Three in British adults’ personal finances ten go into the red
14th May 2019.
British adults’ personal finances are in trouble. In February we wrote UK Personal finances are in a critical state.
This was proven true by the latest finding o insolvency group R3.
Nearly three in ten adults across Britain ran a “budget deficit” in March, spending more money than they had in income, a survey has found.
Some 28% of people had forked out more than they received, according to the survey from insolvency trade body R3.
Millennials aged 25 to 34 were the most likely group to spend more than they received. R3 chair Mark Sands said: “This is a worrying snapshot of British adults’ personal finances.”
How CPA can help
Do you sell to consumers? If so the above will be worrying.
Do you sell to businesses which in turn sell to consumers? If so you might think you are insulated but if your customers struggle to get paid then do you think they might consider using your unpaid invoices as a way to stretch their cash flow and delay their payments?
In this stressful times, you can’t afford to let your overdue accounts drift. You need to take action quickly to recover what you are owed. You can be sure your customers other creditors will be chasing money too so you don’t want to be left behind.
With the economic conditions changing fast and companies disappearing you need to regularly check your customers too to make sure they are still financially stable and credit worthy. Just because they could afford your invoices last year is no guarantee that they can afford you this year. So credit check your customers and continue to trade with confidence.
No matter who you supply to, you need to be on top of your credit management.
In these difficult times, you need strong partners.
The Credit Protection Association has been serving small businesses for over 100 years. CPA have collected billions on late paid invoices for our members and helped take the strain off business owners during difficult times.
At the Credit Protection Association,we provide a suite of credit management services to help you avoid and deal with late payers.
We provide first class credit information that can help you avoid being over extended to customers who are at risk.
We regularly publish lists of the latest company insolvencies but by then it is too late. Our credit reports predict approximately 96% of company insolvencies long before they arrive.
Our debt recovery services also chase down late payers, resolving over 80% of debts referred, recovering money that our members can then put to work within their own businesses.
Our members have used this boost to their cash flow to fund investment in new projects, additional materials, new staff, extra equipment or new technology.
At the same time, our credit checks and credit reports are utilised by our members to investigate all suppliers and customers. It is important to keep an eye on your key business partners – Suppliers and Customers – to ensure their are on a firm financial footing.
Our reports help avoid bad payers or being over extended to a customer beyond their means.
We come across business owners who have been burnt before working or providing goods on credit because the hassles were not worth it.
Our services have helped them go back in to trading on credit with confidence
Our debt recovery and credit management services give our members the financial freedom needed to grow and prosper.
And our new Late Payment Compensation department could unlock hidden potential in your accounting records and uncover the hidden compensation you are owed by past customers that could be used to give your business the cash flow injection it needs.
Give us a call to find out how we can help.
Ready to speak to an advisor?
For help or advice on credit management, entirely without obligation.
Call us today
0330 053 9263
The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!
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