Griffin Law is a dispute resolution firm comprising innovative, proactive, tenacious and commercially-minded lawyers. We pride ourselves on our close client relationships, which are uniquely enhanced by our transparent fee guarantee and a commitment to share the risks of litigation. If you have any specific questions regarding a dispute, please email justice@griffin.law or call 01732 52 59 23.
Bad debt: How to get money you are owed back in your pocket.
The current climate is not looking favourable towards businesses in the UK. With reports that recent changes are going to impact the future of companies nationwide, what can you do to ensure your business is not included in those predicted to fail?
On Thursday 2 November, the UK base interest rate increased for the first time in ten years. It was set at 0.25% in July 2007. It has now been increased to 0.5%. It is estimated to rise twice more in the next three years.
The Independent recently reported that this increase has the potential to impact businesses all over the UK. Prior to the increase, 448,011 of businesses have been suffering financial distress and 250,000 businesses do not actually have enough capital to maintain profitability. Cheap credit and cheap labour are essential to keep these businesses afloat and it is predicted that this will be drying up due to the recent, and future, interest rate changes.
For businesses to remain profitable and soar in this period of uncertainty, surely the most logical starting place is to ensure that all outstanding invoices are paid?
It is claimed that two thirds of all UK businesses have written off bad debt during their lifetime. If you are not already aware, “bad debt” is money owed to businesses that are considered uncollectable; usually because the debtor is not forthcoming in paying up. The financial year 2015-2016 saw small businesses writing off a massive total of £5.8 billion in the UK. A deficit of that amount can seriously impact the financial stability of a business.
Have you written of debt in the last six years?
Would you like the “bad debt” turned into income?
If your answers to the above questions are “yes”, we can help.
Griffin Law is a dispute resolution firm comprising innovative, proactive, tenacious and commercially-minded lawyers. We pride ourselves on our close client relationships, which are uniquely enhanced by our transparent fee guarantee and a commitment to share the risks of litigation. If you have any specific questions regarding a dispute, please email justice@griffin.law or call 01732 52 59 23.
Griffin Law is a dispute resolution firm comprising innovative, proactive, tenacious and commercially-minded lawyers. We pride ourselves on our close client relationships, which are uniquely enhanced by our transparent fee guarantee and a commitment to share the risks of litigation. If you have any specific questions regarding a dispute, please email justice@griffin.law or call 01732 52 59 23.
Share This Story, Choose Your Platform!
About the Author: Keeley Parry
Keeley has been working in our dispute resolution team during her training contract and qualified in October 2018. Keeley is particularly skilled at dealing with detailed matters having dealt with matrimonial, defamation and commercial matters since starting at our firm.
Keeley graduated from the University of Kent in 2013 with a 2:1 Law Degree then went travelling to America, Fiji, New Zealand, Australia and Thailand before coming back to complete her Legal Practice Course with BPP University graduating with a distinction in 2015.
Keeley is currently our unofficial IT go-to at Griffin Law and is the creator of our Vlogs. She has also completed her Masters in Legal Practice with a focus on matrimonial and commercial law attaining a distinction.
In her spare time, Keeley enjoys mountain biking and spending time with family and friends.
