Debt Recovery & Credit Management

Debt collection can be costly and often impacts on other business activities. Management of credit can also be a challenge for any size business.

As a member of the Chamber you have unlimited access to a credit management and debit recovery service. Debts of up to the value of £3000* can be recovered for free. Recovering outstanding debt and managing your credit will improve your cash flow, reduce late payments and migrate bad debt.

*only applicable for business to business debts

Important Information

For amounts recovered over £3000 a rate of 2% of the invoice value is charged to you and the debtor is charged the remainder of the fees (as per the Late Payment of Commercial Debts (Interest) Act 1998).

Conventional debt recovery is where the vendor, not the buyer pays the costs. A commission payment of 5% is made on debts of up to 150 days, 7.5% on 151-300 days and 10% on 300 days plus. Alternatively a fixed charge of 8% on all debts recovered can be arranged.

If there’s no recovery, there’s no fee. Credit verification in advance of fulfilling orders. Members have direct online access to a range of credit reports. There are four levels of report available from the most basic, providing standard credit rating, increasing in terms of corporate detail, up to the most forensic credit audit.

Every credit report has a point value 1 and 4. For every debt collected members earns one credit report point. This means that if 10 debts per month are collected, 10 credit reports can be obtained free of charge. Unused credits are carried forward. Usually clients have a greater need for debt recovery than credit reports, resulting in no cost for the latter.

If the credit report requirement is higher than the number of debts forwarded for collection, points can be purchased in advance at various discounted rates. A statement of the use and credits of points is issued monthly. This system enables flexibility in selecting the level of report required for a given situation, whilst remaining cost effective

To take advantage of this member benefit contact the Chamber.

Tel: 08455 240 240

Email: info@wnychamber.co.uk

Read the full terms and conditions.

Make more money with Marketing

Advertise your services, read the media pack

Call the Membership team

Email info@wnychamber.co.uk or visit wnychamber.co.uk

Can I download images from Google?

The vast majority of images on Google are protected under copyright and the owner can take legal action if their images are used without permission.

How do I know if a business can be trusted to pay?

There are several ways to assess wether a business is credit worthy

How do I chase a bad debtor?

If customers don’t pay, you have several options to recover the money.

How do get invoices paid?

Getting paid for the work you do is fundamental for your business. link here