If consumers and business owners are to avoid insolvency, this is not viable independently. As consumer sentiment becomes further financially cautious, business owners will need to work hard to recommend their product or service. This can be achieved through an injection of cash, allowing the owner to focus on expansion or innovation to attract attention.
At the Credit Protection Association, our debt recovery service has been used in this respect and allowed business owners to pursue new opportunities. The CPA team has chased down unpaid invoices and residual debt and repaired any gaping holes in cash flow. Credit managers are aware of the dangers that are involved in business management and at CPA we have shifted our priorities accordingly.
CPA has launched a new line of defence against business debt. Along with our credit management and debt recovery efforts, we have also turned our focus to eradicating late payment for our Members without damaging goodwill.
Within the Credit Protection Association, we take advantage of the rarely used Late Payment of Commercial Debts (Interest) Act 1998. This recovers for clients late payment compensation in respect of past invoices that were paid to them but paid late. What is more, there is no outlay of funds for clients beyond a small initial processing fee. This, in turn, has unlocked hidden cash and potential for our Members and brightened their prospects and confidence, even in the current business landscape.