Is late payment a Symptom of Increasing Insolvencies?

The latest figures released by The Insolvency Service have showed an increase of 4.3% in the first quarter of 2012 compared to the first quarter of 2011. This comes to a total of 4,303 businesses in this quarter.

Marlow, United Kingdom (prHWY.com) June 26, 2012 - The latest figures released by The Insolvency Service have showed an increase of 4.3% in the first quarter of 2012 compared to the first quarter of 2011. This comes to a total of 4,303 businesses in this quarter.

Alex Hilton Baird, MD of Hilton-Baird Collections services shares his expertise on the effects of late payments for SMEs:

"The sustained uncertainty surrounding the health of the UK economy continued to adversely affect the health of the small and medium-sized enterprises at its heart during the second half of 2011.

"Though a limited access to credit and low consumer confidence have significantly impacted businesses' growth potential, the issue of late payment remains a limiting factor that has proven a key factor behind the stagnated economic growth.

"Bacs Payment Schemes reported at the beginning of November that a record £33.6 billion was owed in late payments to SMEs, an unsustainable sum that has affected the majority of firms in one way or another."

Customers with Credit Insurance policies are encouraged to make sure their buyers keep to their credit terms, therefore protecting themselves from bad debts, and encouraging a profitable return. Credit Insurance policies also often include a debt collection service, thus recouping money owed that would normally be lost. So if late payment is a symptom of increasing insolvency, could Credit Insurance be the cure to these late payments?

For more information on Premium Credit Insurance or Bad debt Protection, visit our website: http://www.credit-insure.co.uk or call us 0870 240 4851 for a free Credit Insurance Quote.

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Tag Words: uk credit insurance, premium credit insurance, bad debt insurance, bad debt protection, credit insurance, credit insurance quote

Categories: Finance

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