BONALLACK & BISHOP - LAWYERS IN SALISBURY - PRESS RELEASE

First Quarter 2006 

Free debt Collection (Finance Essentials Article)

The DTI Estimates that at least 10,000 businesses fail each year as a result of late payment of invoices from their customers. British businesses now wait an average of 61 days for payment and approximately £3 billion of unpaid invoices are subject to debt recovery procedures annually.

Bonallack & Bishop, Solicitors in Salisbury, are now offering businesses the chance to recover their debts without any initial financial risk by writing a free ‘solicitors 7-day letter’. The practice believe that this is a unique service in the region. 

Adrian Symons, Debt Collecting Manager at Bonallack & Bishop recommends the following steps to avoid debt problems:

• Clear terms & conditions of trading which are communicated to clients.

• Take advantage of direct debits and standing orders, which actually assist your customers to manage cash flow.

• Send regular interim bills.

• Ensure you can take payment by credit cards.

• Don’t delay – implement a full procedure – by telephone and by letter.

For further information call Adrian Symons on 01722 422300.