.
This cheque sits in my office for the first month.
I then go back and visit the client at the end of that first month, with the cheque,and if they can tell me straightfor whatever reason, that they weren’t 100% happy with the service, then i will happily rip the cheque up, shake their hand and part company with them.
We’ve now gone through this exercise with over 20 customers so far this year and i’m extremely proud that there has not been a single check ripping ceremony yet!
And long may it continue.
Let me know if you fancy putting us to the test!

Listed below, some possible measures which might be adopted in order to alleviate cash flow problems.

1.Sales Related:
◦Increase sales (particularly those involving cash payments)
◦Increase prices especially to slow payers
◦Review the payment performances of customers with sales force
◦Become more selective when granting credit
◦Seek deposits or multiple stage payments
◦Reduce the amount/time of credit given to customers
2.Costs & Systems:
◦Reduce direct and indirect costs and overhead expenses
◦Use the Pareto 80/20 rule to manage inventories, receivables and payables
◦Improve systems for billing and collection
3.Credit Management:
◦Bill as soon as work has been done or order fulfilled
◦Generate regular reports on receivable ratios and aging
◦Establish and adhere to sound credit practices – train staff
◦Use more pro-active collection techniques
◦Add late payment charges or fees where possible
4.Purchasing:
◦Improve systems for paying suppliers
◦Increase the credit taken from suppliers
◦Negotiate extended credit from suppliers
◦Use barter to acquire goods and services
◦Make prompt payments only when worthwhile discounts apply
5.Inventory:
◦Reduce inventory (stock) levels and improve control over WIP
◦Sell off or return obsolete/excess inventory
6.Investment:
◦Defer or re-stage all capital expenditure
◦Sell off surplus assets or make them productive
◦Enter into sale and lease-back arrangements for productive assets
◦Use leasing etc. to gain access to the use of productive assets
◦Defer projects which cannot achieve acceptable cash paybacks
7.Financing:
◦Use factoring or invoice discounting to accelerate receipts from sales
◦Re-negotiate bank facilities to reduce charges
◦Seek to extend debt repayment periods
◦Net off or consolidate bank balances
◦Defer dividend payments
◦Raise additional equity
◦Convert debt into equity
◦Make medium and short-term cash flow forecasts – update regularly

With 1 month until  Tax Year End, it’s highly likely that we can recover 50% of your overdue debt and write more profit back to your bottom line.

With the 5th April deadline looming, could you benefit from some support in this area?

What would a 50% reduction in your overdue debts mean to you?

What have you got to lose?

All this will be carried out on a no win no fee basis!

Call or e-mail us today to discuss your options;

0800 056 3028 or glen@credebt.co.uk