![]() ![]() ![]() The idea is to exert increase amounts of pressure, while remaining fair and professional. You inform someone what the situation is now and then what is going to happen if they don’t pay. Just report the important information, how long overdue the debt is, and make it clear what you intend to do if this request is not listened to.Īny system of debt collection, including those used by HMRC, works on the basis of strategic escalation. The letter should be firm, factual, and without recourse to emotion or unnecessary detail. So a line has been crossed and it’s now your responsibility to firmly point out that this is the case. You have a business of your own to run and the very business of chasing debt is taking energy away from that. When a client has paid you late, and is not responding to polite requests, you should feel confident to use strong language and the threat of legal action, even if it is not in your experience to do so. How do I Write a Legal Demanding Payment Letter? If you are getting nowhere fast then you may need to escalate matters. To give yourself a fighting chance make sure you have good, sign off procedures for work completed, or supplies provided. When you’ve followed up with a polite phone callĬheck that the Late Invoice Hasn’t Been ContestedĪlways check too that the invoice itself has not been contested.When you’ve already followed up with a reminder.When the standard payment terms have passed.When a Strong Late Payment Letter Doesn’t Work When to Use a Debt Recovery Letter.Free Sample Late Payment Letter Template.How do I Write a Legal Demanding Payment Letter?. ![]() Check that the Late Invoice Hasn’t Been Contested.He also has extensive knowledge in the property finance areas within the UK, as well as the banking sector. Mike is also a Director on the board here at Business Expert and has a wide range of experience in invoice discounting and factoring after several years of advising UK businesses on this form of asset-based finance. Mike is currently a Director at Company Debt Ltd, which specialises in providing support and rescue options for UK SMEs in financial difficulty and who are in need of licensed insolvency advice. Since then, he has helped hundreds of directors navigate precarious financial positions. In 2007, Mike shifted his focus from Blue Chip companies to SMEs and began advising UK SMEs. He was also the Business Development Director at Legal & General, where he was tasked with developing alternative distribution and troubleshooting services for small to medium businesses.Īdditionally, Mike has served as the National Development Manager at Sun Alliance Life & Pensions, advising the board on company development for small to medium enterprises and troubleshooting underperforming branches and regions. Through these roles, he gained a comprehensive understanding of financial services and the banking sector.Īs Head of Business Development at LaSer UK, where he was in charge of the development of new markets and processes for banking and credit cards, Mike was reporting directly to the board and the Managing Director. Mike went on to work as a Director for Blue Chip boards of Sun Alliance, Legal & General, and Laser UK (BNP Parisba), all of which were regulated by the Financial Services Act and/or the Banking Act, requiring regular and frequent testing. The company was then sold to a major financial institution. He began his career as a financial planner in 1979, and within 11 years, he and his co-directors had grown the financial services business to one of the largest in the UK. Mike Smith is an experienced financial professional and serial entrepreneur with over four decades of experience in the financial services industry. ![]()
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