Dealing with debt can be daunting if you’re a small business or self-employed, and chances are you’re all too familiar with the trend of late payments and missed invoices.
FSB have been actively campaigning against late payments, and our Time to Act report shows that if small businesses were paid on time, it would boost the UK economy by £2.5 billion annually.
Now FSB has launched a new and improved debt recovery service for its members, helping them maintain their cash flows at this crucial time.
“With 5.9m small businesses in the UK it is vital they have access to a variety of support services,” says Philip King, Small Business Commissioner. “I know how crippling late payment can be and that early action is crucial when expected funds fail to arrive. I’m pleased to see FSB adding this service to the support they offer their members and believe it will complement the help available from my office.”
The FSB’s new debt recovery service offers expertise, more control and certainty of costs.
Many of FSB members said they wanted more help when it comes to getting their debts paid, and that simply being able to call someone in the know would help them start their debt recovery process.
Business owners want to talk to an expert about debt recovery, so FSB have introduced a 24/7 legal advice line, with specialists to guide you through the process. Having the support of a legal professional means you’ll know you’re taking the right steps to reach a resolution.
When you’ve got a business to run, researching the next steps yourself can be time-consuming and may not result in receiving the funds you’re owned any quicker. With professional support, you can speed processes up and get your business’ cash flow back on track.
FSB Members asked for more control over the process, which is why the new debt recovery service offers all the support, guidance and tools you need, including:
- Comprehensive guidance from specialists to help you manage late payments
- 24/7 legal advice line
- Downloadable guides to help you follow a clear process
- Access to free, customisable and legally compliant letter templates
- Ability to take control with tools like the interest calculator, which lets you easily work out any interest that may be due on the debt
- Services to support you through the entire process, from credit control letters and compliant letters before action, through to court proceedings and enforcement
When all else fails, legal action is the last resort for recovering debt owed to your business. This can be complex and costly, and without expert help, is a stressful and time-consuming process for any business.
With FSB Debt Recovery, there are no hidden fees. As a member, you get clear, discounted and fixed costs at each step of the journey.FSB members can access the new service via the FSB Legal Hub website