Retiring from a company that offers pensions is not just a ticket to an “automatic retirement account.” While it may seem easy to get and use, company pensions can become a wonderful method by which retirees can save some extra cash. Doing just a little bit of homework on your own can Read the rest of this entry →
There are clients, regardless of whether you deal with other businesses or the general public, that just do not want to pay their bill. Your accounts teams may have gone through the regular steps of calling, sending letters and applying arrears but still you’re unable to get anywhere with these debtors.
If you’re chasing these debts yourself, you need to be very careful that you don’t over chase or divulge any sensitive information to anyone that isn’t authorised to discuss it or you run the risk of breaking data protection or debtor harassment laws.
So what are the options?
- You could cut your losses and just write off the debt. This is never the preferred option; after all, you’ve provided the goods or service and this will essentially mean that you’ve provided them for free.
- You could use a collection service. A debt collector can provide a range of services including commercial debt recovery, recovering unpaid rent, debt collection, debtor tracing and process serving. Often a recovery agent will be more effective at recovering debt or setting up a repayment plan due to their extensive experience and the fact that many people see a debt collector knocking on their door as things getting ‘serious’ and at the point where action needs to be taken.
Whatever kind of debt you’re looking to recover, it is always a good idea to consider using a third party company to ensure that all avenues have been fully explored before you consider the debt as unrecoverable.
If you really want to get your finances back in the black, you need to start now and build a plan on how you can achieve that goal. Getting rid of your overdue payments doesn’t happen within 24 hours, so you should be patient. Here are a few things that you can do to eliminate your debt.
Claim Expenses for Freelancers
If you’re self-employed, you can deduct some of your running costs to work out your taxable profits. Often times, claiming expenses can be a difficult process especially for freelancers. We recommend hiring one of the best umbrella companies in the UK, Carrington Umbrella, to handle these transactions for you. Visit their website at carringtonumbrella.co.uk for more details on their claiming and payroll services.
Spend less than what you earn. Try to look for ways on how you can cut down on your spending. It takes a lot of discipline to this, but it is definitely worth the sacrifice. For example, instead of buying a new computer, you can look online for cheap, refurbished laptops for sale. They should be as good as new without the expensive price tag. Also try to find any purchases that can be left out completely. Analyse your spending patterns and determine the areas that you need to improve. By doing this, you’ll be able to reduce the amount of your monthly expenses. Another quick tip is to keep pennies and change from purchases. Many people either throw away change or leave it lying around. Money bags are ideal in organising and securing coins. Put the money in a coin bag and every month get it exchanged, you’ll be surprised how much you save. Most of the major supermarkets or post offices will have coin machines to use, which could be used on the shopping.
It’s difficult to get your finances back in shape when you are neck-deep in debt. Yet, debt is one of the most common problems today; and as easy as it is to get into, it is also hard to get out of it. However, just because you are in a slump, it does not mean that you won’t be able to get out of it forever. Here are some simple things that can help you get your finances back in the black. Read the rest of this entry →
Not exactly sure how many of us have experienced getting calls from creditors, but nonethelesss, this should be a topic on any money blog.
Dealing with anyone requires that you be polite and courteous as much as you can. However, there are instances when you just might receive a lot of nonsense and bad treatment. Dealing with creditors is no exception. Sad to say, since the debtor is technically the person who is in a bad negotiating position, there are some creditors who do not give them the courtesy that everyone should receive. Read the rest of this entry →
If you are looking to upgrade your personal finance, why not consider investing? There are a few channels you can start investing in. But first of all, you need to determine how much money you have to invest. When determining this amount, you need to consider how much you can afford to lose while investing. If that number is zero, then investing is certainly not for you, otherwise it could wreak havoc on your personal finance. In addition, you also need to decide whether or not you are able to make your own investments or if you want professional help. There are online business registration agents for limited company formations in the UK that can help you get started. They sort all your business taxes, certificates, and provide other secretarial tasks. If you’re planning in targeting European markets it will be useful to consider financial translation. This is so you will be able to see and understand exactly what you will be investing in and costs involved. It could save you alot of money understanding stocks, gains and losses. Read the rest of this entry →