Chasing late payments really affects businesses, causing owners and managers to spend valuable time away from business chasing the right person or negotiating payment dates. New research from Bibby Financial Services suggests that this is costing small businesses an estimated 286 million man-hours and nearly £3.6 billion per year!

The survey shows that despite knowing the risks of bad debt, over 45% of companies are still failing to put measures in place to deal with the eventuality of an unpaid invoice or unexpected debt arise.

Companies that have a procedure in place to deal with the event of bad debt, nearly 35% rely solely on threats of legal action to retrieve their payments. Of those that remain, 27% look to their overdraft and 15% plan to use personal equity to cover the shortfall. This means that should a debt problem occur, cash flow would be instantly affected putting unwanted pressure on the business.

At Thornbury we have a vast amount of experience with helping businesses across a broad range of industries overcome debt problems by negotiating and communicating with both parties until a solution is agreed upon.
We operate under a no-win-no-fee guarantee, and we do all the legwork, so business owners can get back to what you do best.

Far too many owners and managers are taking the risk in the hope that having to deal with late payments and bad debtors will not occur. Unfortunately, in our experience, chasing debt is not a case of ‘if’, but ‘when’, and it could happen at any time, no matter how good the relations between you and your clients may be.

However, our collection methods and mediation processes are continuing to show progress.  Having already seen steady growth year-on-year since our founding in 2002, last years’ turnover was short of £1m. This is largely due to our single, golden rule; ‘We don’t take sides!” Our unique approach has always been in our mediatory position, which is absolutely vital in seeking an amicable resolve. The issues between businesses are rarely just financially-orientated; there is nearly always a communication issue masking the real reason behind withheld payments.

We operate on a ‘No-win, no-fee’ system and we strongly believe in the avoidance of court action if possible. Generally only three out of ten SUCCESSFUL claimants actually get ALL of their monies back through court action. But we have an excellent record of resolving cases on an amicable basis when there has been no other option but to go to court. On these rare occasions, our clients can be sure that pre-action protocols have been applied.

Our regular client base includes the likes of two banks, two finance houses, accountants, solicitors and a myriad of SME’s and Sole Traders. They are all valued clients who place their reputations in our hands. Our reputation is our most valuable asset – so we will never put it at risk!

In times of financial hardship, some businesses are hit harder than others. Slow, late or non-payment can devastate an otherwise healthy trading status: gyms, fitness centres and veterinary surgeries can be particularly hard-hit.

At Thornbury Collections we are as far from the stereotypical ‘debt collector’ as you can get! We promise to maintain our neutral approach, whatever the circumstance in order to successfully regain monies for our clients and strengthen business relationships.

Persistence is an absolute must for someone who is making debt collection calls and attempting to make debt collection calls can be both time consuming and at times detrimental to receiving the payment. It can be extremely difficult to reach the debtor; often phone messages go ignored and letters are thrown away. To combat this, collectors need to be creative when trying to get past the employees who are trying to prevent them from speaking directly with the responsible person, however this can be extremely difficult without the proper training.

At Thornbury we have a fantastic track record with helping reconnect communication between two companies and get the payments on track when all hope had been lost.

Everyone knows that debtors can be full of excuses and know every stall tactic in the book. We are well aware of these schemes and have the ability to react quickly and refute the debtor’s excuses whilst maintaining a high level of professionalism.

In our experience, organization yields better results for debt collections. This means being well organized and maintaining good documentation.
We gather all the information you have kept about the history of the account including details of the account, current balance, aging and any prior communications with the debtor. With that information ready, we are able to answer any questions the debtor may have regarding their account and push towards a negotiation.

We operate through a method of no-win, no-fee and we believe strongly in avoiding going to court to resolve disputes. But, should it come to it, we have an excellent record of recovery in cases when there is no other option but to go to court. If you are having debt problems with a client, get in touch today and find out how we can help put your mind at ease.