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Debt recovery help for IT contractors

Published on Jul 23, 2009 |

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We've teamed up with a leading debt recovery company to offer preferential rates to IT contractors who have encountered late payment problems.

Late paying clients

Since the start of the economic downturn, late payment problems have rocketed. Bacs estimates that in 2009, the total amount owed to small companies is up 40% year-on-year.

For contractors who encounter a late paying client (or less commonly, a recruitment agency), one single late payment can have a serious effect on cash flow.

We've teamed up with a leading debt recovery firm to assist IT contractors who are affected by late payment problems.

Our experience

We recently got in touch with Creditsafe Limited after a customer failed to pay a series of invoices, totalling over £2000. Having called and emailed the client numerous times over several months, we finally lost patience.

We forwarded details of the late invoices and client contact details, and debt recovery company sent out an "appropriate letter" via first class post. Literally the next day, we received an apologetic phone call, and the full sum owed arrived in our bank account within hours.

As a result, we're unsurprisingly happy to recommend the service to our readers.

Preferential Rates

You can find out full details of the debt recovery service here.

The late payer will initially be sent a letter requesting payment, which will typically be followed up with a series of professional telephone calls and other measures.

Unlike many recovery services, there are no upfront payments.

As an example of costs, for invoices up to 2 months late, you will pay 5% of the invoice value, and for 2-6 months, 10% of the invoice value.

We have negotiated preferential rates over and above those quoted on the Creditsafe site. All you need to do is mention "Contract Eye" when you get in touch, and you will be sent the special debt recovery rates (we don't benefit financially from recommending this service).

Simply visit the Creditsafe site for more details, or call the team on +44 (0)1772 454505. Make sure you mention our site in order to qualify for the special rates.