With businesses at the front line of the recession suffering an overwhelming scale of bad debt, Stephensons Solicitors LLP is offering to help redress the debt balance.
Recent findings from a Venture Finance survey of 1,000 accountants, which was carried out to gauge the extent of the problem among their clients, suggest that almost three quarters had seen an increase in clients suffering with bad debts this year. Over half also reported that clients had been refused credit from traditional lenders such as banks.
Stephensons, one of the
Jonathan Chadwick, said: “We have seen first hand that the bite of the recession has hardened attitudes to debt recovery and many businesses are taking the legal route to effectively recoup money owed to them. It is now more commonly accepted that debtors who fail to pay will face court action.
“The Venture Finance survey also highlighted that a third of clients of those asked are waiting 14 extra days to get paid, over and above the typical 30-day period, while a quarter said they were waiting 60 days. In my experience, it can be even longer, sometimes more than 100 days!
“Yet it’s those who shout the loudest who tend to be heard. I would urge all businesses that are faced with bad debts to take action now, rather than waiting months. This will help to keep their cash flow as healthy as it can be during these recessionary times.”
Those who instruct Stephensons to reclaim five or more debts will receive the first stage of the process – sending a Letter Before Action – for only £5 per letter, plus VAT. This offer is limited until the end of September 2009.
Jonathan added: “This offer will enable proactive businesses to take a firm hold of their debts before it’s too late.”
To take advantage of the discount call Sam Ward on 01942 774155 or alternatively, email your name, address, contact details and quote the reference: DEBT DISCOUNT to debt@stephensons.co.uk to register and guarantee the discount. For more information on the service, and to use Stephensons’ innovative Debt Recovery Calculator, visit www.stephensons.co.uk/debtrecovery.